Word Tiles with profit, loss and risk

Word Tiles with profit, loss and riskLeading legal recruitment specialists EJ Legal weigh up the risks and rewards of different UK law firm partnership options.

Becoming a partner in a limited liability partnership

Becoming a partner in a limited liability partnership is arguably the pinnacle of a junior associate's aspirations, but while all partners are equal, some are certainly more equal than others. A complex three-tier partnership system has developed, in part, to reduce tax bills. Now, however, changes to the law that were first introduced in 2014 are seeing many firms change their structure. The most immediate result is that some junior partners are having to cough up significant sums to stay in the club.

Expectation is that the new Law hire's clients will follow them

For most of us, taking on a new full-time role comes along with its fair share of anxieties regardless of how positive we feel about winning the job. Can I figure things out in time to avoid embarrassment? Will the environment really suit me? Do my colleagues look out for each other? Is the kitchen stocked with biscuits?

HMRC Tax form

Associates aiming for partnership in the near future must be aware of recent tax changes affecting limited liability partnerships (LLPs). New rules mean that lawyers moving into management roles may effectively remain employees for tax purposes despite their elevated status in the firm.

A porcelain duck with a gold collar and chain

Making the grade

One of the greatest misconceptions out there is that being an equity partner at a law firm puts you in the nest with the golden goose. The reality is that the move in to equity can be a bumpy ride at the best of times with earning liable to go both up and down, and over the last three years it has become increasingly fraught. Like the transition to partner status from associate, however, it can be a driving factor to move, that irresistible itch that needs to be scratched. To ensure it isn't a move you regret there are a number of factors you should take in to account.