I am a solo owner of a small law firm in Southern Illinois and have been solo for ten years. I have two staff members in the firm. Recently I have been contemplating either bringing in a partner or joining another firm? What are the advantages and disadvantages?
Partnership can offer its lawyers a measure of value independent of the skills, talents, and contributions of its individual partners?
The advantages that the best law firms have over sole practitioners or groups of lawyers who share overhead include:
Like anything else in life nothing is free and there are tradeoffs. There can be conflict and interpersonal struggles, large capital contributions, requirements for you to be guarantor on huge firm debt balances, missed paychecks, and loss of independence.
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John W. Olmstead, MBA, Ph.D, CMC
Posted at 10:59 PM in Partnership
Tags: Law Firm Partnership