Guide to Picking a Law Partner
A partner who will help your practice soar to new heights is someone you would need if you are starting your own practice. What is the importance of a partnership? Most of the top law firms in the US and worldwide started with successful partnerships. When looking for a good partnership, there are some factors that you should consider.
You first need to check the background of your potential firm partner. Some things that you need to check are the school he attended, his passing the bar, his membership to the American Bar Association, his license to practice law in the state, and any suspension or disbarment. 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 need to know why he took law in the first place.
Do you share 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. If you dont practice the same area of law, then his expertise may still complement your own. This information can be discovered when you interview your potential candidates.
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.
You should choose a personality that complements yours. You should have shared communication. is good to have shared communication with your partner. Make sure that your partner is effective in communication and shows professionalism.
Check how the potential partner responds to stress, clients and conflicts. This can help you assess whether he is the right law partner for you. Also make sure that your potential partner is not known to social media feuds, outrageous comments, and other controversial behavior.
Get a partner who 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.
It is important that everything is written down by drafting a legal partnership contract. You should let someone else do the contract who is a lawyer practicing business law, Drafting law firm partnership contracts is fairly easy since there is guidance and templates provided by the American Bar association.
This contract should spell out the duties and responsibilities of each partner. The person who will oversee committees, develop strategies, manage associates and more, is designated managing partner.
You agreement should also include your capital contribution. This addressed how much each partner invested in the firm.
If you use the tips given above then you will soon find the best law partner.