Tag Results

Smaller law firms “face battle to keep junior partners” as HMRC deadline looms

Smaller law firms are struggling to retain their junior partners in advance of tough new capital requirements set out by HM Revenue & Customs in its crackdown on fixed-share partners avoiding PAYE tax, an executive search firm has claimed.

July 3rd, 2014 | 1 Comment »

City lawyers slam HMRC over approach to salaried partners in LLP tax reform

City lawyers have ratcheted up their attempt to limit the scope of legislation aimed at tax abuse by LLPs, with strong submissions to the House of Lords and HM Revenue & Customs.

February 11th, 2014 | No Comments »

Law Society lays into government’s partnership tax reforms

The government’s proposed tax reforms for limited liability partnerships (LLPs) are “haphazard”, “incoherent”, backward looking, and would introduce a “bizarre distinction” between business entities, according to the Law Society.

August 12th, 2013 | No Comments »

Budget crackdown on misuse of partnership structure to avoid tax

HMRC is set to scrutinise the status of law firm partners after measures announced in the Budget. The Treasury is to consult on removing the presumption of self-employment for LLP partners and on countering the “artificial allocation of profits to partners”.

March 21st, 2013 | No Comments »

High Court quashes demand for solicitor to pay £150,000 ARP premium

A solicitor has successfully challenged a demand to stump up nearly £150,000 in unpaid assigned risks pool premiums. He was able to show that the ARP’s manager had not established that he was personally liable for the debt of the LLP in question.

September 19th, 2012 | Comments Off on High Court quashes demand for solicitor to pay £150,000 ARP premium

The big partnership debate: leave it in the past or embrace it for the future?

Is partnership an “inefficient and unattractive” structure that should be ditched to survive in the new legal marketplace, or is it a viable current model with much to offer lawyers wanting flexible governance and discretion? Both sides were put at a conference this week.

November 11th, 2011 | 1 Comment »

Big rise in law firms incorporating to combat practice funding problems

The number of incorporated law firms has risen sharply in the past year, with more than a fifth of legal practices now limited companies. According to Solicitors Regulation Authority figures, 2,400 of the 10,973 law firms as of July were incorporated companies, compared to 1,898 a year before – a rise of 26%.

August 24th, 2011 | 1 Comment »

There may be trouble ahead: form an LLP without a members’ agreement at your peril

Partnership law expert Peter Garry outlines the significant problems solicitors are storing up by forming LLPs without a written members’ agreement. He explains that many solicitors practising within LLPs are needlessly exposing themselves to potential litigation and considerable financial loss.

May 4th, 2011 | No Comments »

The salaried partner is dead. Long live the fixed-share partner

In the wake of the recent ruling that a fixed-share partner is a partner, not an employee, Mark Briegal of Legal Futures Associate Ralli looks at the advantages to both law firm and lawyer of a fixed share over a salary

December 21st, 2010 | No Comments »

EAT: fixed-share partner not an employee

A former fixed-share partner at south-coast law firm Lester Aldridge has lost his appeal against a ruling that he was a partner and not an employee in the limited liability partnership and so unable to claim unfair dismissal.

November 26th, 2010 | No Comments »