Evolving Business Structures for Law Firms

What will your firm structure look like in 5 years time? Will it be radically different from now? Will your firm even exist?

Against the backdrop of the Legal Services Act 2007, firms that do not have a clear strategy are exposing themselves to an extremely uncertain future.

Managing Partner’s report on Evolving Business Structures for Law Firms will give you the route map to make the critical decisions your firm needs to take.

This practical guide provides an in-depth and expert analysis of existing and new law firm business structures. It looks at how firms are changing in response to the new legal services environment and how to select the right structure to meet the specific needs of your firm.

Critical guidance is also provided on key managerial and regulatory issues to ensure your law firm is fit for the future. Specifically, this report will enable you to:

• Understand and address the market pressures and changes affecting your business structure and operations;
• Assess whether your firm’s current structure can withstand the future challenges in legal services;
• Understand the key risks and benefits of raising external capital and whether this is suitable for your firm;
• Select the best structure for international expansion;
• Identify and understand the tax implications of changing structures;
• Choose the right remuneration model for your law firm structure; and,
• Adopt the proper partner-lawyer leverage for the type of work your firm does.

The report features practical case study examples from leading professional services firms including: PricewaterhouseCoopers, KPMG Europe LLP, Slater & Gordon, RSM Tenon and more…

It reveals how they have revised their core business structures to capitalise on market opportunities, the successful strategies used and the pitfalls to avoid.

Plus…in the appendix you will find an analysis of the tax implications of changing business structure along with worked examples in relation to LLPs and partnerships.