Midlands-based firm Gateley Wareing is set to become a limited-liability partnership (LLP) by 1 September 2003, following the lead of Birmingham giant Wragge & Co, which converted to LLP status at the beginning of the month
The firm's senior partner Michael Ward told The Lawyer that a shift towards LLPs is inevitable for people who live with personal liabilities. "The tide's turned and I'll be surprised if there aren't more firms converting to LLPs," he commented.
Gateley Wareing has also posted a 21 per cent rise in its turnover for 2002-03. The firm's fee income has jumped from £10.5m to £12.7m.
Ward said that even though market conditions were difficult last year, the turnover for corporate services has also shot up by 21 per cent to just over £5m.
The corporate services group, which was bolstered in February with the appointments of ex-Hammonds partners Paul Cliff and Katie Silvester, accounts for 40 per cent of Gateley Wareing's annual turnover.
Ward declined to disclose Gateley Wareing's profits, but said the firm's margins had been maintained.