In this discussion, Alex along with Partners Corinne Staves and Zulon Begum, demystify the basis period reform changes and outline the practical implications for partners and firms. In this wide-ranging discussion, they explore:
- The increased cash pressures on partners and firms and ways to address these changes;
- How working practices will need to change to adapt to this new regime;
- Whether firms need to change their year-end date;
- The ancillary implications, including on succession and partner exits and ensuring fairness between different cohorts of partners on what could be surprising divisive questions;
- What scenario planning should firms and partners be doing?
- What if partners or firms do nothing?
The key message is that good preparation is vital.