Introduction

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 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

Management Structures

Includes:

• 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

Future Considerations

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.