Forming a partnership

I’ve heard colleagues of mine in different jurisdictions talking about a possible partnership relationship between themselves with intention of taking their practice to the next level. While I agree that partnership is key to a successful legal career, a sure way of institutionalising a law firm to succeed a particular individual and also, a medium […]

I’ve heard colleagues of mine in different jurisdictions talking about a possible partnership relationship between themselves with intention of taking their practice to the next level. While I agree that partnership is key to a successful legal career, a sure way of institutionalising a law firm to succeed a particular individual and also, a medium of encouraging professionalism in the legal world, I strongly believe that for a lasting partnership, founding partners must have reasonable experience on the legal job and not only knowledge in elementary law.
The point of discuss is not how a young lawyer think he knows or understands the practise of law in Nigeria but how well a young lad or lady can handle both bad times and good times of responsibility considering the already numerous challenges of a young lawyer. The legal profession doesn’t work like magic, a young lawyer in his bid to establishing a partnership must not deceive himself into thinking that once he opens a well-furnished law firm in a choice location, clients would start strolling in requiring his services.
A young lawyer between 1-3 years at the Bar is still at the grooming stage, a place where mastery of the act is still at its birth, a time to learn the intrigues of client behaviour and yet continue to protect their interest – at this stage a law firm provides sheltered employment to a young wig from payment of office space to the general running of the firm which would automatically become the responsibility of founding partners once a partnership is formed.  
Young wigs desirous of forming a long lasting partnership must be financially capable to sustain the firm for 6 – 12 months without a client walking through the door, if a client eventually walks in, it’s good for the firm but don’t begin a firm with the hope of sustaining it with the number of clients that you would get. That’s a dream that most often than not doesn’t come true and when it doesn’t, the partnership begins to dwindle.
In my humble opinion, there is nothing wrong with young lawyers talking about a possible partnership or finding colleagues with similar interest and work out modalities for the near future. It takes nine months for a baby to form in his mother’s womb, the same can be applied to a partnership; founding partners should use 10 – 12 months to work towards the formation of a partnership while at the same time improving their practise skill in the various fields of law they find themselves. Start by analysing the situation on ground and create workable solutions.
Enough of the downside of getting into partnership at the early stages of practise, what should a young lawyer who has considered all factors and believe he is ready, look out for in choosing the right partner?
The core of any partnership is based on trust, there cannot be a successful partnership where one of the partners does underground deals, schemes the others or where there’s a likelihood of bad competition amongst partners; healthy competition is allowed for the growth of any enterprise or organisation but not envy or jealousy, how well will a young wig fare in finding the difference?
Just as Rome is not built in a day, trust is not gotten in a twinkle of an eye, it is earned not bought or learnt and a partner must be one who has passed this test of virtue, finding out a partner’s true character after a partnership has been formed is bad for business.
I would not advise young lawyers in the same specialization let’s say ‘Litigation’ coming together to form a partnership, where is the diversity in such union? It gives meaning to the concept when partners are good in different areas of the law.
Founding partners of a prospective partnership should have substantial asset to bring to the table, like a reasonable client base of satisfied clients, a considerable library size et al, at the early stages a partnership needs more of input than output.
This article is not meant to discourage anyone desirous of forming a partnership, it’s just saying “anything worth doing is worth doing well”, for any venture rushed has a likelihood of not standing the test of time, and all things are not always equal as the economist would want us to believe.
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