- Bob Hair comments on the appointment of non-legal Partners at Turcan Connell
Bob Hair comments on the appointment of non-legal Partners at Turcan Connell
Wednesday, July 04, 2012
In a recent New Model Adviser article, Head of Financial Planning, Bob Hair, discusses what the Legal Services (Scotland) Act 2010 means for Turcan Connell.
The Act, which comes into force this month, will enable multi-disciplinary law firms to apply for Alternative Business Structure (ABS) status and allow for a minority of non-legal Partners to be appointed. In the wake of this ruling, both Bob and Chief Investment Officer, Haig Bathgate, will become Partners, having been made Principals in 2009 in anticipation and expectation of this change in the law – which has prohibited Scottish solicitors from being in partnership with non-solicitors for over 500 years.
Bob comments on the positive effect that the new legislation will have on financial services professionals working for legal firms and the financial planning sector as a whole. He believes that the legislation will help talented professionals break through the existing “glass ceiling” and show that other professionals, particularly investment managers and financial planners, are able to achieve parity with lawyers, accountants and other professionals within the same firm. This is critical to allow a multi-disciplinary firm like Turcan Connell to retain both its independent ownership structure and its key people, which in turn enables Turcan Connell to be better prepared than its competitors to provide a consistent experience and enduring client relationships.