MHA’s Roadmap to your financial future: Partners’ financial planning guide

Kate Arnott, head of professional practices at MHA, offers financial planning guidance for newly promoted partners at law firms.

Our guide to your financial future has been developed by specialists at our member firm MHA, for partners at all stages of their life as a business owner, concerned with understanding the financial and legal obligations of partnership, while managing both their day-to-day finances and long term strategic financial planning.

The guide is intended to give some insight into becoming a partner and self-employment in the UK, while focusing on key personal and professional life stages; highlighting important considerations throughout your career, with suggestions to help ensure you make the most of your financial future.

We understand the value of sound financial planning and how it can translate into future financial success. Many of the points covered in our roadmap continue to apply throughout your whole professional life. It is worth taking the time to revisit different sections in the future to ensure your affairs continue to be managed in the most efficient and effective manner; especially if you may have overlooked any areas early in your career.

Please don’t hesitate to get in touch with your local office if you would like to discuss any of the issues raised throughout the guide.

Becoming a Partner

Congratulations on your admission to partnership. If you have not already, get ready to receive your P45; it’s probably the only time in your career when promotion results in the termination of employment!

Becoming a partner shouldn’t be the pinnacle of your career aspirations; it is the start of the next chapter of your professional life. Are you fully prepared for the additional responsibilities, liabilities and reduced statutory rights? The potential for reward is far greater, but so are the risks and it is important you are fully prepared.

As a shareholder, stakeholder and business owner, your day-to-day life will focus on a unique blend of professional expertise, employer responsibilities, business development acumen and entrepreneurial spirit.