Dispute Resolution. The partner agreement should outline if disputes will be handled by jury trial or arbitration. More firms are choosing arbitration over court as it’s speedier. The American Arbitration Association is the body that is most referenced, however, each firm should consult with an attorney in your practicing state(s) before deciding.
While these six provisions are important, there are many more to consider and Adamson strongly advises firms, especially smaller ones to talk to someone. Anyone looking for advice on creating and/or amending a partner agreement should consult with an attorney in their state and their local CPA association.
Adamson’s full checklist of partner agreement provisions, along with additional insight and other practice management advice, is available at www.adamsonadvisory.com/blog.