There are many advantages in small business infrastructure of a law firm whether that firm be a business law firm or a personal injury plaintiff’s law firm. There can’t be political tension between the partners because, frankley, only one person makes the decisions and whatever that decision is will most likely be the final answer to any question. However, there are also many obstacles that come with being the only person in charge. For instance, although the end of the “work day” has come for most individuals and they can lay their company’s worries to rest, a solo-practitioner is likely to still have to deal with these problems including invoicing, administrative work, networking, marketing, accounting, etc. These small tasks can accumulate to enormous burdens on any attorney’s time, which ends up eating into the potential productivity of that same attorney. On the other hand, solo-practitioner attorneys have the complete autonomy to steer and mold their practice, image & direction of their firms to their likings. So, the question is: Is it worth the tradeoff?
Partnerships are a fickle beast. Some work amazingly and flourish far beyond the expectations of their members. However, these types of partnerships usually are driven by individuals with like ideologies and similar work ethic and a mutual respect and dedication to growing the overall company’s brand and worth. However, these types of dichotomy in a law firm, especially ones with larger numbers of stubborn egotistical attorneys (speaking in generalities about members of our profession, of course), usually are not the norm. Yet, these partnerships seem to exists and, although some may not flourish, they seem to at least benefit the members within the partnership law firm relationship to the extent that they continue under such an arrangement. I am not sure how the major firms structure their companies but I am determined to research this to a much deeper extent until I find a model that works. If you have any suggestions or comments on what you have done in the past please message me privately or list them below in the comments section.
As I learn more and possibly even transition into this new realm of law firm partnerships, I will keep you posted on my findings and discoveries. Hopefully, I can gain adequate insight prior to making the leap in order to make the proper decision now rather than having to restructure ten years down the road.
Looking for wisdom and hoping for luck,