Best Practice Tips: Law Firm Valuation - Factors that Effect Firm Value

Posted on September 5, 2018 by Rhys Saunders

Asked and Answered 

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

Q. I am the owner of a small estate planning firm in Kansas City, Mo. I have two associates and four staff members. I am considering acquiring a small solo practice in a nearby community. I have read some of your articles as well as your book on succession planning and valuation, and the multiple of gross revenue used to establish a goodwill value for a law firm. What are some of the factors that can impact whether the multiple is higher or lower – a firm’s potential value?

Don’t Go There…Yet

Posted on September 4, 2018 by Rhys Saunders

There are few things litigators and judges dread more than a protracted discovery dispute. Given the angst discovery misconduct provokes, siccing the Illinois Supreme Court Rules on a culprit is understandable. But a measured response may be more prudent. Penalizing bad behavior with a default judgment is rarely necessary, even as a response to perjury or defiance of court orders. 

In September’s Illinois Bar Journal, appellate litigator Christopher Keleher examines discovery sanctions available for plaintiffs and defendants under Illinois Supreme Court Rule 219(c). There are good reasons the courts use default judgments against defendants and dismissals with prejudice against plaintiffs sparingly.

Spotlight on Pro Bono: Turn ‘Bored’ into ‘Board’

Posted on September 4, 2018 by Rhys Saunders

If summer’s end has you feeling a little restless, consider expanding your personal and professional lives by joining a nonprofit board of directors. Illinois has over 35,000 registered charities, covering any cause you can think of – from providing job training for people with autism to promoting African dance as an agent for positive change. If you have a closely held belief or a passion for a particular purpose or mission, there is undoubtedly an Illinois nonprofit for you to support. Support comes in a multitude of ways, from financial contributions to volunteering to raising awareness. 

CLE: GDPR and BIPA – What General Counsel and Privacy Attorneys Need to Know

Posted on August 31, 2018 by Rhys Saunders

Join us Oct. 3 for an online seminar that teaches you the basic principles of the European Union’s General Data Protection Regulation (GDPR) and Illinois’ Biometric Information Privacy Act (BIPA), including what you should ask your client’s IT departments to ensure compliance from a technology perspective.

IDFPR Publishes Resource on Legal Responsibilities of Condominium Association Board Members

Posted on August 29, 2018 by Rhys Saunders

The Illinois Department of Financial and Professional Regulation (IDFPR) Division of Real Estate (DRE) recently published the “Rights and Responsibilities of Association Board Members” to explain the legal responsibilities of condominium and common interest community property boards. 

The publication includes general information regarding governance documents, board structure, elections, general powers, meetings, surplus and deficit, special assessments, financial disclosures, insurance, records, and disclosure.  

Best Practice Tips: Law Firm Effective Rate Improvement

Posted on August 29, 2018 by Rhys Saunders

Asked and Answered 

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

Q. I am a partner with a 16-attorney firm in downstate Illinois and a member on our three-person management committee. My responsibility on the committee is overseeing the firm’s finances and supervising the firm administrator’s accounting and finance. In reviewing our financial reports, I have noted that our effective billing rates (realization rates) are not what they should be. We are reluctant to raise client rates. What other steps can we take to improve our effective rates?

Making Time to Read in a Digital Age

Posted on August 28, 2018 by Rhys Saunders

Editor’s note: This is part of an Illinois Lawyer Now series focused on resources available to ISBA members on Practice HQ, our "one-stop microsite" for practice management and technology information. This wealth of resources was designed to help you practice smarter by housing high-quality information in one place.

By Jeff Schoenberger, Esq.
Affinity Consulting Group

Two things often in short supply for lawyers are time and money. Harried schedules chase away things lacking immediacy. One thing I sacrificed was pleasure reading. Between family, work, and other commitments, sitting down to read a book was a lost joy.

Thankfully, within the last several years, books have become more accessible for people with chaotic lives. Here are some ways that you can find time to read and learn while still moving at a frenetic pace.

CLE: Navigating Your Child Client Through the Juvenile Delinquency Process

Posted on August 28, 2018 by Rhys Saunders

Learn how to guide your child client through the juvenile delinquency process with this full-day seminar Sept. 27 in Chicago. Any attorney who is retained to represent a juvenile in a delinquency case needs to be aware of the process and be up-to-date on the legislative changes that may affect your client. Whether you’ve never represented a juvenile or are seasoned practitioner who needs an update on the recent changes to the law and process, you won’t want to miss this seminar that gives you all the information you need to successfully navigate the juvenile delinquency process.