Paperwork

Great! You've thought through all the questions we posed, found one or more people you're comfortable working with for the long haul and made your own personal commitments. Now comes the legal part. Like a marriage, a partnership is contractual obligation freely entered into by all parties. Also like a marriage, legal formalities are put in place to protect all parties. That's one of the reasons why many people decide to just live together. However, in most forms, there are added benefits to making the relationship contractual instead of just one of convenience -- e.g., some firms increase the way gross revenues are compensated for each member of a formal team vs. an informal team. You'll want to discuss this with your manager, the legal department and possibly your own lawyer before making a final decision. In the meantime, it can be useful to work together informally for a period [you might think of this as the engagement] to see if you really are compatible on every level.

Once you're ready, your manager can provide you with forms already created by your firm's legal department. Read them carefully and have your own lawyer read them and comment BEFORE you sign. Then, when you're ready, sign the papers and begin your life together. Note: if you haven't already done so previously, you might find this a very opportune time to bring in a professional coach to help you get your new partnership off the ground [they can often help avoid many misunderstandings and bumps in the relationship as you get your team started. Good luck. You've got a great adventure ahead. Thanks, kfg