- Wednesday, 29 May 2013
Small firms should consider the benefits of alternative business structure (ABS) status as a way to handle succession planning, the senior partner of one of the latest licensees has said. “ABS means we can end our practising certificates and still own the firm,” he explained.
Tags: ABS, Alternative business structures, succession planning
Posted in Alternative business structures, Latest news, Market monitor
- Wednesday, 27 June 2012
A growing number of small and mid-sized law firms are looking at raising external capital, but many need to address failings in basic business planning first, new research has found. It also identified £20m as the turnover point when a law firm turns into a real business.
Tags: ABS, Alternative business structures, external investment, mergers, succession planning
Posted in Alternative business structures, Latest news, Legal Services Act, Market monitor
- Tuesday, 3 May 2011
Dealing successfully with succession is proving a difficult challenge for many traditional legal practices. The average age of (predominantly male) equity partners is now 59, yet most have failed to plan for their exit and succession. As a result, many firms now face an uncertain future with little or no value being placed on the sale prices of their practices and no younger partners prepared to invest in equity to enable partners’ retirement.
Tags: succession planning, valuation
Posted in Blog
Legal education and training is not fit for today, let alone the future, and the approach of the main professional bodies to the need for greater accessibility and flexibility could not have been more different.
Since abolition of the common renewal date, practices have been free to choose when to renew their professional indemnity insurance. We estimate that around 30-40% now renew between March and April.