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Partnership model bounces back

18th 03 2019

Law firms added a net 307 new partners to their ranks last year.

This is a major increase of 17 from last year.

It has been argued that the partnership model is becoming less and less attractive for both prospective lawyers and law firms. This has stemmed from things such as Brexit as well as the changes to partnership tax rules back in 2013, which made it less tax efficient to promote lawyers to salaried partner positions.

Hazelwoods Accounting partner Andy Harris said:

 'Whilst it’s argued that younger lawyers seem to be less interested in becoming partners at law firms, it is still a very attractive prospect for many. The financial rewards and the status that comes with a partnership position makes up for the notoriously long working hours that lawyers have to deliver on the way.'