Partnership Agreements for Law Firms 2nd ed

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:
  • 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.