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.
Our succession & Exit Plan Services
Our work will also extend to training and mentoring of future Partners and provide them with the confidence and skillsets 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:
For more information about our Succession & Exit service, you can call us on 0203 911 9710 or you can email us at email@example.com.