City technology firm Kemp & Co is set to become one of first UK firms to be approved as a limited liability partnership (LLP).
From 30 June the firm will be known as Kemp Little LLP, with name partner Richard Kemp and former Bird & Bird lawyer Jonathon Little as the founding partners.
Kemp launched Kemp & Co in November 1997 after leaving Garretts, where he was head of the IT practice. He has subsequently built a 20-lawyer firm across four core practice areas – commercial, corporate, employment and communications regulation.
Kemp & Co’s three remaining partners – employment head Sarah Porter, commercial partner Kenny Mullen and corporate head Lucy Vernall – as well as new head of communications regulation Anneliese Reinhold will become members of Kemp Little LLP on terms that preserve their previous status.
Despite the introduction of the new regime on 6 April, only a handful of firms have said that they will take advantage of LLP status.
A Legal Week survey of 100 leading lawyers, conducted in April, showed that 96% of practitioners had not decided either way, although 72% indicated they thought LLPs would be good for business. Only 2% ruled out a conversion.
Commenting on the move, Kemp said: “The quid pro quo for LLP status – filing accounts at Companies House – is a really easy one for us as our culture is open.”
Little said that he expected the transition to LLP status to be smooth. “The majority of our client base consists of UK and European businesses with US operations, and North American corporations with UK subsidiaries,” he added.
“This means they’ll be very familiar with LLPs because the firms they know and use in the USA and Canada are very likely to be LLPs.”
Partnership law specialist Richard Linsell at Rowe & Maw advised the firm on the move.
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