What New and Prospective Partners Need to Know

On 16 March 2017, the Professional Practices Alliance hosted an evening seminar:

What New and Prospective Partners Need to Know

The slides from the seminar can be viewed here.

The seminar was attended by a number of new and prospective partners from a variety of law firms.

Clare Watkins, Partner at Buzzacott LLP, Corinee Staves, Partner at Maurice Turnor Gardner LLP and Sarah Chilton, Partner at CM Murray LLP discussed a range of topics including:

  • What do the firm’s accounts actually tell me?
  • How do I make sense of my capital/current account?
  • Why does my firm’s choice of year end affect how I am taxed?
  • How do I know how much to reserve for tax and should the firm do this for me?
  • Will I be required to contribute capital to the firm?
  • What should I expect to see in the LLP agreement?  Should I (or can I) object to anything before I sign?
  • What are the legal implications I need to consider?
  • What are the decision making powers and arrangements in the LLP agreement?
  • How will I be remunerated?
  • What are the legal implications of becoming a partner?
  • Am I an employee, a worker or something else?
  • What happens when I leave? Can I be forced out?
  • Will the restrictive covenants in the LLP agreement be enforceable against me?