Partnership Q&A: When your business partner is a lawyer

Posted on June 22, 2016 in Business Partners

OK, so I’m somewhat biased, but I think lawyers can make for great business partners.  We have a knack for detail-orientation that many entrepreneurs would rather gloss over.  We’re careful, read everything, and tend to be risk averse.  A perfect foil for the stereotypically free-spirited business owner.

But sometimes, it’s not such a good idea, and I’ve seen the wreckage when our occasionally bombastic nature can be turned against those who work most closely with us.  That’s when there’s a conflict of interest.

Actually, it can happen with non-lawyer business partners, too–such as if you’re opening up a competing business together . . . and it’s not entirely clear where your partner’s loyalties lie.

There are some tasks your lawyer-as-business-partner can probably do very well and efficiently for the company.  Other things, you will want to be sure to get independent counsel.  Read on to find out which is which.

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