The long goodbye
The detail contained within a law firm's partnership deed, including that of limited liability partnerships (LLPs), has enormous influence on the retirement process. Worded appropriately, it can minimise the potential for dispute. The treatment of partners' current and capital accounts, not to mention precise exit arrangements, is key. This article focuses on the main issues that the partnership should address when partners or members retire, and also highlights factors that the individual should review.
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