Partnerships

Partnerships need systems and controls as much, if not more, than many other business types, due to the way they have developed – a partnership of specialists that have come together for common benefits and identity, but often not run like a business. The specialists remain in defined practice areas and the common management areas or conformance requirements are often neglected. Partnerships can evolve to LLPs or even to companies.

Many business sectors that are typically populated by partnerships are becoming regulated; the legal profession being one such example.
Partners, such as solicitors, find it frustrating to have to deal with the routine requirements of conforming to the SRA and other regulatory demands on the business. Compliance is not a choice; defining the processes once and embedding them within the actions of the staff will ensure defence against customer claims or regulator fines. This applies to all partnerships in regulated industries.