This critical report provides the most up-to-date and detailed guide to the practical, regulatory and ethical considerations that must be reflected in your partnership agreement.
Extensively revised, the second edition of Partnership Agreements for Law Firms features new case studies and real-life examples, including a sample agreement precedent and comprehensive updates to reflect how new legal and regulatory developments will affect your deed.
Key subjects covered include:
- The impact of the Legal Services Act on partnership agreements;
- Discrimination in partnerships, in particular, age discrimination;
- Outcomes-focused regulation;
- New business structures;
- Distressed partnerships;
- Current trends in mergers;
- Profit-sharing arrangements and management structures:
- The equality system
- Profit share by capital contribution
- Seniority (lockstep)
- Merit or performance systems
- Hybrid profit sharing systems
- Retirement annuities
- Performance measurement, supervision and disciplinary measures;
- De-equitisation: provisions for expulsion from the partnership;
- Expulsion, retirement and dissolution;
- Good faith, arbitration and mediation;
- Drafting for the future, avoiding early revisions and much more…
Ensure you understand the necessary considerations of an agreement that not only fulfils legislative requirement, but ensures the attraction, retention and motivation of the best talent for your firm.