Partnership agreement

[rhsmyth]

If your an NFU member you can get a draft partnership agreement. I am sure that what I did, drafted it and ran it past my accountant and then solicitor for comment. Much cheaper than them starting something from scratch. I am no longer a NFU member so can’t check their online docs.

My wife and I are in a partnership with her uncle who recently died. Comforting to know all bank accounts and business continues and the agreement states what continues etc. worth putting in place but like most jobs, a little research can reduce the professional costs. - probate solicitor is proposing £325/hr with a minimum fee of £2,500. They don’t even know the estate value nor complexity!!

 

[Derryn]

This infomation was taken from https://www.gov.uk/guidance/solicitors-guideline-hourly-rates.

Seriously how long do you think it is going to take?


Guideline hourly rates

Pay band	Fee earner	London grade 1	London grade 2	London grade 3	National grade 1	National grade 2	National grade 3
A	Solicitors and legal executives with over 8 years’ experience	£409	£317	£229–£267	£217	£201	£201
B	Solicitors and legal executives with over 4 years’ experience	£296	£242	£172–£229	£192	£177	£177
C	Other solicitors or legal executives and fee earners of equivalent experience	£226	£196	£165	£161	£146	£146
D	Trainee solicitors, paralegals and other fee earners	£138	£126	£121	£118	£111	£111

Those figures are way out of date. The Law Society keeps talking about updating them but hasn't.

 

[theboytheboy]

I guess it's like insuring the farm buildings. Seems a waste of money each year but could be a saving grace one day.
And at least with the partnership agreement, it's inevitable that it will be scrutinised one unless we all live for ever.

Just seems a bit expensive when I only paid 2500 a couple of years ago for conveyancing before buying a 200 acre farm. At £250 / hour that means this will only take 4 hours less to complete.
He's offered me a choice of a fixed £1500 - £1750 fee or and hourly rate of £250.

Tin hat on but my wife and I haven't actually done our wills yet !! Both in our 40s with 2 young children.

Please make sorting wills, power of attorneys and partnership agreement a priority!

 

[Fubar]

Ben on the case today. Got a quote from another solicitor. Really nice chap who knew his stuff. His ball park cost was less than half that of the other firm.
Easy decision to make.