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Partnership Investments
With profits per partner continuing to rise, many attorneys have more discretionary income available for investment. In addition to investing directly in both traditional and nontraditional sources, some partners may choose to invest (either inside or outside their law firms) in opportunities that arise in the law firm setting.
For example, some clients may expect their law firms and other professionals to actively invest in their new activities (e.g., a stock or securities offering or hedge fund) as a sign of support. Or, a partner may obtain an investment opportunity from a third party (e.g., a financial adviser to a client, or the client himself); many partnership agreements provide that any investment opportunities made available to a partner by a client must be offered to and shared with other partners of the firm. Additionally, the law firm's leadership may believe that successful joint investments of monies will strengthen the institutional ties (and retention) of the firm's partners.
Still another source of 'investments' arising from law partnerships is the receipt of stock or other equities in clients in lieu of cash fees for services. That type of 'investment,' most popular during the dot.com days, is beyond the scope of this article. See Sheldon I. Banoff, 'When Can Law Firms and Lawyers Accept Stock or Stock Options for Services?' Law Firm Partnership & Benefits Report, August 2000, and 'When Should Law Firms and Lawyers Retain Stock or Stock Options for Services?' Law Firm Partnership & Benefits Report, July 2001.
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