Barnes and Noble, both lawyers, have decided to form a partnership. They have asked your advice on how the profits and losses should be divided and have provided you with the following information:
Personal facts:
Barnes has an excellent reputation in the community and is very well known. Substantially all new client will come from her efforts.
Noble has a very strong technical and operational background, and is an excellent supervisor of staff lawyers who are expected to do more of the legal research and initial preparation of legal documentation.
Required:
How would you advise the partners to share in profits and losses?

Question

Barnes and Noble, both lawyers, have decided to form a partnership. They have asked your advice on how the profits and losses should be divided and have provided you with the following information:
  Personal facts:
Barnes has an excellent reputation in the community and is very well known. Substantially all new client will come from her efforts.
Noble has a very strong technical and operational background, and is an excellent supervisor of staff lawyers who are expected to do more of the legal research and initial preparation of legal documentation.
Required:
How would you advise the partners to share in profits and losses?

Quizplus · Accepted Answer

The Answer of Barnes and Noble, both lawyers, have decided to form a partnership. They have asked your advice on how the profits and losses should be divided and have provided you with the following information:
  Personal facts:
Barnes has an excellent reputation in the community and is very well known. Substantially all new client will come from her efforts.
Noble has a very strong technical and operational background, and is an excellent supervisor of staff lawyers who are expected to do more of the legal research and initial preparation of legal documentation.
Required:
How would you advise the partners to share in profits and losses?

Barnes and Noble, Both Lawyers, Have Decided to Form a Partnership