Partner or die

Lawyou — viernes, 26 de febrero de 2021

In today’s global world we live in, there are no limits or boundaries to transactions.
Companies are born and grow faster than traditionally, and therefore, to get a niche in the market business alliances are presented as the perfect alternative.

Why form alliances?

The market is undergoing constant behavioral changes, which make it difficult to achieve competitive capabilities in a short time. Therefore, according to LAWYOU experts, in order to survive, law firms will have to ally themselves.

Therefore, lawyers will have to pay attention to the realization of alliances that benefit both parties. To do so, they should clearly establish the type of alliance it is, its characteristics and obligations.

What should be taken into account?

LAWYOU lawyers emphasize, that partnerships are based on mutual trust and transparency. As a result, it is very important to be clear about how the relationship will be materialized, establishing in a legal document some points to be taken into account.

In particular, mutual commitments, risks, responsibilities, contributions to the company and their valuation, percentages of participation in the company, distribution of benefits and administrative responsibility should be taken into account.

In addition, outside the legal establishment of the agreement, the specific goals and objectives of the alliance should be established.

Finally, attention should be paid to the potential risks that may arise, such as incompatibilities between companies, unsatisfactory results and unfulfilled schedules, which may frustrate the relationship.

What are the benefits to a law firm?ç

The lawyers at LAWYOU point out that alliances between independent lawyers are very useful when it comes to solving commercial challenges, which require professionals capable of working in an environment of cultural, political and multi-jurisdictional plurality.

However, we have to properly analyze with whom to form the alliance, evaluating the opportunity cost. Because agreements require time and a matured strategy, one-off actions are not enough.

The lawyers of LAWYOU emphasize that, faced with the challenge of creating a lasting and fruitful alliance, legal professionals, in addition to the characteristics of the profession, must demonstrate leadership skills, language skills and project coordination, so as not to disappear in the market of large firms and platforms.

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