Adding a partner to a small firm, solo practice can be a great thing
By donalee Moulton
The Lawyers Weekly, July 10 2009
Smaller firms and sole practitioners know that when the going gets hectic, they usually have no one to turn to but themselves — unless they take on a partner.
The advantages of a new person with new expertise, new ideas and new energy are significant. But so are the downsides. Before bringing someone into the fold, lawyers are well advised to explore the family dynamics of their firm and the latest addition.
“Adding a partner can add value to the business. They will think like an owner; they are adding value as an owner,” said Paul Bates, a partner with the Toronto litigation boutique, Bates Barristers.
However, he added, “you need at least three years of working with people to assess their skills and experience. Then you start a dialogue.”