Travers Smith has re-written its partnership agreement as it becomes the latest City firm to convert to a limited liability partnership (LLP).
Travers set up a special committee to handle the conversion, headed by managing partner Chris Carroll and corporate partner Oliver Barnes, alongside partnership manager David Thomas and recently-retired property partner Robert Harman.
Barnes said the move had allowed Travers to iron out some anomalies in its partnership system, adding: "There is quite a lot to think about. It has given us the opportunity to re-examine the partnership agreement at the same time." He added: "This is not going to make any changes to our modus operandi - it will be business as usual."
The firm also received advice from an external consultant, former Lovells partner Don Kelly.
The announcement follows corporate rival Macfarlanes' decision to become an LLP in May. (The Lawyer, 6 May 2008)
Travers Smith has yet to announce its results for 2007/08 as its financial year does not finish until July.