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Protecting assets: Tips for managing your law firm’s equity

What is law firm equity and who should have it? Karl Wingfield explores the key components of an effective equity management strategy

28 May 2013

With the Legal Services Act now fully implemented and alternative business structures (ABSs) going live regularly, we have entered a new and uncertain world for the UK legal services market. However, it is also one in which some lawyers in £10m-plus turnover law firms are apparently declining the offer of equity partnership.

While the full effects of the changes taking place now won't be known for 10 to 20 years, it's still a good time to be in the legal services market. There are countless opportunities and, unless you 'bet the firm' (which isn't advisable), it's unlikely that anyone's equity will really be at risk.

But, what is equity these days and who should have it? I've witnessed a broad range of approaches to firm remuneration strategies and to the granting and taking away of equity. This article provides some practical solutions to those questions, building on more than 20 years of experience in working in the ...

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