Saving for the Future
The benefits of a pension scheme for self-employed partners far outweigh the complexity of the pension rules. I am a massive advocate of pensions for the self-employed. However, I frequently come across partners in law firms who are reluctant to commit to pension planning for a variety of reasons. Those reasons usually focus on having to wait until the age of 55 to access the funds, the complexity of pensions and the fact that the individual does not have the funds to make contributions.
Employee Ownership Trusts – a ‘friendly’ buyer for your law firm
“Not as much as you think” is the often-heard answer to the question “What is my law firm worth?”, and this was even before the issues caused by COVID. Partners wishing to realise value have often been faced with this issue coupled with the unpalatable prospect of a buyer significantly changing the ethos and culture of “their” firm.
The Great Escape
In this article, Mark Briegal and I look at the practicalities of succession planning for private client firms, either through selling the firm or bringing in new partners – and what retiring partners need to do to plan their own future.
The partners involved were siblings who had been estranged and working separately but under the same partnership name for many years from different geographic locations. The partners wanted to agree a way forward for the business given they were both over 60 years of age and succession was a concern.
Succession planning using a change of structure
A hugely successful niche law firm operated by sole practitioner and delivering profits in excess of £1 million per year was concerned that as he aged the decision to not have partners was a risk.
Five partner firm with succession challenge
In this case, the current partners had identified two potential partners to replace the senior partner and another senior partner who as a couple wished to retire in 5 years’ time whilst not causing disruption a business.
Change in the legal market continues at a pace. This creates an exciting opportunity for law firms that are looking to grow. Howard, together with colleagues at Mosaic Legal, takes a look at the three main ways of growing: merger, acquisition or organic growth.
Leaving it late
In this article Howard considers goodwill payments and the complexity of putting a price on goodwill, particularly where there is an uncertain revenue stream.
A successful disposal – at the second attempt
Things don’t always work out on the first time of asking. That was the experience of this two partner high street practice in the North West. Howard explains how the Mosaic reputation led to them being appointed to find a buyer second time round and how the clients ambitions were eventually realised.
Long term working relationship with personal injury law firm
How can collaboration lead to a long term working relationship? Howard looks at how the Mosaic offering has led to just that, with a successful personal injury law firm.
Collaborative working to restructure a highly successful niche law firm in the property sector
Howard looks at how collaborative working and delegation of tasks leads to a successful outcome.
The ultimate in client satisfaction
As a very long established and well-known firm, working from a single office in the north of England, this company had 5 partners, two of whom were approaching retirement. Howard looks at the case in full, which ended with delighted clients. The combined firm is going from strength to strength.
A successful exit for a firm with an ageing partnership
By focusing on cash flow and bringing borrowings under control, this long established firm was able to manage the exit process in its own time, and find a new owner with compatible aims and ethos. Howard provides an insight into this case.
Provincial city firm achieves rapid opportunistic acquisition
In this article Howard looks at why you should always expect the unexpected, having recently assisted this four partner firm based in a provincial city.
Ten partner firm finds target firm is insolvent
Howard reflects on how the early involvement of a Lead Advisor and the formation of a merger sub-committee of partners can save a significant amount of management time and expense. This case involved a major single office, full service high street firm with 10 equity partners, based in a County town.
Succession can create a difficult conversation, but it doesn’t have to…
Preparing to pass the business to the next generation is often seen as one of the biggest challenges facing the family business, resulting in changes both for the family and the business. Howard looks at 7 key steps to help with the succession planning process.
Creating an internal market for shares in the family business
As family businesses pass through the generations, there is a tendency for the shareholding to become more dispersed as more family members own shares in the business. Howard explores the questions that need to be asked to help families determine some ‘ground rules’.
Back from holiday, seconds out – don’t let conflict hit the family firm!
Family firms are built upon relationships and clearly when you work with your nearest and dearest there is a tendency not to draw the line between business and family life. 70% of family firms fail to survive to the second generation. Howard looks at some key steps for reducing the risk of a family feud developing.
Family businesses, surviving the generations
Family businesses are the backbone to the UK economy but few survive to the 3rd generation. In this article Howard considers why and how to avoid being one of the statistics. He also looks at the role of the adviser.
Managing your partner resource
Howard presented to the Law Management Section of the Law Society on 18th September 2013 – here are the key points from the webinar, applicable to PI firms.
Selling your law firm
The purchase and sale of law firms are at unprecedented levels given the strategic changes that continue to take place in the “legal industry”. In this article Howard considers the issues involved and how best to maximise value.
Managing your escape
Giving up practising life comes to us all and realisation of value becomes the key issue. This can be achieved by outright sale, planned closure or admission of partners. Howard looks at the practical issues.
Howard Hackney looks at the practicalities of succession planning for private client firms, either through selling the firm or bringing in new partners – and what retiring partners need to do to plan their own future.
Cheshire-based firms Aaron & Partners LLP and Howard Hackney LLP concluded a significant acquisition deal on behalf of a leading asbestos litigation practice.