The partnership is the classic structure for a law firm. The term “making partner” is a part of our language … but that doesn’t mean it has to be a part of your business plan. Consider whether you want to form a partnership at all, and then consider what kind of partnership would work best for you. Partnerships offer real advantages over sole proprietorships. You may be able to raise funds more readily, prospective employees may find your firm more attractive, and, of course, you may benefit from working with colleagues with complementary skills. Forming a General Partnership is also relatively easy—though it’s a good idea to pay close attention to your founding agreement. Make sure it specifies how decisions will be made, profits will be shared, capital will be added, disputes will be resolved, and how partners will be admitted and bought out. State partnership laws will also address these issues. But classic partnerships also mean sharing … sharing profits, sharing decision-making, and, perhaps most significantly—sharing liability. If you want many of the benefits of a partnership, but without all that liability, consider a Limited Liability Partnership LLPs protect partners from personal liability for the negligent acts of other partners or employees not under their direct control. But check your state law … LLPs cannot be formed in every state, and those that do allow LLPs impose certain requirements. The partnership is a classic law firm structure. As you set up your firm, you’ll want to consult with your attorneys and accountants. You can also explore additional resources right here on the Law Firm Business Center at FindLaw.com. http://link.brightcove.com/services/player/bcpid1435509312