what's a "partner" - in legal terminology?

[EmperorNero]

I've started reading the firm by john grisham and it talks about how 50% of the lawyers in the company are partners and how they usually become mulitmillionaires. so what's a partner in this sense?

 

[CouponCollect]

a partner is someone who shares in the profits/losses earned by the firm -- the firm will usually bill by the hour (per employee) that employee gets a portion of the hourly rate allocated to him/her, the rest is overhead, and what's left over is profit or loss -- the partners split up the profits depending on what percentage of the firm each owns.. senior partners usually own more than regular partners

regards

 

[Windogg]

Another thing is you have to "buy" your share of the partnership. This one lawyer I know had to pay $750,000 to be a partner in his firm.

Windogg

 

[AndrewR]

They're the ones who sexually harrass young associates and support staff.

 

[EmperorNero]

thanks for the info, cc and windogg; as for andrewr, umm...

 

[Double Trouble]

A partnership is a legal organization of a company. A partner in the company (or firm) is one who participates in, and shares partial ownership of, the legal entity.

 

[AndrewR]

Heh. Since the correct answer had already been posted, I just thought I'd have a little fun.

Another answer: They are the REALLY arrogant lawyers.