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Advantages of Working With Partnership in Personal Injury Law Practice

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					Advantages of Working With Partnership in Personal Injury Law Practice

One of the decisions you have to make in preparing to open your personal
injury practice is whether to practice solo or form partnerships. To make
this decision, you need to analyze yourself if you are willing to share a
firm with another practicing lawyer. Life as a solo is less structured
than life in an organization. Solos don't require you to have regular
meetings. When you go solo, you don't have to share office and other
stuffs, you get to keep everything. However, when things go bad, you
would expect that you won't have anyone to share your problems too.

The advantages of partnership are both social and financial. Partnership
in law practice is like marriage. There are two or more people to bring
in resources and generate fees and to share expenses. This will give you
peace in mind especially when one of you had a bad month as there is
someone to catch for the office expenses. Solos can get feedback from
other lawyers in making tough decisions but the advice of someone who has
a direct stake in the decision is often more sound than that of someone
who has no interest in the situation. Without someone to challenge, or at
least question, a lawyer is more likely to make decisions on the "spur of
the moment." Partnership also allows you to take vacations as there is
someone who can handle emergencies when you are out. If you go solo, it
is your legal secretary or legal assistant who will take care of most
things that might come up during your absence but what about the need for
unexpected court appearance? Your secretary might arrange another lawyer
to cover it but then it can be a hard situation. If you have a partner,
there will be someone that can organize to cover a deposition or other
proceeding while you were away on your vacation. And of course, 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 a
partner will help you get financing for your personal injury law
practice:

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.

The person you choose to form partnership in personal injury practice
should first and foremost, can be trusted. Do research before making the
big decision of choosing your partner. You can talk with their former
partners or other people who know them better than you do. Check their
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, he must have
"good work ethic, diligence, thoroughness, a willingness to fight 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 the practice as you have. Your partner
should also have the same financial objectives as you. A partner with
different financial goals and objectives with you might leave you
crippled. Avoid someone who could just as easily live on his or her trust
fund.

				
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posted:2/5/2011
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