Best Practice: Law Firm Partnership - Pros and Cons
Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. 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?
A. Partnership can offer its lawyers a measure of value independent of the skills, talents, and contributions of its individual partners?
Pros
The advantages that the best law firms have over sole practitioners or groups of lawyers who share overhead include:
- Shared skills and expertise
- Backup or additional help when needed
- A safety net during economic downturns
- Shared resources, such as technology, library and research access, forms, and work products
- Cross-selling and/or referral of work
- Access to the expertise of lawyers in various disciplines
- Highly trained associates, legal assistants, and support staff
- A firm name or reputation that makes marketing easier
- More-sophisticated and highly skilled management
- Opportunities for individual lawyers to become highly specialized
- A system of partner coaching that brings out the best in each partner
- Emotional support, encouragement, and personal recognition
- Flexibility that allows lawyers to be more involved in probono, community, and bar activities
- Continuation of the firm beyond the tenure of the current owners
Cons
Illinois Supreme Court Chief Justice Thomas L. Kilbride delivered the plenary speech to a packed house on Friday morning at the Illinois State Bar Association's Solo and Small Firm Conference in Springfield. The Chief Justice detailed his rise from legal aid lawyer to solo practioner to the Supreme Court.
Ed Walters, CEO of Fastcase, will kick off the Illinois State Bar Association's Solo and Small Firm Conference on Thursday morning with "Fastcase: Introduction to Legal Research Training." Walters will take continue after that program with "Fastcase: Advanced Legal Research Training 10:15 a.m. – 11:15 a.m."