Sample Partnership Agreement For Law Firm

October 5th, 2021

Investors, lenders and professionals will often ask for an agreement before allowing partners to receive investment funds, provide financing, or receive adequate legal and tax assistance. I recommend that you meet with an expert in partnership agreement design. Without this agreement, your state`s standard partnership rules will apply. For example, if you don`t describe in detail what happens when a member leaves or dies, the state can automatically dissolve your partnership under its laws. If you want something other than the de facto laws of your state, an agreement allows you to keep control and flexibility over how the partnership should operate. If you have disagreements, you don`t want that outgoing partner to lobby for the clients they have. It can destroy any law firm. .

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