Practice News

Asked and Answered

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

Q. Our firm was started 20 years ago by four partners. We now have the original four partners as well as six associate attorneys. Originally, each of the four partners contributed $25,000 to their capital accounts. We are considering extending partnership to a couple of the associates. We have talked with other law firms and some require buy-ins (capital contributions) and others do not. What are your thoughts?

A. My first question is whether you are planning on creating a non-equity partnership tier. If so, then the associates would initially be brought into that tier first.

ISBA Director of Legislative Affairs Jim Covington reviews bills in Springfield of interest to ISBA members. This week he covers House Bill 3944 (Eavesdropping), Senate Bill 3763 (Victim impact statement), House Bill 5214 (SCRAM devices and DUIs), House Bill 5262 (Video interrogations) and House Bill 5434 (Post-judgement procedures). More information on each bill is available below the video.

Asked and Answered

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

Q. Our Chicago firm of 14 attorneys has been discussing various marketing investments that we should be considering. We have a very proactive marketing program but want to insure that we are exploring all avenues. What are your thoughts?

A.  Invest in your people – your staff – your intellectual capital.

I am amazed at the minimal investment that law firms make in their staff. Law firms are in the knowledge business and their product is their intellectual knowledge. While law firms do invest in their attorneys, such is not the case with the staff. Although staff members are often on the front lines in dealing with clients, very few law firms are providing them with skill training in areas such as communication, marketing, client service, conflict management, effective writing and speaking, time management, computer applications, client complaint management, etc. By the way, attorneys need training in these areas as well. Why do law firms hire the cheapest talent they can find to fill the receptionist position when it is the receptionist who often has the initial contact with a new client. I find it amazing that firms spend huge amounts of money on advertising and marketing and they fail to invest in the other tools needed for effective new client intake. Small firms should consider assigning their receptionist the role of marketing coordinator with responsibility for assisting in the management of client relationships and the firm’s marketing program.

Key

• HQ - Highly Qualified
• Q - Qualified
• NQ - Not Qualified   

Winners in bold

Judicial candidates are rated by the Illinois State Bar Association based on detailed information supplied by candidates, a background check by trained lawyers/investigators, and interviews of each candidate.  Ratings reflect the Illinois State Bar Association’s opinion of whether candidates have the necessary qualifications for judicial service and are not a reflection of the candidates’ abilities as lawyers.

Candidates who do not participate in the process are found “not qualified”. 

Supreme Court  – 1st District – Fitzgerald