Wendy Chung is a Senior Associate specialising in partnership law.
She began her legal career as a corporate lawyer at a Magic Circle firm where she advised on private equity transactions. She became a specialist in partnership law matters over 7 years ago and now focuses on advising firms, founders and senior leaders on contentious and non-contentious partnership matters, including:
- Restructuring and establishing UK partnerships (including ownership, management and governance matters)
- The terms and effect of partnership agreements
- Mergers and acquisitions involving partnerships
- Conversion of a partnership or company to a Limited Liability Partnership (LLP)
- Managing and preventing disputes between partners and partnerships (including partner duties, performance and remuneration matters)
- Managing and negotiating partner exits (including team moves, compulsory retirement and expulsion)
- Regulation and authorisation of UK law firms
Her clients are typically LLPs, Partnerships and Partners in the Professional Services and Financial Services sectors.
She has key strengths in advising and managing projects involving the establishment of UK partnerships and producing bespoke partnership agreements to meet her client’s needs and objectives.
Wendy is a regular contributor to legal and business publications in relation to partnership matters.
Wendy’s recent cases involve advising on:
- the structural options for a full-service national law firm for incorporating non-lawyers into its practice (including an analysis of the advantages and disadvantages and regulatory and practical implications)
- the proposed conversion of a leading international law firm to an alternative business structure and the implications of the conversion to its contractual obligations as a member of a Swiss verein
- amendments to the limited liability partnership agreement of a global Alternative Asset Management firm
- a dispute between a general partnership law firm and its former partner who had allegedly breached duties to the partnership by establishing a competing business and diverting client opportunities to the competing business
- negotiating the terms of a partner exit from a global law firm in response to a proposed demotion or compulsory retirement
- defending a founding partner against allegations by the firm of poor performance and misconduct and providing strategic advice in relation to a flawed investigation, potentially unlawful suspension and threatened expulsion.
- negotiating the terms of a compulsory retirement of a senior partner of an international law firm and a proposed consultancy arrangement with the partner’s personal service company