find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Property lawyer - Melbourne
Category: Property Law | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Impressive client list, national firm · Well-led and high-performing team
View details
Senior family lawyer - Melbourne
Category: Family Law | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Outstanding national firm · High-calibre family law team
View details
Partners forms legal arm

Partners forms legal arm

VICTORIAN FINANCIAL services practice Partners has branched out into the legal market, recently launching its new legal arm — Partners Legal.Taking up the position of Partners Legal’s…

VICTORIAN FINANCIAL services practice Partners has branched out into the legal market, recently launching its new legal arm — Partners Legal.

Taking up the position of Partners Legal’s managing partner is Peter Gandolfo, a former president of the Law Institute of Victoria and former chairman of the Legal Aid Commission of Victoria. Gandolfo’s former firm, Gandolfo Commercialist Lawyers, has been incorporated into Partners Legal.

Partners provides specialist non-accounting financial services assistance to small and medium-sized accounting firms across south-eastern Australia, and Gandolfo explained that the primary role of Partners Legal will be to provide legal support for these services.

Partners Legal will operate alongside Partners’ three other divisions; mortgage and lending, investments and retirement planning and superannuation.

Partners’ structure appears to fit somewhere in between a multidisciplinary practice model and a joint venture. Martin Murden, head of the superannuation arm, explained that while the practice’s four arms form a single business with common shareholders, to maintain independence, each arm operates as a distinct legal body.

“The first point to make is that our four arms are run under four separate legal entities,” he said. “We also run them with ‘Chinese walls’ in place. People who work in the legal arm — other than clerical staff who may work across the board — will only work in Partners Legal, just as the mortgage services people will only work in the mortgage arm of the business.”

Gandolfo believes that the addition of the new legal arm will provide significant benefits for clients.

“Obviously the client would have to approve this first, but once a financial planner, or someone else in the organisation has obtained important client information, it can be freely shared,” Gandolfo said.

“Then you’ve got the ability to identify the precise requirements for that client which doesn’t normally happen when you have a number of separate service providers who don’t speak to each other.”

He believes this will be particularly advantageous in what he sees as an emerging area for the practice —assisting clients to navigate recent legislative amendments allowing superannuation funds to make geared investments through instalments warrants.

“As with any [new legislation], it’s not straight forward and there are a variety of theories about how the legislation should be applied,” he said.

“The advantage Partners offers by having the advisory services in super and legal together, as well as financial planners, is that we can provide a one-stop-shop solution which sources funding for super funds wanting to gear and acquire property, rather than somebody having to go to a financial planner, then having to go to a lawyer and then having to go to a banker.”

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Partners forms legal arm
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Aug 23 2017
NT Law Society sounds alarm on mandatory sentencing
The Law Society Northern Territory has issued a warning over mandatory sentencing, saying it hasn’...
Aug 22 2017
Professionals unite in support of marriage equality
The presidents of representative bodies for solicitors, barristers and doctors in NSW have come toge...
Aug 21 2017
Is your firm on the right track for gig economy gains?
Promoted by Crowd & Co. The way we do business, where we work, how we engage with workers, ev...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...