Law In Business: Be prepared
Understanding the implications of becoming a partner, for your personal finances in particular, is a must for any lawyer. Louise Davey unravels the detail and explains how to prepare for partnership
Promotion to partnership is a major milestone in the career of most ambitious solicitors. While many prospective partners are fully aware of the additional client and management responsibilities this will bring, few are prepared for the financial implications. When an individual is promoted to the equity, there are rather more financial considerations than simply owning part of the business and sharing the firm’s profits.
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