Macfarlanes will join a growing band of law firms by converting to limited-liability partnership status as of 1 May.
Senior partner Charles Martin said: “We think it’s a more appropriate vehicle. Most of our competitors have done it and it’s the efficient and sensitive way of going about things.”
The silver circle firm eschewed outside advice on the conversion. Instead, tax partner John Dodsworth masterminded the switch. “It was pretty straightforward,” he said.
The move will be seen as a sign of cultural change under new senior partner Martin. Until his accession the firm was reluctant to divulge detailed financial information.
The move also coincides with an investment in the firm’s client buildings on London’s Cursitor Street, a space of 45,000sq ft.