Question:
I am an estate planning attorney in Chicago. I am currently 72 and have been in practice and owned my own firm for 45 years. In the past I had an associate attorney in the firm and a couple of legal assistants. Currently I have one part time associate no assistants. I do all
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Law Firm Succession – Using Affiliation or Of Counsel Relationships as a As a Pre-Merger Pilot Test
By Mike Etienne
Question:
I am sole owner of a law firm in San Rafael, California with an estate planning practice. I have two part-time attorneys, four paralegals and three legal assistants. I am in my late 70s and want to retire in the next three years. I have recently had several discussions with another small firm that…
Law Firm Structure and Governance
By Mike Etienne
Question:
We are a group of six partners that are in the process of leaving a well established firm in Los Angeles, California and will be starting our own firm. In our early planning we have been discussing how we will structure and manage the firm. You advise and suggestions would be most welcomed.
Response: …
Law Practice Succession Planning for a Sole Owner – A Question of Value
By Mike Etienne
Question:
I am a sole owner of a three attorney firm in Chicago suburbs. I am sixty-five and have two associates in the firm. We do estate planning, elder law, and estate administration exclusively. While I want to continue working for the next five years I want to begin succession planning and gain some understanding…
Law Firm Succession – Transition of Senior Partners Leadership and Management Roles
By Mike Etienne
Question:
I am one of three founding partners in a 17 lawyer insurance defense firm in Houston. We have a total of 18 lawyers in the firm – 3 founding equity partners, 4 other equity partners, 5 non-equity partners, and 6 associates. The three of us founding partners are in our 60s and approaching requirement…
Law Firm Practice Group Management – Practice Group Leader Roles and Responsibilities
By Mike Etienne
Question:
Our firm is a 17 attorney insurance defense firm in Cincinnati, Ohio. We are in first generation and we have 9 equity partners, 3 non-equity partners, and 5 associates. We are managed by a three member executive committee and a firm administrator. We have been discussing the need to create a few practice groups…
Law Firm Equity Partnership – Buy-Ins and Buyouts
By Mike Etienne
Question:
I am the sole owner of a personal injury practice in Orlando, Florida. I am in my mid-sixties and am looking to transition out of the firm and retire in the next five to seven years. I have three associates in the firm. I would like to sell my equity to one of the…
Equity Partners – Valuation of Shares and Affordability
By Mike Etienne
Question:
I am one of three founding partners in a 12 lawyer general litigation firm in San Francisco. All three of us are in are sixties and are looking to begin admitting others as equity partners. We have three non-equity partners and five associates in the firm. The three of believe that we should receive…
Law Firm Compensation – Compensating New Equity Partners
By Mike Etienne
Question:
Our firm is a seventeen lawyer insurance defense firm in Austin, Texas. The firm was founded by the two existing partners twenty-five years ago. In addition to the three founding equity partners we have five non-equity partners and ten associates. Non-equity partners and associates are paid a salary and a discretionary bonus. The two…
Law Firm Succession – Incentives for Partners to Transition Clients
By Mike Etienne
Question:
I am the managing partner of a twelve lawyer firm in Dayton, Ohio. We are a first generation business litigation boutique. We represent mid-size companies and handle multiple matters for these clients. We have seven equity partners and five associates in the firm. Three equity partners were the original founders and the other four…