Partner Retirement in Law Firms

Strategies for Partners, Law Firms and Other Professional Services, Second Edition

Häftad, Engelska, 2025

AvRonnie Fox

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Most professionals, especially those who own all or part of their firm, find it difficult to think about retirement. Many of those who practise their chosen profession into their sixties and seventies are reluctant to contemplate life without the mental stimulation, companionship, excitement and sense of fulfilment that their work provides. To a great extent, we are what we do; winding down raises questions about self-esteem and our value to society. Professional life increasingly conditions us to place the interests of clients, customers and colleagues so far in front of our own interests that personal and family issues are sometimes neglected, creating additional challenges.With these challenges in mind, Partner Retirement in Law Firms encourages proactive retirement planning. In this 2025 edition, edited by partnership and employment specialist Ronnie Fox, expert contributors offer up-to-date guidance to navigating the difficult aspects of retirement in the broad context of career planning, including:the financial consequences of retirement;legal matters;day-to-day practicalities;accounting and tax;psychological considerations; andnew activities in retirement.The key to successful retirement is asking the right questions and using the answers to create a plan. Partner Retirement in Law Firms provides both individual professional partners and HR teams with a practical guide to making the transition from professional to retired life seamlessly and with minimal stress.

Produktinformation

Utgivningsdatum2025-08-08
Mått156 x 234 x 7 mm
Vikt308 g
FormatHäftad
SpråkEngelska
Antal sidor131
Upplaga2
FörlagGlobe Law and Business Ltd
ISBN9781837231256

Tillhör följande kategorier

Juridisk kompetens och praktik inom Juridik
Juristyrken inom Juridik

Preface . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . viiBy Ronnie Fox, Fox & PartnersExecutive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ixAbout the editor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xvAbout the authors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xviiChapter 1: Partner retirement – a firm’s perspective . . . . . . . . . . . . . . . . . . 1By Corinne Staves, CM Murray LLPThe legal framework . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Voluntary retirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Involuntary retirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15The exit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Chapter 2: Legal issues from the individual partner’s point of view . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23By Ivor Adair and Caroline Field, Fox & PartnersObjectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23Considerations for retiring partners negotiating their exit . . . . . . . . . 24The default regime – the Partnership Act 1890 and Limited Liability Partnership Act 2000 . . . . . . . . . . . . . . . . . . . . . . . . 28The exit routes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Challenging expulsion / compulsory retirement and tactical considerations for partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33Business protection by the firm – risks for the partner . . . . . . . . . . . . . 45The deal and beyond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47Chapter 3: Accounting and practical considerations . . . . . . . . . . . . . . . . . . 51By Andrew Baker, RSMIntroduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51Retirement date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52Impact of business structure and profit-sharing arrangements . . . . 53Accounts at the date of retirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56Goodwill and anti-embarrassment arrangements . . . . . . . . . . . . . . . . . . 64Non-partnership assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65Financial settlement and payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67Post-retirement issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69Chapter 4: Tax considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71By Nicky Owen, Crowe U.K. LLPIntroduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71Equity changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71Profit share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72Capital invested in the firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72Salaried member/partner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73Retiring as a partner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73Retirement date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79Tax reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80Self-assessment tax return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82Tax liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83Selling your share of goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86Selling your shares in a service company . . . . . . . . . . . . . . . . . . . . . . . . . . . 87Post retirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88Chapter 5: The emotional impact of partner retirement . . . . . . . . . . . . . . 93By Micheline Hogan, Psychodynamic psychotherapistIntroduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93Plan in advance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94Alternative strategies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95Defining your post-retirement role . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97Concluding thoughts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100Chapter 6: Build a strong retirement plan and safeguard your future – ten essential steps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101By Veronica Mann, Talis Financial AdvisersMake your plan – find your number . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101Pensions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109Investment risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113There’s no point planning if disaster strikes… . . . . . . . . . . . . . . . . . . . . . . . 114Legacy planning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114Your ten-point retirement plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117Chapter 7: Another career? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119By Roderick Chamberlain, former director of Career Guidance Services LimitedIntroduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119“When should I do it?” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121“How should I think about it?” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123“What should I do about it?” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126Concluding thoughts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129About Globe Law and Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131

Partner Retirement in Law Firms: Strategies for Partners, Law firms and Other Professional Services by Ronnie Fox is a necessary read for all of us. Retirement can be sudden, brutal and unexpected so we need a book like this to advise us. Lawyers are often excellent at supporting clients but not always as good at advising themselves. The book looks at retirement from the firm’s perspective, the individual concerned, accounting and tax consideration, financial aspects and what’s next after retirement.

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