Professional Practices Alliance (PPA)
By Professional Practices Alliance (PPA)
Professional Practices Alliance (PPA)Oct 07, 2020
Moving the ESG Needle for Law Firms - Deciding What Matters and What Can Be Achieved
We are delighted to share with you the recording of the recent Professional Practices Alliance webinar, Moving The ESG Needle For Law Firms – Deciding What Matters And What Can Be Achieved, in which our expert panel discuss how professional practices priorities are shifting regarding ESG.
In this webinar, our chair Andrew Pavlovic, (CM Murray LLP), Rob Millard (Cambridge Strategy Group), Zulon Begum (CM Murray LLP) and Sarah Chilton (CM Murray LLP) discuss the following:
- Materiality – how firms should determine their priorities when it comes to ESG, as firms move away from focussing on their own emissions and are now increasingly considering the environmental impact of their client work
- Stakeholders - the importance of identifying key stakeholders and carefully considering and incorporating their interests into your ESG strategy
- Client Selection - taking a nuanced approach when considering whether or not to act for clients whose ESG-related aims and values may not wholly align with that of your firm, balancing business needs, the concept of access to justice, and whether firms can use their expertise and experience to mitigate any potential negative impacts of their advice
- Remuneration - the increasing shift towards incorporating elements of non-financial performance (i.e. alignment with and adherence to firms’ ESG-related policies) into partner assessment and remuneration policies
- Risk Management - the risk of discrimination claims under the Equality Act 2010 where, for example, a member of staff is treated less favourably and/or harassed because of their beliefs on climate change
If you would like to discuss any of the above issues in further detail, please contact Partner, Andrew Pavlovic, who specialises in regulatory law and professional discipline matters for firms and partners.
Show me the Money! Shaping a Dynamic and Flexible Profit Sharing System to Smooth the Bumpy Road of Succession
We are delighted to share with you the recording of the recent Professional Practices Alliance webinar, 'Show me the Money! Shaping a Dynamic and Flexible Profit Sharing System to Smooth the Bumpy Road of Succession'.
In this webinar, you can hear from guest speaker Jonathan Blair (Womble Bond Dickinson), chair Zulon Begum, (CM Murray LLP), and PPA speakers David Shufflebotham (Pep Up Consulting), and Sarah Chilton (CM Murray LLP) as they discuss the following:
- A refresher on the different types of profit sharing systems used by firms and how to deploy them, focussing on fixed share, variable share, managed lock step, and managed merit systems
- An assessment of the impact that each profit sharing system can have on partner behaviours, specifically assessing the impact that they have on collaboration, apportionment of risk, and investment
- Structuring a firm to motivate, encourage, reward and incentivise partners not only financially but through peer recognition and career progression
- The succession of the partnership, including elegant exits, smooth retirements and the importance of structuring a firm to appeal to the next generation of partners
If you would like to discuss any of the above issues in further detail, please contact Partner, Zulon Begum, who specialises in partnership law for firms and partners.
Is Your Firm prepared for the Financial Year Ahead? Key Trends and Challenges for Professional Services Firms in 2023/24
We are delighted to share with you the recording of our recent webinar, ‘Is Your Firm prepared for the Financial Year Ahead? Key Trends and Challenges for Professional Services Firms in 2023/24’, in which our expert panel discuss the financial year ahead for professional services firms.
In this webinar, you can hear from Chair, Corinne Staves (CM Murray LLP), and speakers Robert Millard (Cambridge Strategy Group), David Shufflebotham (Pep Up Consulting) and Andrew Pavlovic (CM Murray LLP) as they discuss the following issues to include in professional service firms ‘to do’ list for the next financial year:
- How to remain profitable and effectively manage the firm’s cash flow at a time of stalled economic growth, inflation, cost of living crisis and basis period reform.
- Implementing a strategy and the importance of having a Plan B strategy, especially during a time where firms are adapting to deliver client services in a new technological era.
- How to maintain and enhance a firm’s culture and productivity in a hybrid working environment, including the impact that long-term hybrid working may have had on a firms culture.
- Key regulatory developments and the practicalities surrounding how to approach them, specifically the new SRA regulations to address toxic work environments by actively challenging behaviours in the workplace.
- Whether ChatGPT could spell the end of lawyers or whether it can be harnessed to improve service delivery and profitability of firms.
- The potential regulatory issues that arise from using new technology (such as Chat GPT) to assist with delivering client services.
- The increasing need for professional service firms to address environmental issues.
If you would like to discuss any of the above issues in further detail, please contact Partner, Corinne Staves, who specialises in partnership issues for firms and partners.
The Greater Good; How Professional Firms Are Embracing B Corp Status, ESG & Other Non-Profit Making Objectives
There is increased pressure on professional firms to enhance their social engagement and sustainability. Thus, it is important to consider what measures professional firms should undertake to assess their impact performance on stakeholders and subsequently improve it.
We are delighted to share with you the recording of our recent webinar, ‘The Greater Good; How Professional Firms Are Embracing B Corp Status, ESG & Other Non-Profit Making Objectives’, in which partnership law specialists and sustainability management experts discuss the importance of promoting accountability and transparency to a wider group of stakeholders along with environmental, social and corporate governance and how this can be achieved within professional firms.
In this webinar, you can hear Chair Rob Millard, (Cambridge Strategy Group), and speakers Emma Bartlett, (CM Murray LLP), Dr John Henry Looney, (Sustainable Direction Ltd) and Corinne Staves, (CM Murray LLP) discuss the following:
- What is B Corp and how can professional firms achieve certification? The strategic thinking behind the implementation of ESG and other non-profit making objectives.
- The importance of driving diversity and inclusion from the top and its impact on staff retention rates.
- Box-ticking exercise vs the true meaning of sustainability: The need for professional firms to consider adopting a proactive approach toward accountability and to implement high business standards for the benefit of their stakeholders and wider community.
- The impact of client base on professional firms’ commitment towards sustainability has dramatically increased, with some clients refusing to engage with the firms that have inadequate measures in place.
- The difference between accountability obligations in companies and LLPs and how to ensure that professional firms achieve full visibility on their commitment towards the greater good.
We are delighted to invite you to join the Professional Practices Alliance LinkedIn group, a collaborative networking and information sharing space for professional services firms. Join our LinkedIn group here.
Follow us on Twitter: @PartnershipAlln
Subscribe to the Professional Practices Alliance blog here.
“Should we merge?” A discussion on whether, when and how to merge with another firm – Part 2
We are delighted to share the webinar recording of part 2 in the Professional Practices Alliance webinar series, ‘”Should we merge?”, a discussion on whether, when and how to merge with another firm, in which an expert panel explores how firms should plan and prepare for a merger. Please see below for full details.
In this webinar, you can hear Chair, Corinne Staves (CM Murray), Robert Millard (Cambridge Strategy Group), David Fisher (CM Murray LLP), Zulon Begum (CM Murray LLP), David Shufflebotham (Pep Up Consulting) and Andrew Pavlovic (CM Murray LLP) discussing issues such as:
- How does the SRA view mergers and whether there are any concerns around confidentiality and conflicts of interest.
- Whether a merger is really about two firms merging, or whether it is about creating a new, more successful firm.
- How do you persuade and reassure the workplace on the major upheaval causes by a merger?
- Understanding why it is important to have your finger on the pulse in understanding your partners and what decisions they will make upon a proposed merger.
- What should firms be focused on post-merger?
- The importance of emphasising the positives of the merger and why it is a good decision for the firm.
- Key factors to be considered in assisting fee earners with a dip in revenue during a merger.
If you have any questions arising from this recording or would like to discuss law firm or other professional services mergers, or for any other partnership law issues, please contact our Partner and Head of Non-Contentious Partnership Practice, Zulon Begum.
The Professional Practices Alliance is a multi-disciplinary collaboration between leading UK independent legal, accounting and law firm management specialist advisers, CM Murray LLP, Maurice Turnor Gardner LLP, Pep Up Consulting and Cambridge Strategy Group.
We are delighted to invite you to join the Professional Practices Alliance LinkedIn group, a collaborative networking and information sharing space for professional services firms.
Follow us on Twitter: @PartnershipAlln
Subscribe to the Professional Practices Alliance blog here.
“Should we merge?” A Discussion on whether, when and how to merge with another firm
We are delighted to share the webinar recording of Part 1 in the Professional Practices Alliance webinar series, “Should we merge?” A discussion on whether, when and how to merge with another firm in which an expert panel explore how firms should plan and prepare for a merger.
In this webinar, you can hear Chair, Corinne Staves (CM Murray LLP), Partner Zulon Begum (CM Murray LLP), Simon Slater (Guest Speaker, Cripps Pemberton Greenish and Byfield Consultancy), Giles Murphy (Guest Speaker, Smith & Williamson) and Rob Millard (Cambridge Strategy Group) discussing issues such as:
- Mergers are usually the riskiest growth strategy – are there other (less disruptive) routes (e.g., organic growth, lateral hiring) to realising the firm’s strategic goals?
- Identifying the right merger partner can take time and diligence and requires compromise as there is never a “perfect” merger partner.
- How to “win hearts and minds” to align partners with any merger strategy early in the process and ensure that the requisite partner approvals for any merger can be achieved.
- Advance preparation for a merger can make or break a deal; identify any “red lines” in advance and keep these to a minimum, and undertake “reverse due diligence” to identify any potential issues in your own firm and attempt to resolve these before they become a stumbling block to a merger (e.g., onerous annuities, adverse claims history/high PII costs, underperforming partners and expensive borrowing/leases).
- Consider what protections may need to be built into the merger agreement and/or the merged firm’s partnership agreement to ensure stability for the initial period after the merger, when firms are often at their most vulnerable e.g., a partner “lock-in” period, enforceable restrictive covenants and good/bad leaver provisions.
If you have any questions arising from this recording or would like to discuss law firm or other professional services mergers, or for any other partnership law issues, please contact our Partner and Head of Non-Contentious Partnership Practice, Zulon Begum.
The Professional Practices Alliance is a multi-disciplinary collaboration between leading UK independent legal, accounting and law firm management specialist advisers, CM Murray LLP, Maurice Turnor Gardner LLP, Pep Up Consulting and Cambridge Strategy Group.
We are delighted to invite you to join the Professional Practices Alliance LinkedIn group, a collaborative networking and information sharing space for professional services firms.
Follow us on Twitter: @PartnershipAlln
Subscribe to the Professional Practices Alliance blog here.
Partner Performance Management and Remuneration Systems: Under-Rewarded High-Flyers and Over-Rewarded Under-Performers
There are many ways of dealing with the dual challenges of under rewarded high flyers and over rewarded under performers. Making sure that reward and performance systems are right is critical to the growth strategy of a firm.
In the first webinar of the Professional Practices Alliance Growth Strategy Webinar series, Chair Zulon Begum, (CM Murray LLP) and expert panel, Beth Hale (CM Murray LLP), David Shufflebotham (Pep Up Consulting) and Corinne Staves, (Maurice Turnor Gardner LLP), share their experiences and top tips for dealing with under-rewarded high flyers and over-rewarded under-performers. The webinar discusses:
- Partner performance management and remuneration systems
- The practical steps to dealing with these issues in the short to medium term
- Structural issues that may need to be addressed in the medium to long term
- The culture of a firm and how this may affect partner performance
Three key factors firms need to consider when dealing with partner performance management are:
- Putting in place structures to identify performance issues
- How adapting partnership documentation and profit allocation systems might help
- The culture of the firm and other factors that may influence partner performance
Identifying issues: It is important for partner performance to be evidenced and well documented. Firms should also ensure that decisions are data driven.
Partnership documentation: Firms should consider adapting their constitutional documentation to ensure there is a clear framework in relation to renumeration provisions to help firms achieve their objectives, while also retaining flexibility.
Culture: It is important for firms to have a remuneration and reward framework in place which is aligned with the culture of the firm.
If you have any questions arising from this recording or would like to discuss Partner Performance Management and Remuneration Systems; Under-Rewarded High-Flyers and Over-Rewarded Under-Performers or for any other partnership law issues, please contact Partner Zulon Begum or Managing Partner Clare Murray.
What might the Future hold for Law and other Professional Services Firms?
We are delighted to share with you the recording of our recent Professional Practices Alliance (PPA) webinar on 'What might the Future hold for Law and other Professional Services Firms?', in which our expert guest speakers from the Law Society of England and Wales (LSE&W) discuss the future of Law and Professional Services firms based on the findings of their recent research into changes and uncertainties in the legal profession in England and Wales over the next 30 years, through the lens of global trade and competition.
Rapid technological developments have made, and will continue to make, a significant impact on professional service firms by changing the way in which they devise new business models, replace distribution channels, and modify and adapt the way people and businesses interact with each other.
Everybody has an opinion about how professional services are evolving, and how “firms of the future” might be different to those of today. In the legal sector, which is arguably less ‘transformed’ than some of the other professions so far, many firms view this topic with some trepidation. In this webinar recording, we look at whether artificial intelligence (AI) will actually replace lawyers and, if so, are there ethical or moral dilemmas that should be considered regarding AI and the legal industry?
In this webinar, you can hear Chair, Rob Millard, Director of the Cambridge Strategy Group and speakers, Dr Tara Chittenden and Dr Kion Ahadi, of the Law Society of England & Wales, discuss issues including the following:
· How potential future change will have an impact on diversity and inclusion, particularly in more senior positions;
· How Generation Z have begun to reshape global politics as we see a generational shift in allegiance and identity;
· Whether the rise of machines will free up time vs threaten jobs; and
· How, according to research carried out by LSE&W, it is expected that, by 2030, the workforce in the legal sector, including lawyers and legal support staff, will reduce by half.
Join the Conversation
We are delighted to invite you to join the Professional Practices Alliance LinkedIn group, a collaborative networking and information sharing space for professional services firms
Visit and subscribe to the PPA blog here.
Follow us on Twitter: @PartnershipAlln
Will Firms Run Out of Cash and what can they do about it?
Earlier this summer, the Treasury launched a consultation to reform taxation for self-employed businesses where the accounting year for the business differs from the tax year. Under the proposals, the transition for the change was due to take place in 2022/23, however last week the Treasury announced a delay by at least 12 months with the transition not coming into effect before 2023/24. In addition, the Government recently announced a new health and social care levy by increasing National Insurance Contributions by 1.25% to take effect from 6 April 2022, before the Budget announcement on 27 October.
In this webinar, you can hear Chair Claire Watkins, Buzzacott LLP, and speakers Zulon Begum, CM Murray LLP, Corinne Staves, Maurice Turnor Gardner LLP, James Currie, Buzzacott LLP, and Rob Millard, Cambridge Strategy Group discuss the following:
1. How important it is for firms and partners to understand that taking advantage of the transitional period for the Base Period reform could result in their paying substantially more income tax than expected - it could mean spreading profits of the transitional year across the following five years (with the prospect of paying unknown higher tax rates in those years on those profits), rather than spreading the crystallised tax over those five years;
2. The need for partners to have a clear understanding of the extent to which they and their firm are (or in many cases are not) presently fully reserved against the partner’s individual tax liability – and to ensure that the firm has not just reserved and set monies aside against the partner’s upcoming payment due in January and July 2022, but also against the tax payments that will be due subsequently;
3. The Basis Period reform could consequently bring a lot of under-reserved partner tax balances home to roost, and is important for firms and partners to start cash flow scenario planning now, and to consider the range of funding options available to finance the additional tax and national insurance burden if needed in due course; and
4. The impact of the changes on for senior employees in LLPs, and the ways in which firms can make potential FSP and future EP status (and capital contribution) as attractive and engaging as possible to individuals who may only see risk and loss of employment security.
The key changes that firms should consider making to their constitutions now, which will equip them to act very quickly if they need to raise money or conserve cash in future at short notice.
We are delighted to invite you to join the Professional Practices Alliance LinkedIn group, a collaborative networking and information sharing space for professional services firms.
Join our LinkedIn group here.
Follow us on Twitter: @PartnershipAlln
Personal Risk Management for Partners
Partners of professional practices spend their entire careers focused on protecting the interests of their clients. This can sometimes be at the expense of their own planning.
We are pleased to share with you the recording from our recent Professional Practices Alliance (PPA) expert discussion, ‘Personal Risk Management for Partners’.
In this podcast recording, you can hear Chair, Corinne Staves (Partner and Head of Professional Practices, Maurice Turnor Gardner LLP) and panel speakers, Rachel O’Donoghue (Partner and Head of Financial Planning, Buzzacott LLP), James Currie (Senior Tax Manager, Buzzacott LLP), David Shufflebotham (Founder, PEPUp.consulting), Fiona Poole (Partner, Maurice Turnor Gardner LLP) and Beth Hale (Partner and General Counsel, CM Murray LLP) explore the actions that all partners should be considering and the extent to which firms should be involved in personal risk management. In particular, this panel address the following:
- the key personal risks for professional partners;
- financial planning and legal protections that partners should put in place;
- the extent to which firms should implement measures to protect partners, for example, death in service and/or life insurance benefits;
- how a firm can manage the risks of partner death/incapacity; and
- how a firm’s agreement and policies can support this process including the protections which should be included in LLP deeds as well as powers to remove and suspend.
Neurodiversity in Professional Services Firm Leadership - Professional Practices Alliance Webinar
We are pleased to share with you the recording from our recent Professional Practices Alliance (PPA) expert discussion, ‘Neurodiversity in Professional Services Firm Leadership’.
Individuals who may be described as “neurodivergent” bring a plethora of skills and different perspectives to an organisation, offering firms a sustainable, competitive advantage that will be particularly beneficial in the current economic climate. Harnessing and embracing the cognitive divergence of a workforce will enable professional services firms to home in on an untapped pool of innovators and high performers to inform its decision making and wider strategies, and promote an inclusive workplace culture. It is important for firms to raise awareness about neurodiversity related issues, whether through the day-to-day advocacy of senior management or the delivery of firmwide training, to help managers and colleagues to better understand neurocognitive differences and the needs of their neurodivergent colleagues.
In this webinar, you can hear session Chair, Emma Bartlett, CM Murray LLP, and speakers Daniel Aherne, Adjust Services, Caroline Ramsay, TLT LLP and Rob Millard, Cambridge Strategy Group, discuss a range of issues relating to neurodiversity for professional services firms to carefully consider, including the following:
• the importance of harnessing cognitive diversity in leadership and the various ways in which firms can boost decision-making, creativity and innovation through neurodiversity;
• how professional services firms can encourage a culture that is more understanding of neurodiversity, including implementing policies and procedures promoting and generating awareness about neurodiversity; encouraging senior individuals to lead from the top; and offering training to managers and colleagues to help them to better understand these issues; and
• potential statutory protection under the Equality Act 2010 for those who may be described as “neurodivergent”; in particular, focusing on an employer’s duty to make reasonable adjustments, and offering some practical suggestions as to what might constitute a reasonable adjustment in this context.
For more information on any of the topics covered in this recording, please email Emma Bartlett: emma.bartlett@cm-murray.com.
The Professional Practices Alliance is a multi-disciplinary collaboration between leading UK independent legal, accounting and law firm management specialist advisers, CM Murray LLP, Buzzacott LLP, Maurice Turnor Gardner LLP, Pep Up Consulting and Cambridge Strategy Group.
Transitioning from Founder-Led to Perpetual Governance Models: The Most Difficult Challenge that Many Professional Service Firms ever face
The transition that any firm must undergo if it is to survive and thrive after its founders retire affects every aspect of the organisation. It is at the same time both strategic and intensely personal. For founding partners, it involves giving up control of an organisation that in many cases defines who they are and trusting the next generation to lead and manage it into a successful future. For that next generation, it means stepping up to a whole new level of responsibilities. It almost always involves difficult discussions, including about money, power and influence. For the firm’s employees, the outcome determines no less than their future livelihoods. For clients, such transitions can significantly impact the quality of service that they receive in both the long term and while the transition is underway.
This issue is deeply relevant in 2021; the (then) young entrepreneurs who founded a disproportionately large number of professional service firms in the early 1990s are fast approaching retirement. Many have been immensely successful, building firms that stand proudly pre-eminent in their markets. The role that those founders will play in their twilight professional years, and indeed whether or not these firms will even survive without their founders, depends on how well the transition is planned and executed.
In this panel discussion recording, you can hear Session Chair, Rob Millard (Founder, Cambridge Strategy Group – Law Firm Management Consultant) and esteemed panellists, Fernando Peláez-Pier (Founding Partner, Hoet Peláez Castillo & Duque- a former president of the International Bar Association and the Lex Mundi network), David Shufflebotham (Founder, PEP Up Consulting – Partner Remuneration Specialist), Claire Watkins (Partner, Buzzacott LLP – Head of Professional Practices Group) and Zulon Begum (Partner, CM Murray LLP – Partnership and M&A Law specialist), discuss and provide expert insights on the major challenges and considerations for such transitioning firms, including:
- The relative merits of potential exit models to balance founders’ and next generation partners’ interests, including a straight return of capital and profit share (or “naked in, naked out”); post-retirement annuities; consultancy arrangements; sale on exit based on agreed value (and typical valuation approaches and expectations); and returns based on a future capital event.
- Developing a governance transition strategy and adequate succession planning, including understanding the firm's current position and future requirements as well as managing timing and communications.
- Issues involved in transitioning family-owned firms, including challenges caused by not having clear, institutionalised governance, processes and opportunities for all partners, the need to have open early conversations about the exiting partners’ interests and to build consensus on the firm’s future.
- The legal and operational issues and how to approach key provisions in the firm’s constitutional documents, including weighting of founder and next generation voter rights, profit sharing arrangements, anti-embarrassment clauses, annuity provisions, post termination restrictive covenants, admission of new partners, partner “lock-in” provisions, mandatory retirement age and change to firm name clauses (amongst others).
We (Still) Need to Talk about the Office
If England’s COVID roadmap progresses as planned, stringent COVID restrictions should be lifting or lifted during summer 2021. The office and future working arrangements are dominating discussions at all levels within professional services firms.
This peer-to-peer discussion aims to provide an understanding of market practices and trends, addressing topics affecting your people, your business and your clients.
In this discussion, you can hear Session Chair Corinne Staves, Maurice Turnor Gardner LLP, Beth Hale, CM Murray LLP, Robert Millard, Cambridge Strategy Group, and guest speaker Oliver Richards, Orms, discuss the following:
• What the ease of adaption to such significant working changes has proven about the resilience of the professions
• How the past year of home working has already altered everyone’s horizons and how Firms will need to reflect this in their long-term strategy
• What the key components of a successful workplace will be, allowing people to balance companionship and communication, without compromising privacy needs
• The challenges of effectively supporting the new hybrid of office-based and remote working, including through investment in office technology and considered office reconfiguration
• The legal and non-legal considerations of firms imposing changes on team members and the potential impact of same on firm culture
• What firms need to consider in managing their partner body, including where tensions may emerge if there has been a disparity in contribution during COVID.
Responding to Uncertainty: How Law Firms can Prepare for Changes to the Economy, Office Life and the Tax Landscape
We are pleased to share with you the recording of this Professional Practices Alliance expert interactive panel discussion on what the medium-term holds for law firms emerging from the COVID-19 pandemic and how they can prepare for changes to the economy, office life, and the tax landscape.
The panel addressed issues including:
- The impact of the pandemic on law firms and how to emerge stronger on the other side.
- How office workspaces can be adapted to meet the requirements of a workforce that wants greater flexibility.
- The key points of the UK’s first 2021 Budget and the measures that will most affect law firms and their clients.
- The employment law challenges that arise out of new ways of working.
The panel:
James Campbell - International Partner, Cushman & Wakefield (Guest Speaker)
Andrew Hosking - Managing Director, Restructuring & Insolvency, Quantuma (Guest Speaker)
Beth Hale - Partnership and Employment Law Partner, CM Murray LLP
Alastair McQuater - Tax Partner, Buzzacott LLP
Claire Watkins - Partner & Head of Professional Practices Group, Buzzacott LLP (Chair)
The Professional Practices Alliance is a multi-disciplinary collaboration between leading UK independent legal, accounting and law firm management specialist advisers, CM Murray LLP, Buzzacott LLP, Maurice Turnor Gardner LLP, Pep Up Consulting and Cambridge Strategy Group.
Join the Conversation
We are delighted to launch the Professional Practices Alliance LinkedIn group, a collaborative networking and information sharing space for professional services firms. Join our LinkedIn group here: https://www.linkedin.com/groups/13930936/
Follow us on Twitter: @PartnershipAlln
Measuring and Driving Diversity and Inclusion in Professional Services Firms
Brexit - Impact and Opportunities for Professional Services Firms
The EU-UK Trade and Cooperation Agreement (TCA), concluded in late December 2020, addresses a range of topics of interest to professional practices, but a glaring omission is a framework for trade in services between the EU and the UK.
This has significant strategic implications for professional practices that are based in the UK but service the needs of clients in the EU (and vice versa), or who have offices in both the UK and EU. While much remains to be agreed, over time frames that might extend to several years or more, there is a lot that such practices need to do now.
In this discussion, you can hear Session Chair, Robert Millard, Cambridge Strategy Group, Zulon Begum, CM Murray LLP, and guest speakers Mickaël Laurans, The Law Society of England and Wales, Ceris Gardener, Maurice Turnor Gardner LLP and Markus Hartung, Kanzlei Chevalier discuss the following:
• What steps professional practices need to take in the short term in order to align with the new realities.
• What impact the TCA will have on market access compared with EU single market access.
• What the potential regulatory impacts may be in the absence of mutual recognition.
• What services UK LLPs may provide in EU countries.
• How firms should prepare for further changes as they unfold, including with respect to mobility and immigration issues.
• How firms can seek out and take advantage of the opportunities that may result from Brexit.
Life and Partnerships without The Billable Hour: Business Model Transformation Post-COVID-19
We are pleased to share with you the recording of our recent Professional Practices Alliance (PPA) live panel discussion on “Life and Partnerships without The Billable Hour: Business Model Transformation Post-COVID-19".
The increasing use of technology to deliver professional services in new and more efficient ways means the billable hour is under pressure. Our expert panel consider the potential impact on business models in the professional services sector if it became impossible or irrelevant to measure billable hours.
In this discussion, you can hear Session Chair, Zulon Begum (CM Murray LLP), Corinne Staves (Maurice Turnor Gardner LLP), David Shufflebotham (PEP Up Consulting), Robert Millard (Cambridge Strategy Group) and guest speaker Philip Goodstone (UK&I Head of Law at EY) discuss the following:
· Why do business models in law firms and other professional services firms need to evolve?
· How has the increased use of technology in the professional services sector driven changes in business models?
· Would the way that performance and profitability is measured by firms need to change?
· How would a firm’s governance systems need to develop?
· Would a change in business model impact the metrics and process that a firm uses for assessing partner contribution and compensation?
We Need to Talk About The Office
We are pleased to share with you the recording of our recent Professional Practices Alliance (PPA) live panel discussion on “We Need to Talk About the Office".
The Government’s announcement on 22 September that office workers who can work effectively from home should do so over the winter has resulted in many professional services firms halting their plans to bring staff back to the office and instead gearing up for a further phase of remote working.
In this discussion, you can hear Session Chair, Corinne Staves, Maurice Turnor Gardner LLP and speakers Beth Hale, CM Murray LLP, Claire Watkins, Buzzacott LLP and Robert Millard, Cambridge Strategy Group discuss the following:
• What positive lessons can firms learn from the previous experience of long-term remote working. How can we build on these?
• What will firms do differently this time?
• What is the long-term future of the office? Is it too early/uncertain to be making long-term decisions?
• To what extent can evolved working practices be used as a positive opportunity to enhance culture and support strategic aims?
Partner Contribution - The Ramifications of External Investment on Traditional Partner Reward Structures
The partnership model is proven to be effective in generating cash and reward for partners of professional practices but is the partnership model attractive for external investors and how will partner reward structures be impacted by external investment?
In this session, our PPA experts and guest speaker discuss:
· The benefits of the partnership model
· How partnerships can facilitate fair reward structures
· The different types of business models we see now
· Identifying the right time to go down the external investment route
· The pros and cons of employee ownership
· Other forms of external ownership and how investors measure their rate of return
Guest Speaker:
John Aldred, Barclays - Industry Director of Business and Professional Services joins the PPA panel to provide the bank’s view when it comes to attracting finance from external investors. PPA Speakers:
Matthew Katz, Buzzacott LLP - Partner and Head of Corporate Finance David Shufflebotham, PEP Up Consulting - Partner Remuneration specialist Robert Millard, Cambridge Strategy - Law Firm Management Consultant Zulon Begum, CM Murray LLP - Partnership Law & M&A specialist Chair: Claire Watkins, Buzzacott LLP - Head of Professional Practices Group
Partner Reward – Metrics, Measurements and the Link with Profit-Sharing
In this discussion, you can hear Session Chair, Zulon Begum, CM Murray LLP, and speakers Claire Watkins, Buzzacott LLP, David Shufflebotham, PEPUp.consulting, Robert Millard, Cambridge Strategy Group, Sarah Chilton, CM Murray LLP and Corinne Staves, Maurice Turnor Gardner LLP, discuss a range of metrics and strategic issues that professional services firms should carefully consider when evaluating partner reward.
Our PPA experts discuss the following:
1. What areas are firms currently weak at measuring in respect of evaluating partner reward?
2. What areas should firms focus on measuring and how can they do that from a practical perspective? What types of data should firms be looking for in respect of various metrics?
3. How can firms ensure that metrics and data are aligned with their overall strategy, particularly given that many firms will need to reassess their business plan over the next few months/years, given the current climate?
4. What are the key issues associated with sole reliance upon financial metrics to measure partners’ performance?
5. How can firms ensure that metrics they apply reflect their diversity and inclusion focuses and values? Might some metrics be inherently discriminatory?
6. How should firms evaluate partners against metrics and what are the main strategic issues when undertaking such evaluations? What are the potential pitfalls?
How Should Firms Measure Partner Contribution?
We are delighted to bring you this recording of an expert discussion on "How Should Firms Measure Partner Contribution?" between leading specialists in Partnership & Employment Law, Partnership Compensation, and Law Firm Management.
The discussion was chaired by Corinne Staves (Maurice Turnor Gardner LLP), with panellists Claire Watkins(Buzzacott LLP), David Shufflebotham (PEP-Up Consulting), Robert Millard (Cambridge Strategy Group), Sarah Chilton (CM Murray LLP), and Zulon Begum (CM Murray LLP).
The question of how professional services firms should measure partner contribution is a complex one, and is made no less complex by the unprecedented times in which we live. However, these times also present an opportunity for firms to rethink and refocus the way they measure partner contribution for the better in the future.
The key themes you can hear addressed by the panel are:
1. The importance of defining and effectively measuring partner contribution.
2. Dealing with the age-old problem of how best to measure cross-referrals within firms.
3. How firms can align partner contribution with the business’s strategy and success?
4. Being aware of common discrimination risks in the way firms typically measure partner contribution and effective steps to avoid those risks as far as possible.
5. Using professional services constitutional frameworks to embed KPIs and encourage the right contributions from partners.
6. Is it one size fits all when it comes to partner contribution or is the situation different for smaller firms? If so, how should they adapt?
7. In what ways might the COVID-19 crisis change how partner contribution is measured?
Strategic Advance Planning for Firms to Thrive After the Crisis is Over
Professional firms are not immune to the global impact of the Coronavirus crisis. Many firms have implemented robust business continuity and remote working arrangements but the impact on their clients and the global economy will require firms to continue to adapt (or face the most serious implications).
This Professional Practices Alliance podcast series will address the threats faced by professional firms and explore ways in which firms need to adapt not only to survive the crisis, but also to take steps now to thrive in the post-crisis environment.
This podcast discusses the following key issues:
i. Legal and practical issues for professional services firms in managing workplace re-entry - can you force worried staff to come to work? What protections, policies and training should you be putting in place now?
ii. Your office space - what is the impact of successful, large-scale homeworking on professional services firms and their office space?
iii. Retaining, motivating and locking in key talent - making this your first priority before addressing the under-performers.
iv. Pruning the Partnership post-crisis - constitutional and discrimination issues to consider when managing Partner Exits.
v. Revisiting your firm's strategic Business Plan – are you tweaking it or ripping it up and starting again? And what scenario planning are firms doing to refocus their strategy?
vi. Learning the lessons from the Crisis – reconstruction, recovery and strategic change for firms.
PPA Speakers:
Corinne Staves, Maurice Turnor Gardner LLP - Partnership Law & SRA Regulation specialist
Zulon Begum, CM Murray LLP - Partnership Law & M&A specialist
Claire Watkins, Buzzacott LLP - Partnership Accountant and Adviser
David Shufflebotham, PEPUp.consulting - Partner Remuneration specialist
Robert Millard, Cambridge Strategy Group - Law Firm Management Consultant
Sarah Chilton, CM Murray LLP - Partnership & Employment Law specialist
Session Chair:
Clare Murray, CM Murray LLP - Partnership & Employment Law specialist
Firefighting for Professional Services Firms to Survive the Crisis
Professional firms are not immune to the global impact of the Coronavirus crisis. Many firms have implemented robust business continuity and remote working arrangements, but the impact on their clients and the global economy will require firms to continue to adapt (or face the most serious implications). This series will address the threats faced by professional firms and explore ways in which firms need to adapt not only to survive the crisis, but also to take steps now to thrive in the post-crisis environment.
This podcast discusses the following key issues:
i. How professional services firms are responding to the COVID-19 crisis, and the effect of prior experience of senior management (or lack of it) in responding to the GFC and Brexit on firms’ individual responses.
ii. How values, ethics and brand reputation are shaping firms’ responses to the crisis; are firms adhering to their values in those responses, or losing sight of them in this crisis?
iii. What is the range of financial steps that firms are taking to protect their firm, what are the current lending criteria for professional services firms needing finance, and how do firms best position themselves to apply for that funding?
iv. What are the key risk management issues that firms are facing and what is the SRA’s current approach to firms struggling with these unprecedented challenges?
v. What are the red flags which suggest that a firm may be heading towards a potential meltdown, and what steps can a firm take to get it back on track?
vi. Can a merger be a positive strategic choice in this crisis and how can firms maximise the prospects of merger success?
vii. How are firms changing partner drawings, distributions and profit share arrangements, and what key constitutional issues do they need to bear in mind when they implement those changes?
viii. What other protections can firms implement to preserve the business – and is now a good time to change your LLP agreement to provide increased constitutional protections and powers to respond to the crisis rapidly?
ix. How firms are handling staff issues, including employee physical and mental well-being.
x. What should firms be doing now to help them prepare to exit the lockdown?
PPA Speakers:
Corinne Staves, Maurice Turnor Gardner LLP - Partnership Law & SRA Regulation specialist
Zulon Begum, CM Murray LLP - Partnership Law & M&A specialist
Claire Watkins, Buzzacott LLP - Partnership Accountant and Adviser
David Shufflebotham, PEPUp.consulting - Partner Remuneration specialist
Robert Millard, Cambridge Strategy Group - Law Firm Management Consultant
Sarah Chilton, CM Murray LLP - Partnership & Employment Law specialist
Session Chair:
Clare Murray, CM Murray LLP - Partnership & Employment Law specialist
Episode 1 - #MeTooLaw - One Year On: The Legal, Regulatory, PR and Criminal Issues for Professional Services Firms and their Partners
This PPA podcast covers a wide range of complex partnership, employment, regulatory, PR and criminal issues relating to reporting, investigating and eradicating sexual harassment in law firms and other professional services practices.
Essential listening for partners, senior management, in-house counsel and HR directors in professional services firms responding to sexual harassment allegations