The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
The slow-burn impact of HMRC’s looming changes to partnership tax are starting to be felt. Not yet in anyone’s pocket – you’ll have to wait until 6 April for that – but in the growing number of firms that have launched consultations with their salaried members.
You’ll recall we first covered this story in December, suggesting that ranks of salaried partners would soon be heading to the bank to borrow potentially tens of thousands of pounds to cover new capital injections and consequently circumvent the Revenue’s employee status test. Well, things have moved on. This month the first crop of firms including DWF, Weightmans, DAC Beachcroft and Trowers & Hamlins shed some light on the approach they will be taking to the new legislation.
And next Monday’s cover story in the print edition of The Lawyer will examine this issue in detail. Along with a range of views from bankers, barristers and numerous accountants the feature will include a handy cut-out-and-keep guide to how much – in theory at least – firms could be in line for as an unlooked for windfall. It will also include a warning about some of the rather nasty “bear traps” that could be lying in wait for firms that think they’ve got this problem sorted. Required reading for any partner at an LLP.
Meanwhile for other partners the days of worrying about such mundane matters as whether or not to inject capital are all but over. For those, or for anyone approaching that stage, check out the article by Andrew Flannagan, managing partner at Attwaters Jameson Hill, on how a merger or sale can provide an exit strategy for ageing partners with no succession in place and who can’t afford to close the doors because of the cost of run off insurance LINK.