Any lawyers on here? Should I apply for partnership?

[hkif]

I'm a corporate/commercial lawyer and my boss has suggested that I consider making an application for fixed equity partnership. My dds are now both at secondary school and settled. I feel that it is now or never if I want to progress and I am excited about the opportunity. I would become self employed so that is a risk and I know there would be a lot of expectations for very little reward at least initially. Anyone who has been in a similar position care to share their experiences?

How big is the firm? How financially secure would your equity be? There's a big difference in risk between a (say) four partner local firm and a magic circle firm.

Firm is mid sized not city if that helps

Then go for it. If fixed equity I assume that is an interim stage between full equity with a smaller amount of capital being initially invested. So still salaried but with a bonus scheme based on fixed equity rather than lockstep full equity. Most capital investment is usually done by way of business loan for which you get tax relief anyway and the firm usually has arrangements with banks for this so have a chat with them. I would say go for it.

If you want it - do it. Take a good hard look at the firms finances first - get an adviser if you aren’t happy judging it yourself. but if you want to do it - sounds like you can.

Go for it. The uplift you get in lifestyle and tax efficient benefits, savings on NIC etc makes it a good move.

If you don’t apply after being asked you’ll need a good reason why - many firms are up or out.

Unless there is something weird about your firm, it's a no-brainer.

Get details of all the finances first. I once worked in a firm where they enticed a lot of people to become partner, then went into administration about 6 months later. They lost the lot!

I agree with checking out the finances. If the firm is in a healthy financial position, it is a no-brainer.