Practice management special report: Partners' right to work

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  • Successor practices

    There are often ways of dealing with this, but they can't always be done at short notice. There are also some interesting timebombs for LLP members which aren't widely appreciated.

    Sometimes you will want a successor and sometimes you won't: it is like tax planning. We have advised on over 70 cases, including the fall out from the collapse of at least three US firms where there are other issues as well because of the way they structure their cover. We find people tend to ignore the issue until the last day, or later, and some of the strategies can't be achieved in that timescale. But lawyers are usually the last to seek legal advice!

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