The long goodbye
The detail contained within a law firm's partnership deed, including that of limited liability partnerships (LLPs), has enormous influence on the retirement process. Worded appropriately, it can minimise the potential for dispute. The treatment of partners' current and capital accounts, not to mention precise exit arrangements, is key. This article focuses on the main issues that the partnership should address when partners or members retire, and also highlights factors that the individual should review.
May 14, 2008 at 08:19 PM
6 minute read
The detail contained within a law firm's partnership deed, including that of limited liability partnerships (LLPs), has enormous influence on the retirement process. Worded appropriately, it can minimise the potential for dispute.
The treatment of partners' current and capital accounts, not to mention precise exit arrangements, is key. This article focuses on the main issues that the partnership should address when partners or members retire, and also highlights factors that the individual should review.
The partnership deed should set out the retirement process and each party's mutual obligations. It therefore usually contains clauses setting out the terms of voluntary and compulsory retirement and expulsions, which must now comply with Age Discrimination legislation.
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