Admitting a new partner to your law firm is a big decision. Since it is essentially allowing someone else to own a part of your firm, it is important to get it right. Before naming the new partner, your law firm will make important decisions about the amount of equity to make available and at what price. Existing owners want to understand the impact of sharing more ownership. Other considerations include debt guarantees, the assumption of contractual obligations, compensation, and the adjustment of equity interests among existing owners.
In this brief 13-minute presentation, PerformLaw Lead Consultant Brian Kennel outlines the key points law firms should consider when admitting a new firm partner.
Click the play below to view "Admitting New Partners"/
Whether your law firm is admitting a new partner for the first time and needs help to develop a process that ensures a positive experience or your firm is experienced with admitting new partners but wants some objective advice about various factors involved, PerformLaw can help.
PerformLaw has extensive experience helping firms admit new equity owners and focusing on a fair and positive process.
For additional information on law firm partner compensation or admitting new law firm partners, check out these resources and articles. Or contact us to schedule a time to answer your questions about admitting new partners:
- A Sound Process for Admitting New Law Firm Partners
- Transitioning Successful Senior Partners
Make the right decisions quickly.
We know you are a busy lawyer. PerformLaw can do the math and keep the process moving so you can focus on your work and on your client's priorities.
Let us show you how to set compensation, equity, and buy-in, and create performance expectations for new partners.
Contact us now to get started.