Sample Partnership Agreement between Lawyers

If you are in the process of starting a law firm or expanding your current practice, partnering with another lawyer can be a great way to achieve your business goals. However, it is essential to have a partnership agreement in place to ensure that both parties are on the same page and that all legal issues are addressed.

A partnership agreement is a legal document that outlines the terms and conditions of a business partnership. It is an essential document that can help prevent disputes and ensure that each partner understands their rights and responsibilities. Here is a sample partnership agreement between lawyers that you can use as a guide:

Partnership Agreement

This partnership agreement is made and entered into on [insert date] between [insert name], hereinafter referred to as “Partner 1,” and [insert name], hereinafter referred to as “Partner 2.”

Purpose of Partnership

The purpose of this partnership is to provide legal services to clients in [insert geographic area] and to share profits and losses equally.

Duration of Partnership

The partnership will begin on [insert date] and shall continue until either partner decides to terminate the agreement. In the event of termination, both partners shall work together to ensure a smooth transition for clients.

Capital Contribution

Both partners shall contribute an equal amount of capital to the partnership. Any additional capital contributions shall be decided by mutual agreement between the partners.

Profits and Losses

All profits and losses shall be shared equally between the partners. Each partner shall receive a percentage of the profits equivalent to their capital contribution.

Management

Both partners shall have an equal say in the management of the partnership. All decisions shall be made jointly, and no partner shall have sole authority.

Compensation

Both partners shall receive a salary of [insert amount] per month. Any additional compensation shall be decided by mutual agreement between the partners.

Expenses

All expenses shall be shared equally between the partners. Any expenses incurred by one partner must be approved by the other partner before reimbursement.

Termination

Either partner may terminate the partnership agreement at any time by giving written notice to the other partner. The partnership shall be dissolved upon termination.

Dispute Resolution

Any disputes shall be resolved through arbitration in [insert location]. Both partners agree to abide by the decision of the arbitrator.

Governing Law

This partnership agreement shall be governed by and construed in accordance with the laws of [insert state].

Entire Agreement

This agreement constitutes the entire agreement between the parties and supersedes all prior negotiations, representations, and agreements between them.

In conclusion, a partnership agreement is a critical document that should be prepared carefully. It should clearly outline the terms of the partnership, including capital contributions, profit sharing, management, and termination. By using the sample partnership agreement above, you can ensure that your partnership is established on a solid legal foundation.