In the United States and Canada many large and midsize firms have attorneys with the job title of "counsel", "special counsel" or "of counsel." Unlike associates, and more like partners, they generally have their own clients and manage their own cases. The title is often seen among retired partners who maintain ties to the firm.
Of Counsel Agreement with Law Partnership
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Key Concepts & Definitions
Of Counsel Agreement with Law Partnership: This term refers to a formal arrangement between a law firm and a lawyer who is not an associate or a partner but has a relationship with the firm that is more than that of a mere independent contractor. The 'of counsel' attorney often has a specialty or a high level of expertise that complements the firms practice areas.
Step-by-Step Guide
- Identify Needs: Evaluate your law firms needs to determine the areas where an 'of counsel' lawyer could add value.
- Search for Candidates: Look for attorneys who not only bring expertise but also align with the firm's culture and ethics.
- Due Diligence: Conduct thorough background checks, including past employment and disciplinary records.
- Negotiate Terms: Discuss the terms of the agreement, focusing on duties, expectations, and compensation.
- Draft the Agreement: Create a tailored 'of counsel' agreement that is compliant with local and national laws.
- Approval and Signing: Have the agreement reviewed by all parties and signed.
Risk Analysis
- Compliance Risk: Failing to adhere to bar association rules concerning 'of counsel' roles can lead to legal repercussions.
- Financial Risk: Poorly defined compensation agreements can lead to disputes or financial strain on the law firm.
- Reputation Risk: Association with an 'of counsel' attorney who behaves unethically can damage the firm's reputation.
Best Practices
- Clear Role Definition: Clearly define the role and responsibilities of the 'of counsel' attorney in the agreement.
- Regular Communication: Maintain open and regular communication to ensure both parties remain aligned.
- Continuous Evaluation: Regularly assess the relationship to make sure it continues to be beneficial for both the attorney and the firm.
Common Mistakes & How to Avoid Them
- Vague Terms: Avoid vague terms by clearly outlining all agreement details in writing.
- Ignoring Conflict of Interest: Always check for potential conflicts of interest with the 'of counsel's' other obligations or clients.
- Lack of Flexibility: Design the agreement to allow adjustments as the needs of your firm or the 'of counsel' attorney evolve.
FAQ
Q: Can an 'of counsel' attorney become a partner?
A: Yes, it's possible depending on the firms policies and if the attorney meets the firms criteria for partnership.
Q: Does the 'of counsel' agreement bind the attorney exclusively to the firm?
A: Typically, no. Most 'of counsel' agreements allow attorneys to maintain other clients, unless otherwise specified.
Summary
An 'of counsel' agreement with a law partnership enables law firms to enhance their expertise and provide their clients with specialized services through a flexible but formally defined relationship with an experienced attorney. By clearly setting expectations and maintaining open communication, both the firm and the 'of counsel' attorney can benefit significantly from this arrangement.
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FAQ
' The ABA and California rules are clear that holding multiple of counsel positions simultaneously is permissible. As discussed below, however, the number of firms with which a lawyer can have an of counsel relationship may be limited from a practical standpoint due to conflict of interest rules.
Of counsel', one of these mysterious law firm terms, simply means a lawyer who is employed by a firm to do work but is not an associate or a partner.A retired partner of the firm who, although not actively practicing law, nonetheless remains associated with the firm and available for occasional consultation.
A partner in a law firm, accounting firm, consulting firm, or financial firm is a highly ranked position, traditionally indicating co-ownership of a partnership in which the partners were entitled to a share of the profits as "equity partners." The title can also be used in corporate entities where equity is held by
Typically, the designation of counsel means an attorney who is employed by a firm but not as an associate or partner. Often the designee is a former judge or government official transitioning to private practice.
The biggest difference between a partner and an Of Counsel is that Of Counsel are salaried employees of a firm, whereas equity partners are firm owners and are compensated based on shares of firm profits.
A law firm may act as "of counsel" to another law firm if there is "a requisite close, regular, personal relationship" between the firms.A lawyer or a law firm may be "of counsel" to another law firm as long as there is a close, regular, personal relationship with the firm.
Typically, the designation of counsel means an attorney who is employed by a firm but not as an associate or partner. Often the designee is a former judge or government official transitioning to private practice.
What to do? Make them of-counsel and pay them more than an associate, but less than a partner. The advantage for the attorney is job security they know that they're valued by the firm and won't be pushed out at the end of a certain number of years (as associates who don't make partner typically will be).