By Peter LaSorsa
The government comes under fire often for being slow, over bloated and the enemy of small businesses. Well here is good news for small business owners, which would include many solo practitioners and small firms. Now business owners may receive updates, tips and other ideas about starting their company or just improving it thanks to a new smart phone app. The Small Business Administration (“SBA”) along with Palo Alto Software created this special free app called SBA mobile and it is available at: www.sba.gov/content/sba-mobile-app
The app provides owners with business news, and features tailored for small businesses and are designed to help increase business. App users will also have access to SBA video content, social media alerts and live updates from Twitter and YouTube. The app has a built-in startup cost calculator—custom designed to help estimate the expenses needed to start a business (useful for yourself and clients who may hire you as part of their desire to start a business). The app also has a feature that allows you to find any SBA office nationwide and allows direct access to SBA district office staff for easier assistance.
The final feature of the app is access to the Small Business Development Centers, Women’s Business Centers and SCORE. The SCORE Association “Counselors to America’s Small Business” is a nonprofit association comprised of 11,500 volunteer business counselors throughout the U.S.
Practice News
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May 26, 2011 |
Practice News
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May 25, 2011 |
Practice News
In baseball and residential real estate practice, it often comes down to the last inning when a lights-out closer can make the difference. Check out the June Illinois Bar Journal for tips from veteran lawyers about what you might encounter at a real estate closing and how to handle it.
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May 25, 2011 |
Practice News
Asked and Answered By John W. Olmstead, MBA, Ph.D, CMC Q. As the managing partner of a 12 attorney firm, I have been asked to see what the firm can do to improve profitability by reducing costs. Do you have ideas or recommendations in this area? A. In most law firms the real problem is insufficient gross income and lack of sufficient investment (spending and time) on marketing and initiatives designed to stimulate client and revenue growth. For most firms increasing revenues is the most effective way of impacting the bottom line. However, we do find that there is waste and unnecessary overhead that eats away at profits and a cost control program is also recommended and implemented. During recessionary times such as we are currently facing – drastic cost control are often the only option. Reducing overhead can immediately and effectively improve a firm’s bottom line. The first step in an expense control program is to identify those areas where potential savings exist. Review your profit and loss statement. Resist the temptation to arbitrarily cutting costs which could cut the muscle with the fat and result in revenue loss as well. You have to spend money to make money – so if cost cutting is the appropriate strategy – cut the right costs. Think strategically about cost reduction. After you have identified areas where savings can be made prioritize and develop specific strategies and implement action plans to achieve the savings. Here are a few ideas: STRATEGY #1: Reduce Headcount This is the largest area for potential savings. Downsizing is a strategy that has been used by many firms this past year. However, it can have long term negative consequences for revenue and talent management. Consider all levels – non-productive partners, associates, paralegals, and staff. Be prudent and sensitive in implementation. STRATEGY #2: Reduce Compensation Obviously one way is to cut salaries – a strategy to be used as a last resort. A better approach is to reduce fixed salary (paying people for showing up) and add a variable pay component which will allow employees to earn additional compensation in the form of bonus for results achieved. Another approach is to freeze salary increases. STRATEGY #3: Benefits A major area for cost savings – especially health insurance. Determine which programs are most important to employees. Do your best to protect those and reduce or eliminate programs that are less important. Consider offering more than one health insurance plan. Pay the premium for the lowest cost plan and provide options for employees to “opt up” to the better plans by paying the additional premiums. Consider increasing deductibles and requiring employees to pay a portion of the base premiums. STRATEGY #4: Outsource Examine potential for outsourcing – from copy services – IT management – to your legal team.
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May 21, 2011 |
Practice News
It's the one thing all of the Supreme Court justices agree on -- briefs are too long. Bryan A. Garner has published the transcripts of his interviews with eight of the nine justices (Justice Souter did not participate). Garner has put the videos of the interviews on his website for several years as a public service. This New York Times article by Adam Liptak is a nice summary of some the justices' thoughts on legal writing.
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May 20, 2011 |
Practice News
All associate judges in Illinois are subject to re-appointment in June 2011. The associate judges are elected by the full circuit judges in each circuit. The Illinois State Bar Association has conducted a poll among its members on associate judges outside of Cook County. Click here to view the results.
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May 20, 2011 |
ISBA News | Practice News
There's no better way to stand out from the crowd and establish yourself as an authority than to write for a peer-reviewed publication like the Illinois Bar Journal. (And IBJ authors can earn MCLE credit to boot.) We're not a law review, so you needn't -- shouldn't -- take a highly formal approach. We're looking for how-to articles that give practical advice to our members, written in a clear, easy-to-digest, conversational style. Interested? Read the IBJ manuscript guidesheet and find out more.
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May 19, 2011 |
Practice News
Our panel of leading appellate attorneys review Thursday’s Supreme Court opinions from Civil cases General Motors v. Pappas, Auburn v. IDOR and Bell v. Hutsell and Criminal cases People v. Absher and People v. Marshall.
CIVIL
General Motors v. Pappas
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May 18, 2011 |
Practice News
The Illinois Supreme Court has announced the filing of disciplinary orders involving a number of licensed lawyers. Sanctions were imposed because the lawyers engaged in professional misconduct by violating state ethics law. More information on each case is available at the ARDC website.
DISBARRED
- Robert Bruce Becker, Peoria
- Susan Grace Castagnoli, Zion
- Charles August Conner, Jr., Chicago
- Kenneth Glen Mason, Wilmette
- Erwin Mayer, Winnetka
- Mahendra R. Mehta, Chicago
- George Angelo Palivos, Chicago
- L. Tod Schlosser, Chicago
- Peter Raymond Vogel, Sugar Grove
- Adalbert Paul Wojewnik, Chicago
SUSPENDED
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May 18, 2011 |
Practice News
Beginning July 1, drivers who are 1) arrested for DUI after 2) being in an accident that causes personal injury or death but 3) won't submit to a chemical test will have their driving privileges revoked. So Edward M. Maloney reports in the latest ISBA Traffic Laws & Courts newsletter. This is a big deal, Ed says. "Currently, if you are arrested for a DUI and there is a personal injury or death, upon a conviction for the DUI arrest, the Secretary of State has the authority to revoke your driving privileges." But, he emphasizes, you have to be convicted first. "As of July 1, 2011 this will no longer be the case," he writes. "People who are found not guilty of the reckless homicide or the DUI offense where there was an injury...will be punished anyway. The person’s license will be revoked for one year with no opportunity to obtain driving relief for the entire year." Read his article.
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May 18, 2011 |
Practice News
Asked and Answered By John W. Olmstead, MBA, Ph.D, CMC Q. I am the firm administrator in our firm. We have 24 attorneys and are just transitioning to the 2nd generation of partners. I have been charged with obtaining information on strategic/business planning. Currently the firm does not have a strategic or business plan. What is the difference between a strategic plan vs. a business plan? Do you have a recommendation as to whether we should consider implementing a business plan or a strategic plan? A. Often the term strategic plan and business plan are used to mean the same thing. The general planning process is similar. However, I believe there is a difference. I consider a business plan to be the primary tool of choice when starting a new business or venture. Typically the audience is external - bankers, investors, prospective partners, etc. Due to the external nature of the audience the business plan document needs to be detailed with supporting narrative, company history, market analysis, marketing strategies, personnel plan, management biographies, and pro-forma financial statements. A strategic plan is typically the tool of choice for a going concern business or firm - such as an existing law firm such as yours. The intended audience is internal and its primary purpose is to focus the efforts of firm members and employees. Much less narrative and supporting detail is required. A strategic plan uses more of an outline format with bullet points and much less narrative and supporting detail.