Structuring Your Legal Practice for Sustainable Growth and Digital Transformation
CPD Hours: 2
Price: R450.00
Structuring Your Legal Practice for Sustainable Growth and Digital Transformation
Presenters : Lisa Thomas
Overview
Traditional legal firms must adopt the most appropriate business structure for compliance, taxation, liability, ownership and growth.
Adv Lisa Thomas will unpack the modern and appropriate business structures available to legal practitioners in South Africa, including its applicable regulatory requirements and practical strategies to evolve traditional firms into agile, technology-enabled practices.
Learning objectives
Attending this webinar will equip you with the following skills:
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Understand the key types of legal business enterprises in South Africa and their respective advantages and disadvantages.
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Identify the tax and liability implications associated with different legal structures.
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Evaluate evolving models of legal service delivery, including boutique firms, legal tech startups, and alternative legal service providers (ALSPs).
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Develop strategies for transitioning a traditional law firm into a modern, technology-enabled enterprise.
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Apply practical tools such as a 5-year plan template to define growth objectives and measure firm performance.
Content
The webinar will cover the following topics:
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Types of Business Enterprises in South Africa
o Sole proprietorships, partnerships, and incorporated practices
o Private companies vs. personal liability companies
o Legal firm structures under the Legal Practice Act
o Advantages and disadvantages of each structure -
Tax Implications and Liability for Debts
o Overview of legal firm taxation (income tax, VAT, PAYE)
o Limited vs. unlimited liability and their implications
o Financial management and SARS compliance
o Tax planning strategies for law firms -
Evolving Legal Business Models
o Traditional firms vs. boutique and specialist practices
o Shifting from traditional practice to modern legal management
o Incorporating technology and embracing virtual practice models
o Sustainability, succession planning, and long-term firm growth -
Alternative Legal Service Providers (ALSPs)
o Understanding what defines an ALSP
o Opportunities within the South African ALSP market
o Leveraging technology and process efficiency
o Navigating regulatory and ethical considerations -
Supplementary Resource: 5-Year Plan Template for a Law Firm
o Developing a vision and mission for your practice
o Setting measurable goals and KPIs
o Growth strategies and performance tracking