A recently published survey showed that 37% of law firms have ruled out converting to LLP status, with only 4% converting to date. This is at a time when firms in other professions – accountants and surveyors, in particular – are converting at a rate of knots.

International law firms were originally put off conversion by the taxation and regulatory complexities in certain jurisdictions. Allen & Overy led the way as the first truly global UK LLP. More recently, Herbert Smith followed suit.