The success and stability of any professional services firm will often depend on its ability to retain its best people. There are of course many “push” and “pull” factors (some of which will be outside the firm’s control) that will determine whether some partners remain committed to a firm. Long-term home working during the pandemic for example has had the effect for some firms of loosening the ties between colleagues and causing partners to reassess their priorities and reimagine their professional environment. Whilst it is impossible and counter-productive to force people to stay, it is possible to optimise the firm’s position under its LLP Agreement so that it is not wrong-footed by unwelcome partner departures.
In this second article in our series on The Key Building Blocks of an LLP Agreement, we explore the various tools that can be included in an LLP Agreement which are designed to protect the stability of an LLP’s business in the face of potential voluntary partner exits.
Read the full article: Securing Long-Term Stability of your Firm through your LLP Agreement – The Key Building Blocks of an LLP Agreement: Part 2