Advice for Lawyers: Should You Practice with a Law Partner?

Lawyers who operate as sole practitioners have tremendous freedom when it comes to choosing which clients to accept and which to turn away, where to maintain office space, and how many employees remain on the payroll. But sole practitioners also have the tremendous burden of ultimately being responsible for everything that happens in their law practice. Being a sole practitioner can be lonely and, at times, quite overwhelming. This often results in seeking a law partner. But the decision to form a partnership should not be made in haste. Here is some important advice for lawyers. Should you practice with a law partner?

When deciding whether to take on a law partner, a lawyer should take many factors into consideration. The most important factor to consider is this: What does this prospective law partner bring to the table? Is he or she a rainmaker (i.e. good at bringing in business)? Does he or she have expertise in a particular area of the law? Does he or she have experience? Does he or she have capital? If the answer is nothing, move on. Many lawyers make the mistake of signing on with law partners who are simply good friends, or partners they hardly know. Get to know your prospective law partner before entering into any agreement. Just as you would interview a prospective employee or associate, interview your prospective law partner. Ask the tough questions, investigate his or her background. You would rather find out now than later.

Hammer out important details prior to entering into your partnership agreement. Make certain that there is an understanding on basic things such as what type of law you each intend to practice, where you will maintain your office space, what types of advertising you will engage in, how many staff members will be on your payroll, and what type of efforts will you make to expand.

Put every last detail in writing, including what will happen upon dissolution of the partnership. As much as you would like your law partnership to succeed, many do not, and you must be prepared for the worst. Detail how and when revenue will be shared, which partner will be responsible for what, and how much capital will each partner be contributing to get your law practice off the ground. Negotiate this partnership agreement as you would a contract on behalf of a client, and if feasible, have your own lawyer involved. Partnerships can work, but only when both parties have something to offer.