Practice News

Asked and Answered

By John W. Olmstead, MBA, Ph.D, CMC

Q. Our firm is an estate planning firm located in the Chicago suburbs. We have three attorneys, four paralegals, and three staff support members. We have observed over the past three years a trend where our new matters and associated fee revenues starts a dramatic decline in April and continues to do so until August. In the past we have just remained in a state of denial and relied on hope and prayer. This year we would like to be more proactive. I would appreciate your thoughts.

A. You could try investing in some additional advertising designed to stimulate early demand for such services. However, short of a new tax or other regulation occurring this summer or a dramatic price reduction - i.e. get your will done and get your spouse's will for free - I doubt that such advertising will do much to create a reason to act now as opposed to the fall or end of the year. Then you would have the additional cost of the advertising and lower revenue as a result of the discount or special offer. I believe you might be better off focusing on cost reduction and cutting back on attorney and staff hours until demand picks up again in the fall.

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An Illinois State Bar Association special committee has issued a 64-page report that addresses the serious funding crisis facing Illinois courts. 

“The long-term goal should be more than just alleviating the funding crisis,” said ISBA President John E. Thies, of Urbana. “Restoring courts to their proper place as a co-equal branch of government will return to the citizens of Illinois far more than the amount invested.”

In June 2012, Thies appointed a Special Committee on Fair and Impartial Courts, co-chaired by Illinois Circuit Judge Patricia P. Golden (Ret.), of West Dundee, and Illinois Appellate Court Justice James M. Wexstten, of Mt. Vernon. Their report and recommendations, which were accepted on May 17 at a meeting of the ISBA Board of Governors in Galena, will be voted on by the ISBA’s policy-making Assembly when it convenes on June 22.

According to the report, “The ability of the courts to deliver fair, timely and professional service has been degraded over the last dozen years by three trends: unpredictable budgets, cuts in real allocations, and disproportionate cuts. Funding cuts have affected all aspects of the judicial process.”

To identify the areas of special concern, the committee surveyed the chief judges of each judicial district in Illinois, as well as practicing lawyers. They then identified several problem areas and made recommendations that include the following:

Asked and Answered

By John W. Olmstead, MBA, Ph.D, CMC

Q. We are a 4 attorney firm in Columbus, Ohio. Three of our partners are in their 60s and contemplating their exit strategies. We have a very profitable high profile practice and have been approached by a couple of very large firms concerning possible merger. We believe that this would be our best exit strategy. What mistakes have you seen other firms similar to ours make that we should avoid?

ISBA President John E. Thies and Attorney General Lisa Madigan discuss the mortgage foreclosure crisis and what homeowners who are facing foreclosure should do.