Running 10.7.5 server but would like to remotely manage it with a 10.8 macbook pro
According to the Apple Web site:

Lion Server
To administer Lion Server, use Server app and the Server Admin Tools 10.7 on OS X Lion. The Server Admin Tools 10.7 are are available from Apple Support Downloads.
To administer Lion Server from a client with a different version of OS X, connect to the server using Screen Sharing or Apple Remote Desktop. You can also use Workgroup Manager 10.8 on Mountain Lion to connect to Lion Server.

One alternative to what Apple suggests is to run a VM of whatever OS you need to use to do remote management. This is what I do on my laptop with Lion. I don't have the same luxury with Snow Leopard, although I guess I could virtualize an instance of it, and run it on the desktop side as well.