The constitution of a law firm is now more simplified than ever. Any lawyer or group of lawyers can establish strong partnerships for the purpose of legal practice. However, all issues related to the form of association, company management and any liability should be resolved. This is done in the form of a law firm association agreement. This agreement should cover several important points.
The document should begin with a description of the main aspects of the law firm.
Your name and work address must be included. The term of the association must also be set. The next point to be covered is the goal of combining law firms. A standard definition can be given. For example, “the goal of the company is to advise clients on all legal issues and represent them in civil or criminal matters and other matters related to the law.” It is possible that the statement is more accurate and includes the area of law in which the company will operate.
The law firm association agreement should clearly establish the professional responsibility of the firm. You can install any type of legal insurance provided. The next paragraph should cover the transfer of company interests. The document must also contain ownership of the company. This is an important situation in the event of the ruin of the company, since it organizes all issues related to property.
In general, the agreement should also include a number of causes related to the activities of the law firm as a commercial organization. They should cover rental and notices. It is important that the form and procedure for paying taxes be established in this constituent document. The bank accounts of the subject must also be indicated.
There should be a section that discusses the responsibility of the company and the responsibility of partners. Although the company is at the stage of creation, it is better to have a section on mergers and acquisitions for an agreement. This has become common practice today, so they must be provided in advance.
A firm association agreement should include the acquisition of a new customer, the management of customer files, and customer retention agreements. It is better that all issues related to the retainers be resolved in advance. This will facilitate the operation of the facility from the start.
The administrative structure of the company should be clearly described in the constituent document. This applies to the structure of the association, if it is different in any case. All company committees should be identified. The name of his president must be indicated. The names of the managing partner, administrative partner and financial director must also be present.
The law firm association agreement should have a section on the assets and income of the firm and its distribution. It is best that the costs and benefits be described in this document.