Partners' roadmap: understanding legal responsibilities as a partner

You can delegate many of the responsibilities of a business owner that we have outlined, but the personal liability remains with you as a partner. Compliance with laws and regulations such as the General Data Protection Regulation (GDPR) (Regulation (EU) 2016/679), anti-money laundering laws and other regulatory requirements (such as the SRA, RICS etc) are all crucial, and you must be confident you and your firm are managing the responsibilities appropriately. Make sure you are aware of who is responsible and address any gaps you may find.

Individual responsibilities

  • Practicing certificates
  • Internal declarations and filing of declarations confirming conflicting interests, shares, independence and integrity
  • Continuous professional development

Responsibilities as an employer

  • Understanding of, and compliance with employment law
  • Employee pay, taxes, incentives and benefits packages
  • Management of staff, performance, attendance, discipline and grievances
  • Motivate and engage staff

Partnership responsibilities

  • Understanding of, and compliance with, company law
  • Full and proper accounting records
  • PI Insurance
  • Compliance Officers for Legal Practice (COLP) and Finance and Administration (COFA) responsibilities (Legal sector only)
  • Client money
  • Regulatory compliance
  • GDPR compliance
  • Anti-money laundering compliance and client care letters
  • Cybersecurity
  • Business continuity protection, such as key man insurance

How we can help

MHA MacIntyre Hudson is here to help with regulatory compliance, GDPR assistance, sourcing PI cover,
outsourcing of accounting records, cyber security and HR solutions. Please get in touch for further information.

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