Norton Rose has agreed in principle to convert to a limited liability partnership (LLP).
The firm’s partners voted on the conversion at the partnership conference held in London at the weekend (12 November). A timetable for conversion is yet to be set.
Several regulatory hurdles in Norton Rose’s foreign offices will need to be overcome to complete the conversion, and some offices such as Hong Kong are unlikely to be able to join the LLP because legislation does not yet allow the structure.
The conversion will mean a change in attitude for the firm, which has traditionally given only "guideline figures", which it reserved the right to change at any time. LLPs have to file audited accounts with Companies House.