A recent Legal Week survey revealed that as many as 84% of the top 50 UK law firms have already converted to limited liability partnership (LLP) status or are considering becoming an LLP.
Firms converting to LLP status will have no hiding place when it comes to reporting their figures, as accounts will become a matter of public record. Partners of these firms can therefore expect to see changes in the way they prepare their accounts and the way in which the firm’s financial performance is viewed, both internally and externally.
