After a slow start, the move towards limited liability partnership (LLP) conversion is gathering pace among law firms, with Herbert Smith, CMS Cameron McK-enna and Watson Farley & Williams among the latest to make the change. Many more firms are expected to convert during the next 12 months, as partners seek protection from the risk, however remote, of an uninsured joint and several liability which could bring personal financial ruin.
While LLP members will be protected from claims in contract, an individual member may still, in certain circumstances, incur a personal liability in tort. This article looks at some of the practical steps that can be taken in order to minimise that residual exposure.
