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Lynn Joyce
In-house team
Nationwide
Independent Firms
Principal areas of demand
Independent firms come in all
shapes and sizes. The one common factor is often their client base –
most will be privately owned companies, unincorporated businesses and
private individuals (although there are obviously always exceptions to
the rule).
The significance of an independent firm’s tax
offering will vary greatly. In some firms, tax may generate up to a
third of the firm’s revenue, with a group of tax partners providing
advice to stand-alone tax clients. On the other hand, a firm may have
one tax partner supporting the general practice partners. Joining an
independent firm as a direct entrant equity partner is possible, but is
not the norm. A client following is often the only way to achieve such
a move.
Remuneration/profit share
It is extremely
difficult to give a clear indication of the profitability and the
knock-on effect of partner earnings of firms in this bracket.
Experience shows that the range can be anything from under £100,000 to
above £500,000.
Notice period
Equity partners do not often move from independent firms. However, one can expect a 12-month notice period and a strict adherence to restrictive covenants.
