Equitable Distribution: Look Before You Leap Into a Partnership

One thing I have found to be true about pretty much every lawyer I’ve ever encountered, is that they all just want to help people, when it comes down to it.  At heart, they are generous of spirit; and, they truly do want to improve the lives of their clients. 

 

Now, I’ve also seen that approach extend to other business decisions.  And, while that is generally a good thing, sometimes it causes attorneys to overreach.  Lots of times, lawyers take on partners when they shouldn’t.  That’s often because they like the potential partner, on a personal level, or because they’re thinking of the benefits to that person, rather than considering what’s best for the business, or themselves.

But, selecting a partner, and making the choice to give away equity in your law firm, should really be a cold and calculated decision, based on the matching of skills, and the capabilities of your potential partner.  If there isn’t a business reason to select a law firm partner, including a viable profitability calculation . . . just move on, and wait for the next opportunity – even if that’s a difficult decision, or one that could hurt your personal relationships. 

 

Running a law firm is serious business; and, you should not give away control and reduce your earning capacity, for just anyone. 

 

. . . 

 

If you’re thinking of partnering up, let’s talk first. 

Through a unique partnership between the bar association and Jared Correia's Red Cave Law Firm Consulting, Vermont Bar Association members have access to experienced law practice management consultants at a special discounted rate.

To get started, visit Red Cave's Vermont Bar Association landing page, and start running your law practice like a business.