lawfirm partnerships

I would like to understand how law firm partnerships work. How are the partners related in regards to earnings.

I run a landscape business and I am trying to be innovative with regard to how I share the profits of my company. I believe that setting up the company so that future employees have something to gain, encourages them to work hard and stay the course.

I am ready to expand and I am investigating several setups that will benefit both the; me the company and the new employees that I will soon hire.

swg49 said:

I would like to understand how law firm partnerships work. How are the partners related in regards to earnings.

I run a landscape business and I am trying to be innovative with regard to how I share the profits of my company. I believe that setting up the company so that future employees have something to gain, encourages them to work hard and stay the course.

I am ready to expand and I am investigating several setups that will benefit both the; me the company and the new employees that I will soon hire.

Click to expand...

My response:

That's a good one !

Relating how a lawfirm partnership works in relation to a landscaping business. That's rich !

Listen, if you think it'll help, watch "the Practice" (a David E. Kelly production) or re-runs of "L.A. Law."

I can see it now, a beautiful, oval shaped, burlwood table, surrounding with 10 ecclectic and deeply padded chairs. In them, are seated a bunch of dirty, messy, landscapers discussing that new sod they planted, and whether they should invest in Mums this year !

IAAL

I did not post a joke.

I don't think you were trying to make fun of my question but I don't think that you understood the concept of the question.

I am serious about looking at different structures. Business is Business.

I don't understand how law partnerships work but they must encourage lawyers to try and become one of the partners.

If I could understand the basics I could come up with a method of doing something similar or move on to another structure.

Remember getting people to get on the payroll is easy. Getting them to work isn't.

Insentive is everything.

How do law partnerships entise lawyers. Why do they want to be partners. What do they get. How much do they get.