Keep your partnership agreement current – The importance of reviewing key provisions

Description

Abstract: In today’s rapidly evolving legal industry, regular review of a partnership agreement is essential to ensure that appropriate amendments are made to address new partner entry, existing partner exit, leadership transitions, equity adjustments and similar issues. Even if a firm doesn’t undergo such changes, it should periodically review its agreement to confirm it still aligns with the firm’s long-term strategic objectives. This article highlights key provisions that every firm should review, while a short sidebar covers valuation methods for law firms to use in their partnership agreement.