In early 2012, Peter Olson, a Chicago-based sole practitioner concentrating on family law with some clients in other areas, happened upon an anonymous Craigslist listing that advertised a law practice for sale. The owner of the practice, which also focused on family law, was looking to retire and hoped to find, in effect, a successor - for the right price.
His interest grew upon discovering that the seller was an acquaintance of Olson, who will speak on the topic of buying and selling law practices, along with Rockford-based real estate and estate planning attorney John Maville, at the ISBA Solo and Small Firm Practice Institute in September.
So they reached a simple buyout agreement through which Olson effectively worked for the firm for a few months as the seller transitioned out, then took it over - not only the client files but the office, staff, computer systems, and other property.
"It's hard to know, or hard to find, when people are buying or selling practices," Olson says. "I'm asked about it, not daily, but with some frequency, and there really isn't much of a market for it. I'll see the occasional listing in some of the bar journal, lawyer-focused magazines. The only other resources I know of are a few law practice management people who do brokering of that."
What was Olson's experience as a law firm buyer? Find out in the September Illinois Bar Journal.
ISBA members, sign up to receive The Bar News' biweekly e-newsletter by emailing emailpreferences@isba.org
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September 1, 2016
2 comments (Most recent September 1, 2016)
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ISBA President Vincent F. Cornelius recently spoke at SIU School of Law's orientation for its Class of 2019.
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August 31, 2016 |
Practice News
CARPLS Legal Hotline in Chicago seeks volunteer hotline attorneys to give advice to low-income clients in the areas of landlord/tenant, consumer debt, and family law. A three-part training course is provided for volunteers. Training Part One*: September 14 at 10 a.m. – 12 p.m.; 2 p.m. – 4 p.m.; or 5:30 p.m. – 7:30 p.m. at CARPLS, 17 N. State, Suite 1850, Chicago. *Training Part Two and Three will occur the week of September 19.
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August 31, 2016 |
Practice News
Asked and Answered By John W. Olmstead, MBA, Ph.D, CMC Q. We are a 16-lawyer firm - eight partners and eight associates located in Memphis. We handle business transactional work and litigation for small to mid-size companies. However, for the past 40 years our mainstay has been small community banks. With recent bank mergers and new banking regulations, our banking business has dropped off significantly. We have reached a desperate stage and we must replace this business quickly or consider possible dissolution. We have talked with a possible lateral partner that has a $300,000 book of debtor bankruptcy business. Is adding a lateral partner a good strategy for us?
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August 30, 2016 |
CLE
Don’t miss this opportunity to learn how you can assist service members and veterans on a number of unique legal issues, including: how family law and military law issues oftentimes overlap; the employment rights of service members; the Illinois Veteran’s Court; Illinois’ established provisions for military personnel; and the recent interpretations of the Uniformed Services Employment and Reemployment Rights Act (USERRA).
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August 30, 2016 |
Practice News
As of Friday, August 26, 2016, Rhonda Crawford is no longer employed as a law clerk/staff attorney assigned to the Circuit Court of Cook County’s Markham courthouse. On August 17, 2016, Crawford was suspended without pay by Chief Judge Timothy C. Evans following allegations that she adjudicated two cases from the bench in a Markham courtroom while wearing a judicial robe. On August 26, 2016, Chief Judge Evans terminated her employment. Rules governing judicial conduct, specifically Illinois Supreme Court Rule 63 (A) (6), prevent Chief Judge Evans from commenting further on the matter. The rule states: “A judge should abstain from public comment about a pending or impending proceeding in any court, and should require similar abstention on the part of court personnel subject to the judge’s direction and control.”
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The ISBA CLE Department hosted a Faculty Development Training on Friday, Aug. 26, at the Chicago Office.
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August 29, 2016 |
People | ISBA News
ISBA President-Elect Hon. Russell W. Hartigan served as the guest speaker to the Union League Club's Attorney Group on Aug. 24. Judge Hartigan spoke on the many benefits of ISBA membership.
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August 25, 2016 |
Practice News
Illinois Attorney Robert Markoff discusses three little known, but extremely effective remedies that include pre-judgment, detinue, and distress for rent. Learn more about this subject through our Free CLE channel by viewing Bob's segment "Enforcements You Should Know About (But Probably Don't) and Selling a Debtor's Property" - part of the program "Complex Asset Recovery: Fraudulent Transfers, Offshore Assets & Charging Orders."
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August 25, 2016 |
Events
Join your peers for an afternoon of socializing and horse racing at this annual event! When: Saturday, September 24, 2016, Noon – 6:00 p.m. Tickets will be available for pick up at 11:15 a.m. on race day at the will call window, Grandstand Entrance (east side off of Wilke Road entrance). Where: Arlington Park Racecourse, 2200 W Euclid Ave, Arlington Heights, IL 60005 ISBA will be at the Canopy Tables in the Winners Circle Section. (Map and Directions) Cost: Cost: $9.00 per adult, $4.00 per youth age 4-17. Tickets are complimentary for children 3 and under. General Admission cost includes admission to the park, a daily racing guide, and a fabulous day of Thoroughbred racing! Lunch is not included but our seating area is BYOB! Please register by Wednesday, September 21, 2016 For information on permitted and prohibited items in the park, please visit: http://www.arlingtonpark.com/visit/general-information Questions: Please email Blake Howard at bhoward@isba.org.