Why lawyers are deserting partnerships

Original article by Katie Walsh
The Australian Financial Review – Page: 11 : 18-Aug-17

Law and accounting firms are increasingly moving away from the partnership structure in favour of a corporate model. John Chisholm, previously with both Maddocks and Middletons but now a consultant, says the need for consensus decisions among partnerships tends to lead to reduced creativity and innovation. The advantages of a corporate structure include reduced liability and greater ease in raising funds. Danny Gilbert of law firm Gilbert + Tobin notes that partnerships promote a sense of co-ownership, while the corporate model allows for quicker decisions.

CORPORATES
MADDOCKS LAWYERS, MIDDLETONS LAWYERS, GILBERT AND TOBIN LAWYERS, AUSTRALIAN TAXATION OFFICE, K&L GATES LLP, LEXOO, KEYPOINT LAW PTY LTD, LEGAL VISION, PHI FINNEY MCDONALD PTY LTD, SLATER AND GORDON LIMITED – ASX SGH, HWL EBSWORTH PTY LTD, BAKER AND McKENZIE, THE LAW SOCIETY OF NEW SOUTH WALES

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