Setting up in Ireland - Issues for International Professional Services Firms - A Professional Practices Alliance Seminar ReportDec 14, 2017
Ever since Britain voted to leave the European Union, lawyers and other professional services have been casting an expectant eye across the Irish Sea. Their motivations are clear – a hop to Dublin could ensure that firms retain vital access to the EU market, institutions and workforces, as well as maintain their legal privileges in European competition investigations. Others may want to follow banking clients, or take advantage of the potential opportunities Ireland offers in itself as a place of significant growth for the future – regardless of a hard or soft Brexit.
The realities of setting up a professional services firm in Ireland were discussed by an expert panel at the Professional Practices Alliance seminar on Wednesday 20 September 2017, with Clare Murray navigating the audience through some of the key steps in the journey a professional service firm may need to take if setting up in Ireland. A copy of the workshop report can be downloaded here.
The workshop covered some of the key legal, tax, regulatory, immigration, recruitment and other commercial considerations, such as property costs, for professional services firms looking to establish an operation in Ireland. It also discussed steps which firms can take at the outset to protect their new and growing operations in Ireland from key risks, liabilities and potential partnership disputes. A number of those topics are covered in the attached report.
With thanks to the panellists and report contributors: UK & Ireland recruitment specialist, Portia White of Fox Rodney Search; Irish Commercial & Partnership law specialist, Bernadette Quigley BL from the Irish Bar; Irish regulatory specialist, Barry Magee of McDowell Purcell; UK partnership law specialist, Corinne Staves of Maurice Turnor Gardner LLP; Irish employment and immigration law specialist, Colleen Cleary of CC Solicitors; UK Regulatory specialist, Iain Miller of Kingsley Napley LLP; and Irish and International Tax specialist, Andrew Quinn of Maples & Calder. Their contact details are in the attached report.
- Transparent and fair,
- Achieving the right balance between important financial and non-financial expectations of partners,
- Flexible enough to reward, attract and retain high performers and
- Effective in driving the firm's overall business strategy.
Partner Contribution and Reward: Creating Partner Remuneration and Evaluation Processes to Drive Your Firm’s Business Strategy”Mar 23, 2017
From “dog bowling” in an “eat what you kill” profit sharing structure, to how to distinguish between and handle the “gorilla” or “elephant” rain-making rogue partner in a firm’s reward system, the visceral language flying around at the interactive Professional Practices Alliance breakfast seminar on Partner Contribution and Reward on 31 January 2017 was in keeping with what was a lively, topical and engaging session.
Partner Remuneration: Creating Partner Remuneration & Evaluation Processes to Drive our Firm's Business Strategy - A Video SeminarMar 23, 2017
- How can firms create a new partner evaluation and reward structure to drive the strategic business plan and ensure all partners are pulling together in the same direction?
- How do you balance and weigh business development, cross referral, mentoring, leadership, conduct and other key expectations, against all important financial targets?
- What governance structures and management skills will you need to get your new partner evaluation and reward systems to work?
- And what about partners on maternity leave, on long term sick leave, or on part-time/flexible working - how should your reward system minimise those risks as far as possible?
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?