LLP status may not be a panacea for all the personal liability risks facing solicitors, but firms whose partners decide to convert will enjoy a substantial level of personal protection if they follow a few practical measures and keep clients informed, says Peter Maguire
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.
This premium content is reserved for
Legal Week Subscribers.
A PREMIUM SUBSCRIPTION PROVIDES:
- Trusted insight, news and analysis from the UK and across the globe
- Connections to senior business lawyers within the leading law firms and legal departments
- Unique access to ALM's unrivalled, market-leading reporting in the US and Asia and cutting-edge research, including Legal Week's UK Top 50 and Global 100 rankings
- The Legal Week Daily News Alert, Editor's Highlights, and Breaking News digital newsletters and more, plus a choice of over 70 ALM newsletters
- Optimized access on all of your devices: desktop, tablet and mobile
- Complete access to the site's full archive of more than 56,000 articles
Already have an account? Sign In Now
For enterprise-wide or corporate enquiries, please contact Paul Reeves on Preeves@alm.com or call on +44 (0) 203 875 0651