Legal Services Act: the debate heats up

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  • “Management’s going to be able to manage, leaving partners to do what they do best, namely practise law and develop new clients"
    Law firms need to develop their executive functions to do what they do best, eg, sales (gain new business), drive the business forward through innovative IT, Accounting, Cost Reduction, transformational investment, etc
    I'm a Law firm IT Manager

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  • The story makes no sense.
    If the corporate model will be adopted for tax reasons, than the intentions of the law maker have been contradicted. This is the case in Australia, where several thousands small firm have converted, with the lawyer's wife taking the investment in order to avoid taxes. Not really a success in regard to external investors. But only one major (BtoC) law firm.
    No major law firm will adopt it, because clients will leave. This is the experience in South Africa.
    If a law firm adopts it, partner will leave, too: because the business model will change. Good Consultants/lawyers need to be free of any management dominated decision making in order to be independent, trusted advisor. Everything else is daydreaming.
    Firms tried hard to get rid of any retirement scheme. If the coporate model re-introduces it by way of goodwill-payments we will see the same story again: young people will join other firms as partners in order to avoid this drain on future profits.
    Only management and bureaucrats dream of a corporate modell, because then, finally, they have a say.
    I wish Great Success!

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  • Take a close look at the Tennon Group model, those at the top of equity appeared to do well on entry, but in reality sold the family silver for a pile of paper of uncertain value. If times were better who would want to be a Tennon Partner now?

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