Professional Practices Alliance Podcasts

Transitioning from Founder-Led to Perpetual Governance Models: The Most Difficult Challenge that Many Professional Service Firms ever face

The transition that any firm must undergo if it is to survive and thrive after its founders retire affects every aspect of the organisation. It is at the same time both strategic and intensely personal. For founding partners, it involves giving up control of an organisation that in many cases defines who they are and trusting the next generation to lead and manage it into a successful future. For that next generation, it means stepping up to a whole new level of responsibilities. It almost always involves difficult discussions, including about money, power and influence. For the firm’s employees, the outcome determines no less than their future livelihoods. For clients, such transitions can significantly impact the quality of service that they receive in both the long term and while the transition is underway.
This issue is deeply relevant in 2021; the (then) young entrepreneurs who founded a disproportionately large number of professional service firms in the early 1990s are fast approaching retirement. Many have been immensely successful, building firms that stand proudly pre-eminent in their markets. The role that those founders will play in their twilight professional years, and indeed whether or not these firms will even survive without their founders, depends on how well the transition is planned and executed.

In this panel discussion recording, you can hear Session Chair, Rob Millard (Founder, Cambridge Strategy Group – Law Firm Management Consultant) and esteemed panellists, Fernando Peláez-Pier (Founding Partner, Hoet Peláez Castillo & Duque- a former president of the International Bar Association and the Lex Mundi network), David Shufflebotham (Founder, PEP Up Consulting – Partner Remuneration Specialist), Claire Watkins (Partner, Buzzacott LLP – Head of Professional Practices Group) and  Zulon Begum (Partner, CM Murray LLP – Partnership and M&A Law specialist),  discuss and provide expert insights on the major challenges and considerations for such transitioning firms, including:

The relative merits of potential exit models to balance founders’ and next generation partners’ interests, including a straight return of capital and profit share (or “naked in, naked out”); post-retirement annuities; consultancy arrangements; sale on exit based on agreed value (and typical valuation approaches and expectations); and returns based on a future capital event.
Developing a governance transition strategy and adequate succession planning, including understanding the firm’s current position and future requirements as well as managing timing and communications.
Issues involved in transitioning family-owned firms, including challenges caused by not having clear, institutionalised governance, processes and opportunities for all partners, the need to have open early conversations about the exiting partners’ interests and to build consensus on the firm’s future.
The legal and operational issues and how to approach key provisions in the firm’s constitutional documents, including weighting of founder and next generation voter rights, profit sharing arrangements, anti-embarrassment clauses, annuity provisions, post termination restrictive covenants, admission of new partners, partner “lock-in” provisions, mandatory retirement age and change to firm name clauses (amongst others).

Transitioning from Founder-Led to Perpetual Governance Models

We are delighted to share with you the recording of our recent webinar, ‘Cash, Remuneration and Economic Uncertainty’, in which partnership and regulatory law specialists discuss navigating economic uncertainty and how this can be successfully achieved within professional firms.

Robert Millard of Cambridge Strategy Group, David Shufflebotham of Pep Up Consulting and Corinne Staves and Andrew Pavlovic, Partners at CM Murray LLP, explore the important and practical considerations professional practice firms ought to consider in these times of economic uncertainty. Their discussion addresses key questions and topics including:
•	What key commercial changes are affecting firm strategy and their decision making?
•	What sources of capital firms should be looking to in the new high interest rate landscape; are the traditional methods still viable? 
•	How can firms better structure their own governance to appear more attractive to private equity and bank funding?
•	Strategic options available to mid-market firms to maintain financial resilience; 
•	Key considerations of financial health from an SRA perspective; at what point do the SRA get involved with a firm in financial distress? How do the SRA view different forms of funding?
•	What does the financially resilient law firm of the future look like?

Cash Remuneration & Economic Uncertainty

We are delighted to share with you the recording of our recent webinar, ‘Managing Partner Performance in Professional Services Firms, Evaluating Contribution and Using Partner Processes to Drive Your Firm’s Strategy’, in which partnership and regulatory law specialists discuss how to manage successfully partner promotion and remuneration processes within professional services firms.

Jeremy Callman, Barrister at Ten Old Square, David Shufflebotham of Pep Up Consulting and Sarah Chilton and Andrew Pavlovic, Partners at CM Murray LLP, explore the important and practical considerations professional service firms ought to consider when making decisions about partner promotions and remuneration. Their discussion addresses key questions and topics including:

What do the regulators, such as the SRA, expect regarding workplace culture and partner performance? How does this impact firm strategy and decision-making?
 
What factors should an organisation consider when developing its partner promotion and remuneration strategy and processes?
 
What does an effective partner performance evaluation process look like? 
 
What governance powers and documentation are required to implement these evaluation and remuneration processes?

If you would like to discuss any of the above issues in further detail, please contact Partners Sarah Chilton and Andrew Pavlovic, who specialise in partnership, professional discipline and regulatory law issues for firms and partners.

Managing Partner Performance in Professional Services Firms & Evaluating Contribution

We are delighted to share with you the recording of our recent webinar, ‘How Do You Attract and Retain ‘High Flyer’ Partners?’, in which partnership specialists discuss navigating the recruitment process for high flyers and important issues facing such decision making within professional practice firms.

n this recording, Chair Corinne Staves (Partner, CM Murray LLP), Dr Robert Millard (Cambridge Strategy Group), David Shufflebotham (PepUp Consulting), and Zulon Begum (Partner, CM Murray LLP), are joined by guest speaker Siobhán Lewington, Partner at transatlantic legal recruiting firm, Macrae. The panel explore the key challenges involved in attracting and retaining ‘high flyer’ partners, who are often at the very heart of the engine room of many firms. Their discussion addresses key questions and topics, including:

- What do we mean by high flyers; what might firms be looking for?
 
- The extent to which firm culture, partner performance and succession planning are key strategic considerations
 
- How can firms elevate the high flyers already identified within their ranks?
 
- Should firms guarantee offer compensation packages or are they too flawed with difficulties?
 
- How can firms manage any tensions between high flyers and other partners?
 
- The ways in which integration plays into promoting the long-term success of high flyers within a firm

How Do You Attract and Retain ‘High Flyer’ Partners?

In this panel discussion, subject specialists share their expert insights into the interesting and challenging features of LLPs that they have seen over the last 25 years and what they see approaching on the horizon for LLPs. 

Jeremy Callman (Ten Old Square), Dr Robert Millard (Cambridge Strategy Group) and Corinne Staves (CM Murray LLP) join chair Sarah Chilton (CM Murray LLP) to explore the key benefits of using LLPs in professional services, the trends they have seen – including in LLP disputes – key tax changes and issues, strategic considerations as well as what the coming years may hold for LLPs. Their discussion addresses key questions and topics including:

- How has the structure of LLPs developed since birth; what are some of the key elements of different LLP structures and their implications?

- Financial services LLPs vs professional services LLPs: the difference in attitudes on mutual trust between partners and duties of good faith at law and in LLP agreements;

- The use of English LLPs across the world, their evolution in different jurisdictions and how the increase in larger LLPs has affected strategic decisions;

- Risk considerations: tax, regulation, liability and litigation;

- Which partner remuneration trends have LLPs imported from other sectors and have they led to more or fewer disputes?

- What are the differences, if any, in downward incentivisation between LLPs and more corporate structures?

- What does the next 25 years hold for the future of LLPs?

If you would like to discuss any aspect of LLPs or if you have any questions arising from this recording, please contact Partners  Corinne Staves or Sarah Chilton, both of whom specialise in partnership law.

The LLP: 25 Years On - Professional Practices Alliance Webinar

In this second in our series focusing on the key issues surrounding partner performance in law firms, Partners Zulon Begum and David Fisher are joined by special guests Nick Jarrett-Kerr and Jonathan Middleburgh from leading law firm consultancy, Edge International, and authors of the book Managing Partner Performance: Strategies for Transforming Underperforming Partners.

In this recording, The One With the Squabbling Partners, Zulon, David, Nick and Jonathan discuss:

- Why do partner conflicts really happen? Often disputes stem from more than just a clash of personalities; leadership transitions, strategic shifts and remuneration changes can all play a role
 
- The early, and sometimes subtle, warning signs of tension to look out for
 
- The impact on firm culture - leading to associate dissatisfaction, reduced engagement and sometimes partner exits
 
- Financial performance isn't the only metric to measure - low morale and ineffective governance can have undermine long-term success
 
- The importance of open conversations, 360-feedback and mentoring in addressing issues before they escalate
 
- Managing partner exits carefully to avoid legal and reputational risks - the importance of clear policies and procedures 
 
- Preventative measures: Establishing a strong firm culture, partner behaviour frameworks, clear governance structures and open communication are key
 
- The crucial role of leadership in modelling behaviour, setting culture and fostering openness to feedback within the firm



Managing Partner Performance: The One with the Squabbling Partners

In this Ten-Minute Talk, Senior Partner Sarah Chilton and Senior Associate Wonu Sanda discuss mandatory retirement ages (MRAs) in partnerships and takeaways from the Scott v Walker Morris LLP case that has reignited interest in this topic.

If you are a partner facing a mandatory retirement policy or a firm leader wanting a quick overview of this area, this is a must listen. Key discussion points from this Ten-Minute Talk include:

- What are the MRA trends we are seeing in firms?
 
- Can firms really force partners to retire and can a partner challenge an MRA?
 
- How to determine if an MRA crosses the line into discrimination
 
- What evidence is needed to justify an MRA and lessons from the Walker Morris LLP case.
 
- Are there better alternatives to MRAs and do they carry the same discrimination risks?
 
- Practical strategies for partners and partnerships navigating this complex issue.

If you would like to discuss any aspect of mandatory retirement, or if you have any questions arising from this recording, please contact Senior Partner Sarah Chilton, Senior Associate Wonu Sanda or Managing Partner Clare Murray.

A Partner 101 to Mandatory Retirement Ages and Age Discrimination within Partnerships: Ten-Minute

In this fourth recording in our series focusing on Private Equity investment in professional services firms, Partners Zulon Begum, Corinne Staves and Nick Leale discuss the key regulatory considerations that firms should be thinking about when contemplating PE investment for their firm.

In this video, Zulon, Corinne and Nick discuss:

- How does PE investment reshape law firm ownership? ABS structures are essential, enabling non-lawyer ownership—but they come with increased regulatory scrutiny and risk
 
- What are the key regulatory risks in PE transactions? Post-Axiom, the SRA is laser-focused on client consent, money handling and due diligence to avoid intervention
 
- The impact on a firm's growth strategy: Regulatory complexities may lead to cost and delay, but should not halt the ambitions of a firm or its PE investors. With evolving SRA expectations around acquisitions and client money, firms must plan ahead
 
- How does PE impact firm culture and ethics? Value-driven strategies may put pressure on partners and senior management - potentially increasing the risk of burnout, misconduct or ethical compromise
 
- What role do PE investors play in compliance? The importance of appointing board members with a deep understanding of the legal sector and regulatory environment, enabling effective participation in firm governance and to support robust compliance systems
 
- How are conflicts and confidentiality managed? PE-backed firms must prevent conflicts with investors and between portfolio firms - strong protocols are essential
 
- Is EDI at risk, or can PE drive progress? The SRA demands an inclusive, discrimination-free workplace that promotes fairness and diversity. PE investors can encourage integration of EDI initiatives into business strategies and cultural practices
 
- What are the ongoing compliance obligations post-investment? Serious breaches must be reported promptly and compliance must be embedded in a firm's senior leadership and supported by regular training
 
- What does the future hold for regulation? New guidance on client money management is expected, following the Axiom-Ince consultation and increased scrutiny on mergers, acquisitions and external investments, emphasising the balance between regulatory enforcement and efficiency 

If you would like to discuss any aspect of private equity investment in relation to your firm, or if you have any questions arising from this recording, please contact Partners Zulon Begum, Corinne Staves or Nick Leale.

Private Equity Investment in Law Firms: The Regulatory Landscape

In this fifth video in our series focusing on Private Equity investment in professional services firms, Partner Zulon Begum is joined by special guest Claire Watkins, Partner and Head of the Professional Practices Group at Buzzacott LLP, to discuss the key financial and operational considerations that firms should be thinking about when contemplating PE investment for their firm.

As part of this series, we will be recording a special episode dedicated to answering FAQs about PE investment. If you have any specific questions you would like us to cover, please email them to us via zulon.begum@cm-murray.com.

In this video, Zulon and Claire discuss:

- Which sectors are attracting the most PE interest currently? While accountancy practices are leading, law firms are showing early-stage activity, in particular, smaller firms and boutique practices
 
- What makes accountancy firms so appealing to PE investors? Recurring revenue and regulation-driven services, plus scalable models and predictable income streams are key draws
 
- What opportunities exist for law firms? Scaling up individual firms, funding expansion into new markets and enabling exit strategies for founding partners
 
- How can PE investment support tech and efficiency gains: Enabling scale-up of technology and AI, as well as streamlining volume transactional services
 
- What are the challenges in attracting PE? Law firms may be less prepared for PE investment; financial management and growth planning metrics may need improvement; cultural resistance to reduced autonomy and sometimes less mature governance and performance management in comparison to accountancy firms
 
- What cultural and operational shifts come with PE investment? The move from consensus-based decision-making to performance-driven practices with set KPIs and targets, plus increased pressure on partner autonomy. Positive impacts include better pricing, development of talent and adoption of technology

If you would like to discuss any aspect of private equity investment in relation to your firm, or if you have any questions arising from this recording, please contact Partner Zulon Begum.

Financial and Operational Issues for Firms considering Private Equity Investment

Following the 6th IFSEA International Conference on Executive & Founder Issues in June 2025, we are delighted to share with you a follow up podcast for the session ‘Leading Through Strikes: Executive Strategies for Union Engagement’. Watch the video or listen to the recording here.

In this brilliant discussion, the IFSEA annual conference panellists explore important multijurisdictional issues for executives to understand in a strike situation or labour conflict.
- Jonathan Tuck, Baker McKenzie (UK)
- Carlos Pareja Frade, Augusta (Spain)
- Jennifer Platzkere Snyder, Dilworth Paxson (Philadelphia/NY, USA)
- Chair: Danny Kaufer, Borden Ladner Gervais LLP (Montréal, Canada)

In particular, the panel discuss:
- The differences in frameworks for union formation and industrial action.
 
- How are trade unions changing and what are the implications for executive strategies during labour conflicts?
 
- The boundaries of lawful executive conduct during strikes and the consequences of non-compliance.

Leading Through Strikes: Executive Strategies for Union Engagement - Post-IFSEA Conference Podcast Recording

Following the 6th IFSEA International Conference on Executive & Founder Issues in June 2025, we are delighted to share with you a follow up podcast on the session, ‘Breaking the Silence: “Everyone knew but no one did anything” – Tackling Workplace Harassment and Bullying, and Ineffective Regulation’. Watch the video, listen to the recording or read the transcript.

In this excellent discussion, the IFSEA annual conference panellists examine employer obligations regarding workplace harassment and bullying, as well as the key issues around addressing – and failing to address – misconduct.

- Chair: Beth Hale,CM Murray LLP (UK)
- Andrew Pavlovic, CM Murray LLP (UK)
- Nick Vamos, Peters & Peters (UK)
- Mathilde Houet-Weil, Weil et Associes (France)
- Lori L. Deem, Hughes Socol Piers Resnick & Dym, Ltd (Chicago, USA)

In particular, the panel discuss:
- What responsibilities are placed on the employer in the UK, France and the US?
- When does inaction bear regulatory and/or criminal consequences?
- The ethical and legal implications of using NDAs to conceal repeated wrongdoing.
- Current practices aimed at preventing the hiring of the rolling bad apple.
- How can senior leaders, regulators and governments do better?

Breaking the Silence: “Everyone knew but no one did anything” - Tackling Workplace Harassment and Bullying, and Ineffective Regulation

Following the 6th IFSEA International Conference on Executive & Founder Issues in June 2025, we are delighted to share with you a follow up podcast on the session, ‘Shielding Your Team: Enhancing Safety and Security in the Modern Workplace’. Watch the video, listen to the recording or read the transcript.

In this engaging discussion, the panellists revisit key themes from their session at this year’s IFSEA conference - identifying risks to employee wellbeing, exploring preventative strategies, and considering how organisations can respond effectively when harm occurs.

- Suzanne McKie KC, Farore Law (UK)
- Andre Royer, Borden Ladner Gervais LLP (Canada)
- Anne Davies, Richardson Lissack (UK)
- David Fisher, CM Murray LLP (UK) (Chair) 

In particular, the panel discuss:
- Understanding the organisational impact of personality-affecting disabilities and how adverse behaviour can affect team dynamics and wellbeing
 
- Approaches in the private sector in Canada that are shifting perceptions of mental health
 
- Lessons from workplace tragedy linked to excessive pressure and how leadership can respond to prevent future incidents
 
- Exploring the legal avenues available to employers - including injunctions - when addressing serious misconduct in the workplace

Shielding Your Team: Enhancing Safety and Security in the Modern Workplace - Post-IFSEA Conference Podcast Recording

We are delighted to share with you the recording of our recent webinar, Professional Services in the Age of AI: Regulation, Strategy, and Real-World Impact. 

In this discussion, Anthony Davis (FisherBroyles), Devika Kewalramani, (FisherBroyles), Dr Robert Millard (Cambridge Strategy Group), David Shufflebotham (PepUp Consulting) and Nick Leale (CM Murray LLP) join chair Corinne Staves (CM Murray LLP) to explore the impact of technology on professional services firms, with a particular focus on regulation. 

Topics covered include:
- How is technology reshaping professional services firms? From AI-powered research and disclosure tools to virtual client engagement, technology is now embedded in every aspect of firm strategy and operations.
 
- What are the implications for structure, pricing, and regulation? AI is driving a shift away from traditional leverage models, elevating the role of technologists and challenging the billable hour. Value-based pricing is gaining ground and firms must rethink how they assess and compensate their partners.
 
- What regulatory and ethical risks must firms manage? Competence, confidentiality, and supervision remain central. Firms must develop clear AI policies, invest in training and maintain strong oversight - particularly as regulatory scrutiny increases.
 
- What practical steps should firms take now? Define your AI business case, benchmark tools, train your teams, and document compliance. The next generation of lawyers is already embracing AI - leaders must act now to stay ahead.

This summary was drafted using Microsoft Copilot, as part of our ongoing exploration of how AI can support and enhance professional services.
 
If you would like to discuss any aspect of AI in relation to your firm, or if you have any specific questions arising from this discussion, please contact Partner and non-contentious partnership specialist Corinne Staves, or Partner and leading regulatory law specialist Nick Leale.

For example, CM Murray LLP can assist firms with reviewing their HR, risk management and other policies and/or their terms of business, on changes to governance and compensation systems for partners as a result of the increased adoption of technology and the regulatory implications of the use AI and technology in client service.

Professional Services in the Age of AI: Regulation, Strategy, and Real-World Impact Professional Practices Alliance (PPA) Webinar Recording

In the third and final episode of our podcast series with Emily Kaufer, Senior Director of Human Rights and Harassment at Air Canada, Emma Bartlett, Partner, and Gabrielle Lintott, Senior Associate, at CM Murray LLP, discuss some of the reputational issues at play when it comes to workplace investigations.

In this recording, Emma, Gabrielle and Emily discuss reputational issues in the context of investigations, including cross-border investigations, with a particular focus on:
The potential detrimental impacts on reputation where an organisation fails to respond to allegations of inappropriate workplace conduct or carry out a poorly managed investigation
 
Strategies for addressing and minimising reputational issues and risk
 
Risk management verses crisis management, and dealing with the fallout of an improper investigation and threats to reputation
 
The intricacies of cross border investigations and how cultural considerations might play a role in an investigation process
Listen to the previous episodes in the series below:
Bias in Workplace Investigations
Domestic Violence and Sexual Harassment Related Investigations

If you have any questions regarding this discussion or require advice regarding workplace investigations, please do not hesitate to contact Partner Emma Bartlett, Senior Associate Gabrielle Lintott, or another member of our Investigations Unit.

CM Murray LLP is a leading specialist employment, partnership and regulatory law firm. We are ranked Tier 1 and Band 1 in Legal 500 and Chambers and Partners for Partnership Law and Senior Executives and are recognised as having "a truly exceptional culture. The overwhelming sense that you are in hands of superb experts who are highly compassionate and understand the unique pressures their client has." (Legal 500 UK, 2026).

Legal 500 UK 2026 ranks Partner Emma Bartlett as a Leading Partner in the field of Senior Executives: "Emma has deep experience in negotiation and is a trusted advisor and defender of the rights of her clients. It is her personal and professional character that stands out as distinctive qualities."

Legal 500 UK 2026 recognises Senior Associate Gabrielle Lintott as a Key Lawyer in the field of Employment - Employers: "Gabrielle Lintott is a joy to work with - her instructions are fastidiously prepared and get to the crux of a dispute. She is extremely responsive and hardworking and a real up and coming name in the field."

Reputational Issues in Workplace Investigations - Investigations Podcast

Anonymity in workplace investigations is a double-edged sword: it can protect whistleblowers but also complicate investigations and fairness. In the recording of our recent IFSEA webinar, we were joined by:

- Rachida el Johari, Sagiure Legal, Amsterdam 

- Mathilde Houet Weil, Weil & Associés, Paris

- Colleen Cleary, Simmons & Simmons, Dublin

- Andrew Pavlovic, CM Murray LLP, London

- Emma Bartlett, CM Murray LLP, London (Chair)

The key highlights covered in this webinar include:

Jurisdictional Differences:
- In Ireland, anonymous complaints may not require action, risking procedural issues.
 
- In France, anonymous statements are allowed but must be supported by other evidence; cultural sensitivities are significant.
 
- In the UK, anonymous complaints are accepted if detailed, but pose evidentiary challenges.
 
The Netherlands emphasises fair trial rights, making anonymous reporting complex.
 
Investigator & Regulator Challenges:
- Anonymous reports protect identities but make evidence gathering and transparency harder. Regulators like the SRA and BSB struggle to act on such complaints.
 
Practical Guidance:
- Investigators should build trust, follow clear protocols, and explain the process to all parties. Policies should discourage anonymity where possible, ensuring fair hearings and due process.
 
Bystander Role:
- Employees must be empowered to report misconduct, with clear escalation routes and cultural support.
- Organisations should review their investigation policies to balance confidentiality, fairness, and legal compliance.

If you have any questions relating to this recording or if you would like discuss work place investigations in further detail, please contact Partners Emma Bartlett or Andrew Pavlovic.

Anonymity in Workplace Investigations – Key Legal and Practical Issues   - Webinar Recording

Welcome to the CM Murray LLP podcast channel where we discuss a wide range of topical issues in relation to partnership and employment law.

CM Murray LLP is a leading partnership, employment and regulatory law firm based in London. 

We advise US and UK law firms and partners, hedge fund and investment management partners, US and other multi-national employers, senior executives and founders on a range of UK partnership and employment law issues.

Transitioning from Founder-Led to Perpetual Governance Models

CM Murray LLP

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