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You need to adopt the same approach as you would with any investment decision and you should speak to a number of people before accepting a Partnership offer.

Do your homework on what the expectations are on you becoming a Partner, whether that be a Salary Partner or an Equity Partner and also, look into what liabilities you might be taking on if you’re taking equity partnership.

So the key thing is to be fully informed to make sure that partnership is what you are looking for. I know a number of Special Counsels that have refused partnership because it doesn’t work with what they’re wanting out of life. They might be wanting more work-life balance and so they’ve decided that partnership isn’t for them and they’re more than happy to work as a Special Counsel within a law firm.

To summarise, it is important to do your homework in terms of what exactly is being offered to you, and you also need to make sure that it’s something that you want and that it’s going to be right for you and what you’re looking to get out of life.

 

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