Advice on partnership with a lawyer

[William Johnson]

We are looking into forming a partnership with a lawyer instead of having to pay each time we need a new form or service.  We are thinking of a short term joint venture that would be renewable based on a unanimous vote.

Anybody have experience with this as well as an idea of what the percentage that we should offer her of our profit?

[Matthew Anderson]

It is probably unwise, especially on one of your first deals, unless you really trust this lawyer. It may be a conflict of interest and/or a professional conduct issue just waiting to pop.

A lawyer may draft all the relevant documents/agreements in the manner that would best protect him/her at your expense if you aren't careful.