How to Choose a Good 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. Why, then, are partnerships important? The top law firms that we have today in the US and worldwide started as successful partnerships. Consider the following factors when look for a good law partner.
It is important to check the background of your potential 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. Every successful partnership have shared goals. You should ask him what drove him towards law.
Do you share the same motivations? If you want to know what this looks like, then look at this website.
What are the chosen practice areas of your partner? Even if you dont share the same area of practice, 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.
Make sure that you dont have a personality clash. Shared communication is something good. 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. Also make sure that your potential partner is not known to social media feuds, outrageous comments, and other controversial behavior.
Make sure your potential partner has experience and referrals to prove it. If he has a LinkedIn profile, check for testimonials there. You should also read reviews from his past clients.
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. The one to write the contract is a lawyer that specializes in business law who will do it for you. There is guidance and templates provided by the American Bar Association for drafting law firm partnership contracts.
There should be a clear explanation of the duties and responsibilities of each partner, in this contract. There should be 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.
You can avoid pitfall in choosing a law partner by putting these tips into use.