X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

“PARTNERSHIP.” To many lawyers, this term and the accompanying change of status represent the pinnacle of their legal careers. For the associate at the law firm, it is the summit reached after many a late night and lost weekend. For the lawyer first starting out on his or her own with a colleague or two, it is the first step towards building a new and hopefully prosperous business and professional relationship. On the other hand, for others, it is like winning a pie-eating contest where the prize is more pie.

Whatever one feels about “making partner” and regardless of the context in which it happens, newly elevated partners must become aware of the full scope and nature of their relationship with their new partners and with third parties — in most cases, by reviewing the law firm’s partnership agreement. Following is a discussion of various critical areas which the new partner should look for and carefully examine in the partnership agreement.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]

 
Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.

 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.