The partnership structure has proved a successful formula for law firms, but in the days of the global firm, how effective is this type of arrangement? Felicity Clarke predicts the successful arrival of a new kid on the block – LLPs.

“Partnership has stood the test of time,” says Richard Linsall, a partner at Mayer Brown Rowe & Maw. “It stands for teamwork and fair dealing, openness and honesty. People who enter partnership have their ambitions fulfilled.