Professional LLPs & Partnerships - A Spotlight on Structure & Reward

Introduction

The nature of professional firms has evolved beyond recognition in recent years, and the events of the last couple of years have brought into sharp contrast those sufficiently flexible to cope with the unexpected and those unable to adapt.

A combination of increased partner mobility and a shift in priorities, in which gaining a share of equity can no longer be taken as a universal career path, means that it has never been more important to adopt a structure that enables you to attract and retain the best people.

Equally, with ever increasing competition between firms, carrying dead weight can have consequences far greater than a small reduction in profits per equity partner.

This full day workshop will provide delegates with a comprehensive understanding of the options available to professional firms when determining structure and how best to reward key personnel.

It will include detailed workshops and case studies on:

• Striking the balance between incentivisation and divisiveness
• Dealing with underperformance
• The use of different categories of member or partner
• Adopting the right management structure

Find out:

• Which is better for your firm, partnership or LLP?
• Are limited companies more tax efficient?
• Do you reward performance or longevity?
• How do you measure performance?
• The options available for removing partners
• Retention of partners: do lock-in measures work?
• Guarding against partner/team moves: are restrictive covenants worthwhile?

What You Will Learn

This workshop will cover the following:

• Duties of good faith
• The role of natural justice
• The impact of discrimination legislation
• Current trends in other firms
• Recent developments in case law
• Key clauses and common errors to avoid
• Drafting for flexibility