The Gazette 1978

GAZETrE

nowadays, except in small firms of one or two partners

payments were not made for goodwill; the important

lhing for any firm is to acquire competent new partners

who can do the work eO·cctivcly. As regards otTIce

premises smallcr firms tend to own their own premises

and larger firms tend to lease. Whcre premises are o\\Cncd,

problems may arise on the retirai or death of one of the

partners as regards continuing financing. As regards

~ltings.

equipment, furniture and the library it was

Important to have the best that -can be commercially

justified. Work in progress was an area in which there is

normally considerable waste and may amount to as much

as six months turnover at any time. Unpaid accounts are

another problem which should be fairly and properly

Controlled. A monthly reminder system is important and

may reduce the size of the problem but a firm should be'

prepared, if necessary, to take its clients to Court in this

regard. Cash advances to clients is very much a matter of

firm policy. Mr. Semple thought that this was easier to

Control in a large commercial practice other than

small

personal one.

After considering the above matters, Mr. Semple

discussed how the load be shared amongst the partners.

~as

important to consider how the business was financed

In practice. The preferable method would be an obligation

to provide finance in proportion to profit sharing. A

reasonable age spread of the partners was important so as

not to impose too hea,"}, a burden when partners must be

paid.

was also important to consider how long a

respective partner is to be allowed to make his required

capital contribution. Also worthy of consideration was

the question of obtaining life insurance on the lhoes of

Partners to guard the firm against the untimely death of a

Partner.

Retirement.

tvlr. Semple said that it was highly desirable 'that

!etirement arrangements for all panners were known well

advance so that appropriate financial arrangements

could be made and that a retiring partner has the best

chance of being psychologically prepared for retirement.

He was in favour of a compulsory retirement age both to

rnake way for younger men and to allow older men a

period of relaxed retirement. He recommended a

prOvision in a partnership agreement whereby .each

partner is required to finance a pension of between one

third and one half of his current earnings and also to

provide for adequate life insurance at a level of two or

~hree

times current earnings. Permanent health insurance

In the event of any partner becoming unable to work for

prolonged period was also advisable.

Expansion ond

amaJgam8tio~.

Finally Mr. Semple dealt with the matter of expansion

and amalgamation. Mr. Semple felt that' amalgamation

Could be helpful in the providing of a better service to

Clients especially in so far as they needed specialisation.

An amalgamation may also help

the organisation of a

firm has fallen down in any way. In any event

amalgamation,. to w'ork, requires much hard work,

patience, tolerance and even good humour.

is also most

Important on an amalgamation to make sure that there

a~e

regular means of reaching decisions and exchanging

Views on all difiiculties likely to arise.

After a break for coO"ce, the matters raised in

discussions and questions included the calculation of a

~apital

contribution for a new partner, life insurancc, the

notty problem of dealing with a partner guilty of gross

APRIL 1978

misconduct or excessive drinking and the role of time

costing in the maintaining of standards bctwccn partners.

On the question qf· New Partners contribution, Mr.

Semple said that this should be proportionate· to his share

in profits and that he should be givcn five to ten years to

pay

up.

•

Mr. Semple's paper was very well receivcd and

provided considerable food for thought among younger

members of the profession who aspire to partnership.

As the gencral Seminar lectl.lres tended to give

information of a sort useful to Solicitors who wanted

to make more mo.ney, presumably only the more

wordly of the profession attended the re–

cent Young Solicitors' meeting in Killarney.

The Seminar did not. therefore. benefit from the presence

of those noble and generous souls who usually attend

these functions in the quest for further legal t.-nowledge to

benefit their clients.

those worthy and upstanding

members who stayed away think to read here a scurrilous

account of the dark doings of their less altruistic brethern,

they are mistaken. \Ve low commercial creatures who

featured on the Killarney scene will not pander to the

moral superiority of those who remained soberly at home

by confessing our evil ways. The following, therefore, is

severely expurgated version of the true, story of \Vhat

\Vent On.

U\Vho says they are a self-interested crowd?"

interruption comes from my side "\Vhat about that daring

legal warrior who. when he wandered forth to view the

lakes of Killarney (during a break in lectures) chanced to

pass where a young maiden had fallen over a treacherous

precipice and leapt to her rescue. flung the fainting female

over

his

shoulder and vaunted

agJ.in

to the cliO" top where

he deposited his fair burden".

statue depicting the noble

rescuer "ith loftily averted gaze rec,eiving the blessing of

her aged parents is to be erected 'on the spot by the Law

Society Public Relations Committee.

At the Seminar itself too, a confessorial air permeated

among the ranks of the sinners in attendance who, in tum,

beat their breasts before Charles

~leredith

and told their

tales of gUilt to ease their consciences. The talk on the

moral issues of legal practice provoked much earnest

discussion amongst those present. Naturally, the people

found

the b:u- during the course of this lecture were

those whose deeds were above reproach and who had no

need of improvement as conscientious beings.

On Saturday evening, of course, there was

the

customary dinner and dance. This was generally agreed

to be most. enjoyable.

was probably rendered more so

than

usual

by the absence of those honourable beings

referred to at paragraph

above.

The

award for the

b~st

dressed man this time goes to the law Society President,

~1r.

Joe Dundon. who was ..oery nattily turned out in a,

black velvet number which set ofT to perfection

the

chains

of office glistening on the manly chest. This function was

immediately followed by a recital on the piano forte

delivered by Mr. Paddy Daly with the Solicitors' Choral

Society in vague accompaniment.

And on Sunday morning we all trailed in to the lecture

hall with empty pockets hoping to be told how we could

earn enough money to pay for

all

this carousing.

Did ....

Know That:

Under the Petty Sessions (Ireland), Amendment Act

1861.

Committal for Drunkenness for a period not less

than Forty cight hours could be to a local although not

a District or ccrtified Bridewell.