I have my own practice for past 5 years and have spent a lot of time building up brand and reputation. I'm thinking of bringing on partners but am trying to figure out how to structure compensation, profit sharing and equity while maintaining control. I dont want to do associates bc I need someone with more experience than I can afford. Does anyone have any ideas on how one can up a law firm?

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Posting as :
works at
You are currently posting as works at

You need a lawyer.

Seriously, you need to seek the advice of a lawyer who is an expert in this field and have them help you draft a business plan.

likefunny

Thanks!

I have my own practice with a mix of transactional and litigation. I have different setups with other attorneys. Some are contract attorneys that I pay a fixed hourly rate. Others are "of counsel" and get a percentage of billables. For small practice whatever you can do to keep overhead low is important. Unlikely that you will get top tier attorney but you can make it work with the right person. I've had 60% retention (3 of 5 have stayed so far- one for 7 years). Make it clear that they are unlikely to make same as a top law firm but selling point is greater work-life balance, immediate hands-on experience with real client matters, and more control over their own work.

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Lots of questions ... starting with: what is your practice area. Thinking probably olaintiff’s PI. Mine is a defense practice, but have plenty of friends in the other side. If you want to DM, drop me a note.

Good point. I never thought the type of practice may matter but it does. I do trusts and estates, from estate planning, admin, probate and litigation. So their expertise will matter in determining how it is set up. Estate plans are typically flat rate and one would need volume. Everything else is hourly and litigation, as you know, is where you make your money

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