Professional Partnership Services

The world is changing for professional partnerships. Legal structure, regulation and ownership compete with financial management and tax structure for space on the agenda. Understanding and managing the levels of risk in the practice must also be a high priority.

In times like these you should look to your professional advisors for support and advice.

Our multi-disciplinary Professional Partnership Services team works locally, nationally and internationally to deliver tailored solutions and practical advice to clients wherever they are based.

We understand the issues and opportunities which arise from the operation of a professional practice: not only can our team advise on best practice as a result of their experience with other clients but we can also share with you our own firm’s experiences as one of the world’s largest professional services organisations.

Our team provide a truly proactive approach, alerting you to emerging issues and providing practical, commercial solutions tailored to meet your exact requirements. We have a strong commitment to professional partnerships and currently provide tax advisory and compliance services in the UK to more than 30 firms and over 1300 partners.

Please contact us for advice on any issues affecting the partnership or it’s individual partners including:

• Conversion to Limited Liability Partnership
• UK and international taxation
• Accounting and regulatory audits (for example Solicitors’ Accounts Rules audits)
• Working capital management
• Mergers
• Partner reward and performance management
• Employee taxation – domestic and international
• Employee reward

The art of performance

Profit is directly related to performance, so tracking that performance in order to improve is essential. Julie Walker of Ernst & Young's Professional Partnership Services team gives some tips on how to get the most from your partners.

Art of performance 37K, June 2005