On 16 March 2017, the Professional Practices Alliance hosted an evening seminar:
What New and Prospective Partners Need to Know
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?