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.
Admitting New Partners from PerformLaw on Vimeo.
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: