DOWNTOBUSINESS
DOWNTOBUSINESS
HOW TO AVOID THE PARTNERSHIP FROM HELL
By Ken Hardison
OVER THE LAST 15 YEARS , I HAVE WORKED WITH HUNDREDS OF LAWYERS AND LAW FIRMS TO HELP THEM GROW THEIR PRACTICES . IN THE PROCESS I ’ VE SEEN EXTREMELY STRONG FIRM PARTNERSHIPS , WHERE THE PARTNERS WORKED WELL TOGETHER , AND THEIR FIRMS EXCELLED . Unfortunately , I ’ ve also seen firm partnerships where the partners were unequally yoked ; They couldn ’ t get along because their personalities clashed , or they did not share enough common values , or the vision needed to build and grow and thriving law practice . Successful law firm partnerships need partners who are aligned in both vision and core values . All the partners must have the same goals in mind and the same end game in sight . Without this unity of purpose , partners inevitably butt heads , causing undue stress and conflict for everyone involved and thwarting the firm ’ s growth trajectory .
I ’ m often brought into a firm ’ s dynamics once the bad partnership is already in place . At that point , getting the firm aligned and moving forward is incredibly difficult . This kind of partnership reminds me of the Doctor Dolittle character , Pushmi-Pullyu , a gazelle / unicorn animal with two heads at opposite ends of its body . Each part is moving in opposite directions , so it isn ’ t getting anywhere . There is conflict and struggle , and progress is minimal .
As Ben Franklin famously said : “ An ounce of prevention is worth a pound of cure .” In this article I ’ m going to explore how to go about analyzing whether or not a lawyer is a good partnership fit for you and your law firm , so you can better avoid a disaster partnership . I am also going to cover an alternative to true equity partnerships which will allow you to bring in other lawyers as “ partners ” but without you having to give up or share control of the firm .
The process of choosing law partners should not be taken lightly and requires a thoughtful analysis of factors such as alignment of vision , core values , and complementary strengths and weaknesses .
Alignment Of Vision
Before entering into a partnership , it is important to consider whether both lawyers share the same vision for the law firm . This vision should include the goals for the firm , the size firm you want to grow , the firm ’ s ideal practice areas , the types of clients each lawyer wants to serve , and the types of cases each lawyer wants to handle , and so forth . If both parties ’ visions aren ’ t in alignment , long term success is unlikely , If you and your partner don ’ t agree on the target , you cannot make the mark . Instead , you are working against one another rather than working together . You and your partner ( s ) need to share a common vision for the law firm and a desire to work towards the same goals .