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Lawrence Graham has become the latest firm to plump for limited-liability partnership (LLP) status after undergoing a conversion yesterday (1 August).
LLP status will cover all of Lawrence Graham’s operations bar Monaco, which is being run as a separate unlimited-liability business.
However, Lawrence Graham finance director Simon Brown explained that although the Monaco-based partners were not members of the LLP, the local operation was still covered because of its unlimited-liability status.
The conversion follows similar action by Withers and Mayer Brown Rowe & Maw, while Allen & Overy became the first magic circle firm to become a UK LLP on 1 May.
Lawrence Graham managing partner Penny Francis said the move had been planned since the start of the financial year, after the partners recognised that LLP status offered a more efficient way of running the firm.
John Machell of Serle Court advised Lawrence Graham on the conversion, while the firm also took advice from Deloitte during the early stages of the process.