Like a much-hyped movie, the limited liability partnership burst into view nearly three years ago. It seemed certain to be a blockbuster, a runaway success. Everyone was talking about risk – and in this movie, risk management had the starring role.

However, up to now, LLP has not been a smash hit. After an early flurry of conversions, with Clifford Chance and Mayer Brown Rowe & Maw leading the field, the law firm take-up of this new model has been lower than many had expected.