It never ceases to amaze me how many small and medium sized law firms operate without written partnership agreements.
I often hear from lawyers that they probably should get their partnership arrangement in writing, but they haven’t done so. Maybe they always meant to draft an agreement but never got to it. Or they did draft and circulate an agreement early on, but their practice got busy and they never actually signed it.
Whatever the reason, law firms would be wise to take the time necessary to write down their understanding of the partnership and execute the document. With a written agreement, law partners can, among other things, make plans for what happens if a partner leaves, dies, or becomes disabled. These things are almost always easier to agree to on the front end.
You should read the article, and, if your firm doesn’t have a written partnership agreement, you should get one.