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U.S. law firms in London are on heightened alert this month ahead of a British government consultation that is expected to address whether U.S. limited liability partnerships (LLPs) operating in the city should be required to disclose their financial results.

The Department for Business Enterprise & Regulatory Reform (BERR) is set to release a consultation looking at the application of the Companies Act for such partnerships in the coming weeks and many lawyers expect the treatment of overseas LLPs to feature in it.

The issue — debated ahead of draft regulations planned to be released next spring — is controversial and provoked fierce complaints from U.S. law firms last time it was mooted in 2001.

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