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Succession & Exit Plans for Law Firms

The development of a succession plan is an important element of law firm management and control. Too many firms face negative repercussions of failing to address the issues that arise from not having partners or future partners that have the desire and ability to take the firm forward. The result of not planning for the retirement and exit of existing partners can render firms closing or being acquired by other firms for little or no value.

Not having a plan for the future of the firm is a regulatory risk as failure to address this issue can cause damage to not only the firm itself but the staff and clients. Approaching the exit of partners and addressing retirement plans should be linked to the development and promotion of new Partners and potential equity Partners. A succession and exit plan will dovetail the exit plans of existing Partners with those of future Partners and through doing so deliver a robust succession plan that protects the firm and its value.

Find out more

For more information about our Succession and Exit Services you can call us on 0203 911 9710 or you can email us at info@thestrategicpartner.co.uk. You can also download our Succession and Exit Plan Services brochure by clicking on the link below.

At The Strategic Partner we work with firms to develop succession and exit plans that achieve the goals of the current partners.

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Our Succession & Exit Plan Services

Our work will also extend to training and mentoring of future Partners and provide them with the confidence and skill sets required to become an equity partner and decision maker. For more details on our Future Partner and training and mentoring programme, click here to view our service.

With the legal market struggling to find Solicitors willing to step up to Equity status this is an important area for firms to address and consider to sustain their own future. A successful succession and exit strategy will include:

  • Identifying the plans of the current partners and when they intend to retire or reduce their activity
  • Address what would happen in the event of a sudden and unexpected exit
  • Provide future Partners with a path to Equity and clearly setting out the firm’s expectation and requirements of future Partners
  • Considering finance options if there is a need to ‘buy into’ the Equity
  • A Plan to address the financial consideration of an exiting partner and if and how they will release their own capital
  • Identification of future Partners and ensuring they are trained and ready for Partnership status and the responsibilities that it brings
  • Updating the Partnership of Shareholders agreement to protect both existing and new Partners
  • Consider and address the impact on the firm, its clients, and staff of an existing partner and in particular address client relationships or skills that could be lost as a result of a partner leaving.

We provide both packaged and individual solutions that directly add value into the firms we work with. You can download brochures on these services below:

Additional Compliance Services

Codes of Conduct

Specialist services designed for law firms, to assist with all areas of regulation, inc, COLP & COFA.

Anti-Money Laundering

We will work with your firm to ensure it has a full understanding of the requirements of the AML and related legislation.

Firm and File Audits

We have the expertise to provide firm wide audits and regulation advice across all areas of the practice.

New Law Firm & ABS Applications

We assist individuals and firms with making new law firm and ABS applications for all structure types.

Risk Management

At The Strategic Partner we work with law firms to establish a robust risk management strategy that covers both insurer and regulatory obligations.

Complaint Management

Our complaint management service provides firms with an effective outsource solution that enables complaints to be addressed quickly, with impartiality and resolved in the most effective manner..

Compliance Management

Our services ensure that a firm’s compliance officers can achieve peace of mind knowing that the policies and procedures adopted by the firm ensure the firm is compliant and that it will stay compliant.

Compliance Administration

The Strategic Partners Compliance Administration Service was developed at the request of our member law firms.

SRA Investigations

If your firm expects or has received a notification of investigation or the SRA have arrived at the firm our team are available to assist you.

SRA Interventions

If your firm expects or has received a notification of investigation or the SRA have arrived at the firm our team are available to assist you

Solicitors Disciplinary Tribunal

Whether you have received notification of investigation or the investigation has been concluded and a referral to the Solicitors Disciplinary Tribunal has been made it is advisable to seek expert advice and guidance.

Professional Indemnity Renewal

We work with both the Insurers and law firms providing risk guidance and risk reviews that are used for the purpose of the insurers considering the risk and premiums and in more serious cases whether to offer renewal terms.

Office Procedures Manual

We work with firms to create and maintain their office manuals, including firms with or without Lexcel and other quality kitemarks such as CQS, WIQS and legal aid franchises.

Procedure & Documents Drafting

At the Strategic Partner we work with firms to ensure they have documentation that is bespoke to them and reflects what they do in practice.

Training & Development

The Strategic Partner have developed training which can be delivered to firms and their staff to ensure there is a full and thorough understanding of the issues that firms face when managing risk and compliance and what their role is.

Partnership & Shareholder Agreements

We can assist with drafting and agreeing new partnership and shareholder agreements, reviewing and renewing existing agreements and partner and director disputes.

Succession & Exit Plans

The Strategic Partner can work with firms to develop succession and exit plans that achieve the goals of the current partners, further develop training and mentoring of future the Partners.

Orderly Closure of Law Firms

The strategic Partner works with firms to ensure that closure is undertaken on an orderly basis and where that is simply not possible due to sudden or financial issues, we will work with the firm to minimise negative impact wherever possible.

Data Protection & GDPR

Due to the nature of how law firms operate, the management, control and protection of data is an essential element of a firm compliance and regulation strategy.

Membership

Our membership provides firms with a range of benefits, discounts, updates and interaction all focussed on bringing value to your firm.

For further details on each of the other compliance services we provide please click on the links below:

 

Enquiries

For more information about our Regulation and Compliance service you can call us on 0203 911 9710 or you can email us at info@thestrategicpartner.co.uk.

 

 

Let's talk about how we can help

Get in touch - call us on 0203 911 9710 or complete the form.
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