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Analysis2.jpgLimited liability partnerships (LLPs)Despite increasing interest, most UK law firms have so far held back when it comes to taking advantage of new legislation allowing LLPs. Will Enron help to concentrate minds?

The principal, and in some cases overwhelming, reason why firms might choose to become LLPs is protection from firm-busting ‘Armageddon’ legal claims. When a £600m writ arrives at their office as a result of an act by one of their colleagues, most partners will probably prefer to be in an LLP rather than an ordinary partnership. Faced with a straight choice of joining an LLP or a partnership of equal standing, prospective partners might now increasingly take the view that they are in a better position in the LLP in terms of liabilities that may be incurred by partners they barely know.

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