Legal Services for Law Firms in Minnesota

Partnership and Shareholder Agreements Legal Advice

Lawyer partnership and shareholder agreements are important legal documents that establish the economic and governance terms of ownership between lawyers who wish to form a law firm together, and using the business law team at Avisen to help draft or review these can provide important, unbiased feedback. Some of the key legal aspects of lawyer ownership agreements include: 

• Ownership and Management: The agreement should establish how ownership of the law firm will be divided among the owners, and how the firm will be managed. 
• Capital Contributions: The agreement should specify how much each owner is expected to contribute to the firm, and whether the contributions will be made in cash, property, or services. 
• Profit Sharing and Compensation: The agreement should set out how profits will be shared among the owners, and how compensation will be determined for each owner. 
• Decision-Making and Voting: The agreement should outline how decisions will be made within the firm, and how voting rights will be allocated among the owners. 
• Roles and Responsibilities: The agreement should establish the roles and responsibilities of each owner within the firm, including their areas of practice, billing rates, and client management responsibilities. 
• Dissolution and Termination: The agreement should specify how the entity can be dissolved or terminated, and what happens to the firm’s assets and liabilities in the event of dissolution or termination. 
• Dispute Resolution: The agreement should provide a mechanism for resolving disputes among owners, such as mediation or arbitration. 

A well-drafted partnership or shareholder agreement is essential to establishing clear expectations and guidelines for the operation of a law firm, and can help prevent misunderstandings and disputes between owners. It is important for lawyers to seek legal advice when drafting or reviewing these agreements, to ensure that their interests are protected and the agreement is legally enforceable. 

Services Provided by Leading Attorneys for Minnesota Law Firms

• Formation of a law firm or incorporation 
• Lawyers who want to start their own law firms may need legal assistance to establish the business entity, register with the appropriate regulatory bodies, and obtain necessary licenses and permits. 
• Business licensing and compliance 
• Lawyers who own their own law firms must comply with various regulations and licensing requirements, such as those set by state bar associations or other regulatory bodies. Business law services can help ensure compliance with these regulations. 
• Ethical issues 
• Lawyers must comply with the Rules of Professional Conduct governing their relations with clients, lawyers as counselors and advocates, transactions with non-clients, responsibilities of supervision, professional independence, unauthorized practice, public service, advertising, written and personal communications, bar admission, and other matters. 
• Employment law and hiring practices 
• Lawyers may need guidance on issues such as employment contracts, employee benefits, and compliance with labor laws when hiring and managing staff for their law firm. 
• Firm Separations or Breakups 
• Lawyers and law firms may require assistance when a lawyer leaves a firm or upon a breakup of the law firm. 
• Drafting and reviewing contracts and agreements 
• Lawyers may require assistance in drafting and reviewing contracts and agreements, such as client engagement letters, service agreements, vendor contracts, and lease agreements. 
• Intellectual property protection and enforcement 
• Lawyers may need legal assistance in protecting and enforcing their intellectual property rights, such as trademarks, patents, and copyrights. 
• Risk management and liability issues 
• Lawyers may require legal guidance in managing business risks and liability issues, such as potential malpractice claims or disputes with clients. 
• Mergers and acquisitions 
• Lawyers may need legal assistance in negotiating and closing mergers and acquisitions, as well as related issues such as due diligence, financing, and post-merger integration
• Business financing  
• Lawyers may require assistance in securing financing for their law firms.