At a basic level, the very model of partnerships is flawed, ?says Fiona Hotston Moore
The problem with partnership structures is that they facilitate financial incompetence, a risk heightened by the Legal Services Act 2011. This has created confusion between ownership and management within firms, causing many to lose control and direction at a time of unprecedented change for the professional services market.
At a basic level, the very model of partnerships is flawed, with partners splitting up profits and leaving little for contingencies or investment.
Part of the difficulties at Manches, now merged with Penningtons, seems to have been disconcertingly straightforward: money set aside to pay partners’ tax liability was used as working capital.
Some firms have recognised the predicament, using a hybrid limited liability partnership and company structure to ke...
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