Exit Strategy for Law Firms Course
"Firms have professional responsibilities, and those responsibilities remain when a firm is closing down.” - Gordon Ramsay, Solicitors Regulation Authority
Succession planning is the most immediate and complex challenge facing the legal profession. Retirements, transitions and firm closures have serious legal and financial implications for everyone involved. But despite the average age of law firm partners rapidly approaching 60, an alarming number of solicitors do not have a suitable exit strategy in place. In a single month in 2015, the Solicitors Regulation Authority issued £11,000 in fines to law firms which failed to close down their businesses in line with proper procedures. The Law Society has strongly advised members to have a plan in place to identify a successor practice, secure professional indemnity insurance and safeguard sensitive client data.
The Exit Strategy for Law Firms Course will provide invaluable insights for legal professionals looking to wind down their practice or exit their current firm.
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Topics covered on the day will include:
- Why are many legal firms failing to prepare an exit strategy and what are the implications of not having a succession plan in place?
- What responsibilities remain when a firm closes down?
- What obligations to firms have under the Data Protection Act?
- How can firms ensure they can hold on to talented young lawyers and valuable clients?
- How can firms maintain strong leadership during transitions and retirements?
- How can legal professionals plan ahead for a fully funded retirement?
- What steps are necessary to ensure client interests are fully protected?#
- How do the most successful firms draft and implement their succession plans?
- What is the process for solving partner disputes and managing the departure of a senior partner?
- What more can law institutions and professional bodies do to support and inform members of their obligations?
- Hear from expert speakers with years of experience in law firm management.
- Have your questions answered by leading experts during a panel discussion.
- Understand your continuing responsibilities to clients, learn how to follow the correct process and fulfil your obligations under the Data Protection Act.
- Analyse case studies and learn from examples of best practice.
- Network with delegates from across the legal sector and discuss different approaches to succession planning.
An introduction on transition/succession 45 mins (RCE, Regulatory and compliance experts)
15 minute break
Recruitment Perspective (Phil Jepson, Jepson Holt)
View from an owner solicitor who has gone through it – including Q&A (Colin Frearson)
Insurance company perspective – including Q&A (Paragon Brokers)
15 minute break
Structures and Tax (Colin Abrahams, CLB Coopers)
Regulatory issues/cases (RCE)
End of day
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