Advantages of Working With Partnership in Personal Injury Law Practice

One of the decisions you have to make in preparing to open yourpersonal injury practice is whether to practice solo or formpartnerships. To make this decision, you need to analyze yourself ifyou are willing to share a firm with another practicing lawyer. Life asa solo is less structured than life in an organization. Solos don'trequire you to have regular meetings. When you go solo, you don't haveto share office and other stuffs, you get to keep everything. However,when things go bad, you would expect that you won't have anyone toshare your problems too. The advantages of partnership are bothsocial and financial. Partnership in law practice is like marriage.There are two or more people to bring in resources and generate feesand to share expenses. This will give you peace in mind especially whenone of you had a bad month as there is someone to catch for the officeexpenses. Solos can get feedback from other lawyers in making toughdecisions but the advice of someone who has a direct stake in thedecision is often more sound than that of someone who has no interestin the situation. Without someone to challenge, or at least question, alawyer is more likely to make decisions on the "spur of the moment."Partnership also allows you to take vacations as there is someone whocan handle emergencies when you are out. If you go solo, it is yourlegal secretary or legal assistant who will take care of most thingsthat might come up during your absence but what about the need forunexpected court appearance? Your secretary might arrange anotherlawyer to cover it but then it can be a hard situation. If you have apartner, there will be someone that can organize to cover a depositionor other proceeding while you were away on your vacation. And ofcourse, you in return will do the same in case your partner is away. K.William Gibson wrote that there are two primary reasons why having apartner will help you get financing for your personal injury lawpractice: 1. Your partner may have additional resources to use as collateral to secure a loan. 2. A lender will feel more secure about having two people on the hook for the loan rather than having just one person. Theperson you choose to form partnership in personal injury practiceshould first and foremost, can be trusted. Do research before makingthe big decision of choosing your partner. You can talk with theirformer partners or other people who know them better than you do. Checktheir references. On a personal level, "your partner must be truthful,ethical, and considerate of other people, compassionate, slow to anger,and unselfish," says K. William Gibson. On a professional level, hemust have "good work ethic, diligence, thoroughness, a willingness tofight for clients, and the ability to present a case effectively" (How to Build and Manage Personal Injury Practice, 14) .It is a lot better to have a partner who has the same goals for thepractice as you have. Your partner should also have the same financialobjectives as you. A partner with different financial goals andobjectives with you might leave you crippled. Avoid someone who couldjust as easily live on his or her trust fund. Boris Chistyakov has been writing articles for 2 years. He specializes in various topics. His recent discontinued ceramic tile website has latest post about ceramic bathroom tile

Was this helpful? 0 0 Comments

You're reading Advantages of Working With Partnership in Personal Injury Law Practice.