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Five golden rules for 
choosing a business partner

It can be a case of 'physician heal thyself' for lawyers who enter into unwise partnerships, says Alison Brennan

1 December 2015

The scenario is familiar: ?a partner in a business approaches you to ask for legal advice after some damaging decisions were made by another partner or director. As a solicitor, you advise them that the implications of the ill-fated actions could be far reaching, and the cost to the business, both financially and reputationally, could be both significant and unrecoverable.

The client heeds your warning and takes measures to resolve the issue as swiftly as possible, and with minimal disruption, cost, and pain.

In due course, harmony returns to the client’s day-to-day operations and business as usual resumes. And you might just be tempted to think to yourself: ‘There but for the grace of God go I.’ 

The truth is that legal firms are no different, fundamentally, to any other kind of business, with the same pressures, ownership dynamics, and issues at play. ?And the advice that we as lawyers dispense to our clients when they’re consid...

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