One of the most common and potentially disastrous pitfalls for any partnership is not to have a valid and up-to-date partnership agreement. The consequences of getting this wrong are akin to having no house and contents insurance - nobody worries until it all goes wrong, but when it does go wrong the consequences can be catastrophic.
There are certain events in a partnership’s lifetime that should trigger a review of the partnership agreement. These include new and retiring partners, disputes and changes in legislation.
A properly constructed partnership agreement will reduce both financial and non-financial risk and provide a detailed framework on which the ongoing management and administration of the partnership can be based.
Whilst YORLMC Ltd cannot provide individual GPs or practices with legal or financial advice it is able to offer all its constituents access to a range of legal services. These services are offered under the banner of YORLMC LAW – in conjunction with LMC Law Limited and are designed to assist and facilitate legal advice and services to practices and federations.
LMC Law offer a full partnership drafting service at competitive market rates taking into account all new updates and clauses which reflect the relationship with the CCG and any provider arm company. Similarly LMC Law also offer addendums to existing agreements – all prices fixed and discounted to market rate with 2 months full legal support after completion. LMC Law’s latest bulletin setting out 10 important inclusions into current partnership agreements that GP practices should be aware of going forward is available to read here. It is recommended that current agreements are reviewed and updated accordingly to incorporate the principles highlighted, where appropriate.
The BMA has produced a number of resources that practices may find helpful. These include the BMA’s guidance: Taking on new partners: a practical guide for GPs. BMA Law provides a partnership drafting service – further information is available here. It is not necessary to be a BMA member to use BMA Law services, but if you are, you will benefit from discounted rates.