The Partnership Act of 1890 has given 110 years of redoubtable service, but, says Roger Zair, it is now in need of updating.

It is always the same when you meet a long-lost friend – they have not changed a bit. In the case of the Partnership Act 1890, that old friend (now more than 110 years old) really has not changed; but the rest of the world has moved on, and this piece of legislation is looking as long-bearded as Rip Van Winkle.