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Private client advisory firm Maitland is set to become a Legal Services Act (LSA) pioneer, with plans to turn all of its UK lawyers into employees of the group’s Maltese holding company.
Maitland Group managing director Steve Georgala said the firm was ready to make the move as soon as the act came into force in October this year.
The move would help simplify Maitland’s complex structure, which includes law firms in England and Wales, the Isle of Man, Luxembourg and South Africa, as well as trust, wealth management and fund administration services.
Partners in the UK law firm LLP, Maitland Advisory, are also shareholders in the parent company, Maitland International Holdings.
Once the LSA comes into force Maitland will close down the LLP. Its seven partners will be regarded as employees of the parent, remunerated at similar levels, and are likely to continue to hold shares.
In 2008-09, the last year for which accounts are available, the average profit per equity partner was £238,268.
Georgala said paying national insurance and pension contributions would be expensive, but the move was still worthwhile.
“Our business is more than being a law firm,” he said. “Having a regulated law firm within the context of the larger group will make life easier for us.”