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Law Office Management Partnership unmasked What to look for, prepare, and consider before taking the big (and expensive) leap. Ferguson, past chairman of the Canadian Bar Association's law practice management and technology section, has a great deal of experience in the evolution of law firms and different arrangements. As a young lawyer he was involved in a partnership that amalgamated with another. And he was managing partner during its dissolution. That was followed by another partnership and now he is involved in a legal association. "For a young lawyer going in, they really have to understand what that firm does," says Ferguson, whose Richard G. Ferguson Professional Corp. is in an associated practice with three other lawyers as Lynass Ferguson & Shoctor, a business law firm in Edmonton. "It would seem to me if I was a young lawyer looking, I would study the history to see the firm's business model. . . . I think I would like to talk to recently admitted partners as well as former or retired partners," who may well provide a picture of how the firm treats lawyers, he says. When looking under the hood of the firm, he suggests examining what areas they practise in and how that fits with your interests, what energy is demanded of you, and how your work and contribution is compensated and recognized by the firm. Right out of the gate, negotiations often begin with a non-competition agreement; preventing the lawyer from taking all his business with him should he decide to leave the firm. The long-term plans need to be part www.CANADIAN L a w ye r m a g . c o m Jan uary 2014 21 Jeremy Bruneel B ecoming an equity partner represents a commitment of the firm to the lawyer and the lawyer to the firm. It also represents an important stepping-stone for many. But what does the mythical process actually involve? How do you get there? And who has the greater advantage in a partnership arrangement? "There's a whole bunch of mysteries in the partnership framework," says Richard Ferguson. There are also a variety of arrangements but there aren't always a lot of options, not everything is negotiable, and it doesn't all happen instantly. The very first thing a lawyer needs to consider is whether a partnership is a good fit. By Marg. Bruineman