Dissolution, dissolution, dissolution

“… the conviction that a partnership will last forever in sickness or in health, for richer or poorer, may fade quickly …” As is well known, under certain Middle Eastern legal systems a husband can divorce his wife by uttering, “I divorce thee”...

Capital retention woes

“… Possession being nine-tenths of the law, a partner/member in this position may have to sue to recover his capital …” A worrying trend has been emerging.  It has become much more common for partners and LLP members leaving professional...

LLP membership trumps employment rights?

“… At the outset he has been lulled into a false sense of security, and may consider himself to be the victim of a scam …” Note: this post is now out of date following subsequent tax legislation and case law. Lawyers and accountants have been...

Senior partner-itis

“… Typically the senior partner becomes complacent about the fabulous hand of cards that life has dealt him and starts to presume that he can do no wrong …” It may come as no surprise that amongst professional practices that have no provision...

Rogue partners

… The majority of professional practices are woefully deficient in detecting the “virus” at the point of introducing it/him into the practice … Last month I chaired an Association of Partnership Practitioners workshop on “Rogue...

The 10 most important partnership or LLP deed clauses

…Recessions bring out the worst in people… A recession has a way of exposing weaknesses in legal drafting. As practices try to respond to the economic climate, management teams consult the fine print of their partnership deed or LLP members’ agreement, and...

Who is liable for an LLP legal practice run-off premium?

“… the number of insureds under a practice’s professional indemnity insurance can easily double every fifteen or so years …” (First published in the Law Society Gazette on 20 August 2009) Last year a letter dropped though the door of numerous...

Sale of an insolvent law firm

“… An intending purchaser who is aware of the firm’s difficulties should not purchase the firm from the partners, even if no winding-up or bankruptcy petitions have been presented …” (First published in the Law Society Gazette on 2 August 2007)...