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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.
Price: £199.00
Pages: 111
Publisher: Globe Law and Business
Imprint: Ark Group
Publication Date:
01 July 2011
Trim Size: 9.25 X 6.12 in
ISBN: 9781907787638
Format: Paperback
BISACs:
Part One: Tackling the Current Issues in Partnership Agreements Chapter 1: Partnerships, LLPs and limited companies...1 Chapter 2: Alternative Business Structures - Outside participation in legal firms...5 Chapter 3: Attracting new partners - LLPs and partnership...11 Chapter 4: How is the partnership managed?...13 Chapter 5: Salaried and junior equity partners...17 Chapter 6: Discrimination in partnerships...19 Resolving the issues in the partnership agreement...21 Chapter 7: Profit sharing...25 The equality system...25 Profit share by capital contribution...26 Seniority (lockstep)...26 Merit or performance systems...27 Hybrid profit-sharing systems...29 Variables in merit-based systems...30 Capital-based hybrid systems...31 Retirement annuities...32 Retaining profits...32 Chapter 8: Different categories of partner and new partners...35 Chapter 9: Additional benefits and provision ...39 The kinds of benefits...40 Flexible working arrangements...41 Contents I V Chapter 10: Supervision and disciplinary provisions...43 Partners' obligations...45 Compliance with regulatory obligations...46 Disciplinary measures...47 Performance measurement...47 Chapter 11: De-equitisation...49 Provisions for expulsion from the partnership...50 Chapter 12: Expulsion, retirement and dissolution...53 Expulsion...53 Suspension...55 Challenges to expulsion...56 Retirement...57 Accounting...58 Distribution of shares...59 Anti-embarrassment clauses...60 Restriction of competition...60 Indemnities...61 Dissolution...62 Chapter 13: Good faith, arbitration and mediation...65 The duty of good faith...66 Preventing litigation...68 Indemnity and compensation...69 Arbitration...70 Mediation...71 Part Two: Case studies Preface to Case Studies...75 Case study 1: A defective business plan...77 Case study 2: Failure to draft for change...79 Case study 3: Failure to implement partnership clauses...81 Case study 4: Failure to notify insurers of claims and circumstances...85 Appendix 1: A deed of partnership...87 Index...111