This descriptive study examined the dynamics of partnership over time between a training school and a college of education. Its purpose was to provide a deeper understanding of the dynamics of collaboration within the context of the partnership between the school and the college. The dynamics of the changes occurring in this collaboration over a period of 20 years are underpinned by the observations of Adizes and Miller and Friesen, who have proposed frameworks for corporate life cycles and organizational development. We collected data by means of 40 semi-structured interviews and focus groups during the years 2011 and 2012. The analysis of the data revealed a complex dynamic of changes in the partnership. The 20-year-old partnership, which was initially characterized by total dedication on the part of both organizations, gradually deteriorated into mutual criticism and formal/fragile inertia. Despite the disparity in the power and resources of the two partners, we realized that the dynamics of this partnership resembled the dynamics of the organization/corporate life cycle. Our study shows that formal arrangements are essential in a long-term partnership. It is vital to build up formal frames that are acceptable to each organization and allow both participants to establish a collaboration based on an equal power structure and shared responsibility. Moreover, communications routes must be established by the partners and safeguarded by the leaders.