Virtual Equity Program
Chamberlains is actively recruiting additional Practice Leaders. We recognise that the value of a firm is in its senior practitioners. To attract and retain the right candidates, we have developed a Virtual Equity Program.
What is the VEP?
The VEP allows Practice Leaders to share in the profits of the firm without having to contribute capital or secure the borrowings of the firm. More information is available in the brochure which can be downloaded from the right hand menu.
Who Is Suitable?
The VEP suits a range of practitioners:
Senior Practitioners:
We value experience. We don't think anyone is over-the-hill just because they are over 50. Our VEP makes it possible for you to continue to have a profit share stake in a firm without the hassles of management.
Sole Practitioners:
We handle all the management stuff, let you concentrate on legal practice, and give you the prospect of a financial return greater than simply selling your firm for a percentage of its Work in Progress.
Restless Senior Associates and Junior Partners:
The VEP is ideal for experienced practitioners who do not relish the prospect of contributing significant capital to become a partner in their existing firm.
How Does It Work?
Under the VEP, a substantial percentage of firm dividends are set aside for Practice Leaders. Practice Leaders share in the dividend pool according to their practice’s percentage contribution to firm revenues over the previous 3 years. This dividend share is in addition to an annual salary.
Why is it Called "Virtual Equity"?
Practice Leaders do not have to pay anything to buy in, just develop and maintain their practice. They continue to share in dividends after they leave firm until their ‘points’ are exhausted. Hence the term, virtual equity.
Do You Buy Existing Practices?
We do not buy existing practices. Instead, we simply give you credit for the value of your practice or client base.
Typically, this is done by treating the first year's worth of income as though that income had been earned in the last three years. That way, you immediately share in the profits of the firm as though you had been here for three years, instead of having to earn your way to a full share.
When you leave, you will continue to receive a passive distribution of dividends. In most cases, this will exceed what you would otherwise have received had you sold your practice to an incoming practitioner.
How To Apply
Contact Scott Chamberlain for a strictly confidential discussion
Alternatively, contact Gillian Beaumont Legal and mention you've visited our website and would like more information about becoming a Practice Leader at Chamberlains.
Resources & Downloads
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Virtual Equity Program(March 01, 2011) -
Service Standards - General(March 23, 2011)
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August 2011 Newsletter(August 18, 2011)
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Service Standards - Priority Clients(March 23, 2011)
