Irwin Mitchell looks set to become one of the first leading UK law firms to take advantage of the Legal Services Act (LSA), with the firm already restructuring its business to make it more attractive to outside investment.
The top 25 firm is seeking advice from accountants about restructuring in a more tax-efficient way as a corporate vehicle rather than as a partnership. The corporate member model would allow the firm to avoid the maximum 50% individual tax rate for a portion of its profits in exchange for a 28% corporate tax rate – a structure that would be more attractive to external investors.
