We are delighted to release the first podcast in our two-part series on Managing and Responding to Partner Exits. In this podcast, Senior Associate Wendy Chung and Associate and Solicitor-Advocate Wonu Sanda highlight the important steps that Firms need to take to manage the common issues that Firms face when proposing or dealing with a partner exit.
All Firms will need to deal with partner exits at one stage or another, be it as a result of the current pandemic, uncovered partner misconduct, strategic mergers, a partner moving to the competition or a standard retirement. Knowing what steps to take (and not to take) to manage the inevitable is vital. In the first of this two-part podcast we address the key issues and risks encountered by Firms when seeking to exit Partners, including:
1. What events commonly lead to partner exits and what impact has the current economic situation had on Firms considering partner exits?
2. What range of options are available to a Firm seeking to exit a partner? What are the advantages and limitations of these options?
3. Do Firms need to follow a process to exit a partner? What are the stages typically involved?
4. What are the key legal, operational and practical issues that routinely need to be addressed to secure an orderly partner exit?
5. What potential claims risks need to be managed during a partner exit?
Stay tuned for Managing and Responding to Partner Exits – Part Two: the Partner’s Perspective.
If you would like to discuss any of the issues raised in this podcast recording further, or for guidance on relating to a current or proposed partner exit, please contact Senior Associate Wendy Chung or Associate and Solicitor-Advocate Wonu Sanda.