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Limited liability partnerships came another step closer this week when the Government included the promise of a bill in the Queen's speech. A Department of Trade and Industry spokesman says LLPs will be available to two or more persons carrying on any trade or profession and will have the organisational flexibility of a partnership, with the internal agreement between members remaining confidential.
"This is likely to be of particular interest to professional firms such as lawyers, accountants and architects," he says. The new legislation would provide details of how an LLP could be formed and how it would need to be registered. It would also set out the relationship between members and the LLP.
Law Society Vice President, Kamlesh Bahl says: 'We wholeheartedly welcome this measure. Limited liability partnerships can only be a good thing for solicitors and their clients. They will ensure greater flexibility in the way law firms finance themselves and allow them to compete more effectively in the international legal services market."