Succession &
Exit Plans
Enquire Today
View Brochure
Consultancy Services For Law Firms
Developing a successful succession and exit plan is a challenging task to achieve and one that, for many firms, is neglected or left too late for any plan to be effective. Whether a firm is facing immediate needs or is seeking to implement an approach that ensures the effective succession of the firm and an orderly exit for Partners/Directors.
The Regulation and Compliance Office (RACO) will work with you to deliver a strategy that protects and preserves the needs of the firm and the individuals.
Succession affects all firms, and those without a succession plan will find themselves in a difficult position in the future, which can and must be avoided.
RACO works with firms and their owners to deliver a succession plan that addresses all the key issues and is supported by the current and potential new owners. This specialist service ensures that the firm can thrive and not face the negative consequences of poor planning.
Download the Full Service Brochure
For more information and costings
Our Succession & Exit Plan Consultancy Service
At The Regulation and Compliance Office, we work with firms to develop succession and exit plans that achieve the goals of the current partners.
Our work will also extend to training and mentoring future partners and providing them with the confidence and skillsets required to become equity partners and decision-makers. For more details on our future partner training and mentoring programme, click here to view our service.
With the legal market struggling to find solicitors willing to step up to equity status, this is an essential area for firms to address and consider to sustain their future.
A successful succession and exit strategy will include:
- Identifying the plans of the current partners and when they intend to retire or reduce their activity
- Address what would happen in the event of a sudden and unexpected exit
- Provide future partners with a path to equity and clearly set out the firm’s expectations and requirements for future partners
- Considering finance options if there is a need to ‘buy into’ the equity
- A plan to address the financial consideration of an exiting partner, considering if and how they will release their own capital
- Identification of future partners and ensuring they are trained and ready for partnership status and the responsibilities that it brings
- Updating the partnership of Shareholders agreement to protect both existing and new partners
- Consider and address the impact on the firm, its clients, and staff of an exiting partner and, in particular, address client relationships or skills that could be lost as a result of a partner leaving.
Contact Our Team
To ask any questions about the Regulation and Compliance Office and how we can support your Law Firm, please call us on 0203 985 8550, complete the online enquiry form below, or email us info@regulationandcomplianceoffice.co.uk