Tips in Finding a Good Law Partner
If you are starting your own law firm, it is important to have a law partner who will help you take your practice to new heights. What is the importance of a partnership? Most of the top law firms in the US and worldwide started with successful partnerships. There are several factors that you need to consider when looking for a good partnership.
Checking the background of your potential partner is of utmost importance. You need to check what school he attended, if he passed the bar, if he is a member of the American Bar Association, if he has license to practice law in the state, and if he was ever suspended or disbarred. This should be the first things you need to learn about your potential partner.
it is important that you and your partners goals are aligned. Shared goals characterize successful partnerships. You should ask him what drove him towards law.
It is important to have the same motivations. If you want to know what this looks like, then look at this website.
Determine the chosen practice areas of your partner. Even if you dont share the same area of practice, his expertise may still complement your own. Just interview potential candidates to learn most of this information.
You can also look at social media, publications, and other content that he has produced in his space to gain better understanding of your potential partner.
Make sure that you dont have a personality clash. You should have shared communication. is good to have shared communication with your partner. Effectiveness and communication and the show of professionalism is very important in legal partnerships.
His response to stress, clients, and conflicts is important to know. This will tell you if he is the right partner for you or not. Make sure you dont get a partner who is know for social media feuds, outrageous comments or other controversial behaviors.
Make sure your potential partner has experience and referrals to prove it. If he has a LinkedIn profile, check for testimonials there. Reviews from part clients is important to know.
You can then start the process of forming a partnership if you have finally found the right one.
The first thing that you need to do is to get everything in writing by drafting a legal partnership contract. You should let someone else do the contract who is a lawyer practicing business law, There is guidance and templates provided by the American Bar Association for drafting law firm partnership contracts.
In this agreement, the duties and responsibilities of each partner should be clearly explained. A managing partner should be designated to oversee committees, develop strategies, manage associates and more.
Capital contribution should also be addressed in your agreement. this will show how much each partner invested in the company.
If you put this tips into use, you will avoid pitfalls in choosing a law partner.
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