Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. I am part of a three-member management committee. We have a 25-attorney firm located in the greater Washington D.C. area. We specialize in governmental law. We are feeling that our committee and the firm spend a lot of time in meetings discussing management problems and strategies to no avail. Not much changes or gets implemented. I welcome your comments.
The 2018 Joint Meeting/Midyear Meeting will be held Dec. 6 – 8 at the Palmer House Hilton, 17 E. Monroe St. in Chicago. It will conclude with a meeting of the ISBA Assembly on Saturday, Dec. 8.
In line with ISBA President James McCluskey's presidential theme of health and wellness, the ISBA will host a special CLE seminar on the subject and offer physical fitness activities throughout the duration of the meeting, including spin and cross-fit classes, meditation, and Pilates sessions.
In October’s Illinois Bar Journal, Derek M. Johnson discusses the challenges a decedent’s estate may face if it owes federal income taxes, which may take priority over other claims and expenses, especially when the estate is insolvent. Understanding how and when to pay an estate’s taxes in relation to its other obligations is critical, Johnson advises. In his article, “Debts, Secret Tax Liens, and Other Estate Traps,” Johnson considers options and preventive measures when determining whether taxes are owed by decedents and their estates in probate.
Due to the popularity of the upcoming 2019 ISBA President’s Trip to Italy, additional accommodations are now available.
Join ISBA presidents David B. Sosin (2019-2020) and James F. McCluskey (2018-2019) on a spectacular trip from Milan to Como on September 12-21, 2019. Highlights include a private tour of Leonardo da Vinci’s Last Supper, a trip through Milan by tram, a ferry through Lake Maggiore and the Borromean Islands, a private tour of Orta San Giuliano, and a private tour from Como, Italy to Lugano, Switzerland.
The U.S. and Canada have the largest trading relationship of any two nations on earth. This leads to a concomitant amount of disputes, litigation, and arbitration. Don’t miss this program on Oct. 26 in Chicago or via live webcast that offers both the Canadian and American perspectives regarding some of the most pervasive issues that arise during legal disputes that cross the border.
The 2018 Fifth District Candidates Forum will be held from 5:30 – 7:30 p.m. Monday, Oct. 22, at the Hilton Collinsville/St. Louis in Collinsville.
The forum is cosponsored by the Illinois Association of Defense Trial Counsel, Illinois State Bar Association, Madison county Bar Association, and the St. Clair Bar Association.
The nine presidents of Illinois’ law school student bar associations today signed a pledge to improve the wellbeing and mental health of their campuses.
The pledge coincides with the American Bar Association’s National Law School Mental Health Day as well as World Mental Health Day.
Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. I am the owner of a small general practice firm in Novato, Calif. I have three associates working in the firm, three legal assistants, and one office manager/bookkeeper. I started my practice 35 years ago right out of law school. I am 60 years old and wanting to retire within the next five years. None of my associates have the ability or the desire to take over the firm. I believe that my best option is to sell my practice to another practitioner or join another firm through a merger or other arrangement. I would appreciate your ideas regarding merging with another firm and how I would be compensated and receive payment for the goodwill value of my firm.
ISBA members can now schedule a one-on-one, remote consultation or send questions via email to legal experts through Practice HQ, our one-stop microsite for practice management and technology information.
Formed in partnership with Affinity Consulting, Practice HQ now includes two easy ways to get legal technology and law practice management questions answered for no cost by an Affinity expert.
