Successful Legal Partnerships: A "Marriage" of (Conversing About) Means?
Fifty percent? More? Less? The actual divorce rate in our country is something of a mystery due to a poor job of collecting data until relatively recently. Suffice it to say, though, that divorce is prevalent, and the secrets of a happy marriage still seem, in general, universally locked.
However, one little key might have been discovered, and that key is money talk. According to Carolyn Bigda in "Money Talks as Way to Relationship Happiness," a 2014 chicagotribune.com article, "swapping credit scores and setting savings goals is one of the best ways to build attraction." A survey by Experian, a credit-reporting agency, found that for both married adults and single adults, financial compatibility was the second-most important factor that attracted them to their significant other. Furthermore, for a majority of both men and women (more women than men), a monthly discussion about money further increased the attractiveness quotient.
Law firm partnerships, especially in small firms where there are only two or three partners, have a lot of similarities to marital partnerships. Certainly, in both instances, there are people trying to get along, share space; plan activities; divide chores; and make decisions about décor and focus-and, perhaps especially, money.
How much money should be budgeted for rent, books, advertising, continuing education, etc.? How much should the firm charge? Why type of billing should the firm use? What tactics should the firm use for collection? What banking amenities should the firm try to negotiate with the banker? These are just a few of the money-related questions that partners need to answer among themselves.
Although money is often a topic that people shy away from, the results of the marriage / money talk survey illustrate that this should not be the case. Clearly, regular, honest discussions about finances are one of the keys to a successful marital partnership - and it seems obvious that such discussions would be one of the keys to a successful legal partnership, too.
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