In this episode, I cover the topic of advancing your law firm through acquiring a partner. Many law firm owners start solo. Their goal is to own their law firm, chart a path, and be the one in control. However, when the business grows to the point where firm owners want to either expand the business by adding a partner or step up a partner. 

Tune in to today’s episode to learn about the reality of partnership and considerations that firm owners must have to add partners to their firm successfully.

 

In this episode we discuss:

• Considering the differentiation between a partner and a CEO.
• Clarifying in writing the terms and understanding of the partnership.
• Understanding the sense of value each have for what they bring to the firm.
• The benefit in the blending of strengths and weaknesses.
• The danger of setting a path and criteria within your firm to becoming a partner.

 

Bio:

Allison C. Williams, Esq., is Founder and Owner of the Williams Law Group, LLC, with offices in Short Hills and Freehold, New Jersey. She is a Fellow of the American Academy of Matrimonial Lawyers, is Certified by the Supreme Court of New Jersey as a Matrimonial Law Attorney and is the first attorney in New Jersey to become Board-Certified by the National Board of Trial Advocacy in the field of Family Law. 

Ms. Williams is an accomplished businesswoman. In 2017, the Williams Law Group won the LawFirm500 award, ranking 14th of the fastest growing law firms in the nation, as Ms. Williams grew the firm 581% in three years. Ms. Williams won the Silver Stevie Award for Female Entrepreneur of the Year in 2017.  In 2018, Ms. Williams was voted as NJBIZ’s Top 50 Women in Business and was designated one of the Top 25 Leading Women Entrepreneurs and Business Owners. In 2019, Ms. Williams won the Seminole 100 Award for founding one of the fastest growing companies among graduates of Florida State University.

In 2018, Ms. Williams created Law Firm Mentor, a business coaching service for lawyers.  She helps solo and small law firm attorneys grow their business revenues, crush chaos in business and make more money.  Through multi-day intensive business retreats, group and one-to-one coaching, and strategic planning sessions, Ms. Williams advises lawyers on all aspects of creating, sustaining and scaling a law firm business – and specifically, she teaches them the core foundational principles of marketing, sales, personnel management, communications and money management in law firms.

 

Contacts – Social Media

Contact Law Firm Mentor:

Scheduler: https://meetme.so/LawFirmMentor  

 

Snip-Its

00:27:54 (31 Seconds)

…Before we consider reducing to writing the criteria that we have for partnership, we want to make sure that we build in a subjective component so that no one ends up feeling that they are absolutely entitled to be a partner when they meet certain criteria, and that when we check the box of those criteria that they are presumed to be entitled to be made partner because we know that oftentimes our desires change or circumstances change and we don't want anyone to be left with that negative feeling.