Deciding whether partnership is right for your solo law practice
When you’re building a law firm, should you have a partner? The answer isn’t cut-and-dried for everyone. Allowing someone else on the inside requires understanding the good and bad of the process.
Here are some things to consider before entering into a partnership:
- Shared expenses. You and your partner carry the costs of starting and running your practice together.
- Combined strengths and skills. Your partner’s strengths can offset your weaknesses and vice versa.
- Greater reach. Two people can build a network and referrals faster than one alone.
- Support and collaboration. As you build your business, you have an ally and a confidante to rely on.
- Financial disagreements. Discuss finances early and often, as they are a key source of animosity between partners.
- Personality conflicts. Even if you enter into business with a close friend, you can run into conflicts over work styles, bad habits and more.
- Different goals. If you enter into a partnership, it is important to discuss your shared goals for the law firm. Do you agree on the type of clients you plan to take on, how to market the firm, where to locate and more?
As you weigh the pros and cons of entering into business with a law partner, there is another alternative to consider: Building your independent law practice in a community of fellow lawyers. In Denver, LawBank offers just that environment. Our shared office and co-working spaces allow independent lawyers to collaborate and support each other without the formality of a partnership agreement.
Bottom line, whether or not you choose to work with a partner depends upon your preferences. Examine yourself thoroughly, be honest and remain steadfast and confident in your assessment.
For more information on building an independent law practice in Denver, contact us.