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One of the selections you’ve got to make in preparing to open your personal injury practice is whether to practice solo or form a partnership. To make this decision, you have to ask yourself if you are prepared to share an agency with another practicing lawyer.

Life as a single is less structured compared to life in an corporation. Solos do not require you to set up weekely meetings. Whenever you go alone, you do not have to share an office along with other stuff plus you get to keep everything. Nonetheless, when things go poorly, you’ll have to anticipate that you will not have anyone to talk about your issues or help carry the financial burden.
The benefits of partnership are both social and economic. Partnership in law practice is like marriage. You will find two or more individuals to bring in accounts, create fees and to share expenditures. This gives you peace of mind especially when one of you has a poor month
and there’s someone to pay for the workplace bills. Solos will get feedback from other attorneys in making difficult choices but the advice of somebody who has a direct stake in the choice is frequently a lot more sound or reliable than that of somebody who has no interest in the scenario.

Devoid of somebody to challenge, or at least question, an attorney is much more likely to make choices at the “spur of the moment.” Partnership also permits you to take vacations as there’s someone that can deal with problems when you are out. Should you go solo,
it is your legal assistant that will take care of the majority of issues that might come up during your absence but what about the need for sudden court appearances? Your secretary might prepare another lawyer to cover it but then it may be a difficult case and result in undesired outcome.
If you have a partner, there will be somebody that can cover a deposition or other proceeding whilst you are absent on your vacation. And of course, you in return can do the same in circumstances when your partner is absent.

K. William Gibson wrote something along the lines of… there are two main causes to why having a partner can help you get financing for the personal injury law practice:
1. Your partner may have additional resources to utilize as collateral to secure a loan.
2. A lender will feel more secure about getting two people on the hook for your loan instead of having only one person.

The person you choose to form a partnership in a personal injury practice ought to first and foremost, be trustworthy. Do some research prior to making the huge decision of choosing your partner. You can talk with their past partners or other people who know them much better than you do. Verify their references. On a personal level, “your partner must be honest, moral and considerate of other people, compassionate, slow to anger, and unselfish,” says K.William Gibson. On a professional level, he must have a “good work ethic, diligence, thoroughness, a willingness to battle for clients, and the power to present a case effectively”.

It’s a great deal better to have a partner that has has the same goals for the practice as you have. Your partner also needs to have the same economic goals as you. A partner with different monetary objectives than you may well leave you economically crippled. Avoid someone who could just as easily dwell on their trust fund or doesn’t have the desire to make the practice successful.

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