Until 2000, the viability of the limited liability partnership (LLP) as a law firm structure was largely academic. The model, while gaining popularity in the US, was little used in Europe or further afield, and few firms saw limiting the personal liability of their partners as a priority.
That attitude changed almost overnight, as the collapse of Enron pushed professional service providers into the spotlight. The scandal surrounding its demise precipitated the collapse of one of the biggest professional services firms in the world, the Chicago-based Arthur Andersen.
