Unless all parties are happy with the apparent demotion of applying a neutral term such as «director» or «
senior solicitor» to former
salaried partners who are simply employees, the first possibility is to retain their apparent status, both contractually and tax-wise, by leaving them outside the registered membership of the LLP, but continuing to call them
partners.
- Another — the previous
senior partner — wanted to retire despite signing a three - year consultancy agreement thinking he could negotiate a higher leaving fee in the new organisation, while the two remaining
salaried partners were happy without line responsibility.