Leaving a firm can be a daunting prospect, even if the circumstances surrounding your departure are unlikely to be contentious. Whether you are leaving to pursue a career change or because you no longer agree with the direction in which the firm is heading (for example, as is increasingly common amongst law firms, because your firm has merged with another), exiting a firm gives rise to a number of issues that need to be properly considered and addressed. These include repayment of capital and any loans to fund the capital contribution, payment of profit share for the period worked, discharging any guarantees given, handover of matters, communicating your departure, the enforceability of restrictive covenants, dealing with the implications of any waiting-room provisions and the ability of the firm to place you on garden leave. These issues are normally dealt with in the LLP members’ agreement or the partnership agreement which can often be a lengthy and complicated document.
How Fox & Partners can help…
- we can advise on relevant provisions of the partnership agreement or LLP members’ agreement which will apply upon your retirement from the firm and, where appropriate, seek to negotiate a more favourable exit on your behalf
- we can guide you on how to approach and communicate your departure from the firm
- we can review and advise you on the terms of any new offers of employment or partnership that you might receive.
Please call us on 020 7618 2400