Partnership Agreements for Law Firms, 2nd Edition

Understand the practical, regulatory and ethical considerations that must be reflected in your partnership agreement. 

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Description

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.

Contents

Chapter 1: Partnerships, LLPs and limited companies

Chapter 2: Alternative Business Structures – Outside participation in legal firms

Chapter 3: Attracting new partners – LLPs and partnerships

Chapter 4: How is the partnership managed?

Chapter 5: Salaried and junior equity partners

Chapter 6: Discrimination in partnerships

Chapter 7: Profit sharing

Chapter 8: Different categories of partner and new partners

Chapter 9: Additional benefits and provisions

Chapter 10: Supervision and disciplinary provisions

Chapter 11: De-equitisation

Chapter 12: Expulsion, retirement and dissolution

Chapter 13: Good faith, arbitration and mediation

Case study 1: A defective business plan

Case study 2: Failure to draft for change

Case study 3: Failure to implement partnership clauses

Case study 4: Failure to notify insurers of claims and circumstances

Check our Executive Summary and full table of contents here

Authors

Nicholas Wright
Nicholas Wright  is a solicitor (ret'd), is a solicitor who has specialised in partnership and regulation for many years and was Chief Executive of his Gray’s Inn firm before his retirement in 2012. He was a member of the Solicitors Assistance Scheme for over twenty years and was a contributing editor of Cordery on Solicitors. He has written reports for Ark Group on partnerships and conversion to LLP status.

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