Good morning all, doing my 5 minutes free writing with prompt - Is this a Partnership? Hope you enjoy the story.
Aaron and Adam both successful lawyers in their own fields, but since they were coursemate for the whole duration of university when they were reading law and they also took the bar examination together and we're eventually being called to the bar together.
These strings of events have bonded them stronger together, this they have decided to come together in partnership to start a law firm focusing on being criminal defense counsel.
In many trades and forms of business, one might question if this is a partnership or corporation for various aspects of the business, like legal requirements, paid up capital, numbers of directors needed are guided by law. But law firms are unique in their own way, such that one do not need to ask is this a Partnership? As a law firm in itself is a partnership.
A lawyer joining a law firm or chamber is himself a partner, they likely hold equal share and manage the law firm together, while salaried employees are called associates.
Unless one choose to join an established LLP firm as associates, less likely they are partners, law is an area with many unique characteristics worth layman to explore and understand. Do you agree?