Moving to a new firm or accepting your first partner promotion is one of the biggest decisions of your career. It is important for you to ensure that it is the right move and that you have considered all of the relevant issues before your existing contract ends and your new agreement commences.
There are different types of partner, including fixed share, salaried and full equity partners. Becoming a partner may mean that you are no longer an employee and your rights and obligations may change substantially. You should ensure that you understand fully the terms of the partnership deed or members’ agreement and bear in mind not only how your relationship will operate whilst you remain a partner at the firm but also what will happen should you decide to leave in the future. Advice should be taken at an early stage. Some of the key considerations are:
- capital contribution
- profit sharing structure
- financial management
- retirement and expulsion provisions
- exposure to liabilities
- post- termination restrictions
- notice periods
Fox & Partners provides fast, cost-effective and commercial advice to guide you along the partnership process and help you to decide if the offer on the table will satisfy your objectives.
How Fox & Partners can help…
- we can provide you with a list of issues and questions for you to ask the firm before you join
- we can carry out a review of the partnership or members’ agreement and provide a report on the key aspects
- we can provide a tailored strategy to achieve your objectives, whether these are to leave your existing firm and join another or negotiate changes to the offer.
Please call us on 020 7618 2400