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Partners

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Partners

Postby Russell » Wed Jul 26, 2017 3:24 pm

Legal firms seem to have a model of promoting solicitors to partners. Is this common in any other professions? And why is it common in the legal profession?
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Re: Partners

Postby atticus » Wed Jul 26, 2017 3:29 pm

Promotion in partnerships is to partner. It also happens in other partnerships outside the legal profession. Partnerships are made up of partners.
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Re: Partners

Postby atticus » Wed Jul 26, 2017 6:21 pm

Partnership is no longer the main model of ownership of legal practices. Many are now LLPs, and many are now limited companies.

It used to be the case, but is no longer, that solicitors could only practise as sole traders or partnerships. Ditto accountants, GPs, architects and others. It was the model for the professions.
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Re: Partners

Postby Russell » Thu Jul 27, 2017 12:14 am

Okay interesting. I take it the reason for the model was to stop people setting up their own practices?
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Re: Partners

Postby atticus » Thu Jul 27, 2017 5:53 am

can you please explain how you arrived at that conclusion.
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Re: Partners

Postby dls » Thu Jul 27, 2017 2:48 pm

Okay interesting. I take it the reason for the model was to stop people setting up their own practices?


Not at all.
The reason used to be that a new partner would accept an eventual obligation to buy out the interests of partners who might be retiring in a few years.
As a model it became broken.
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