Yesterday it was the year-end, but today it’s a new beginning.
Well, at least it is for a batch of disparate firms that includes Barlow Lyde & Gilbert, Clyde & Co, Coffin Mew & Clover, Dawsons, Linklaters and Lovells. Today (1 May) is the day that these firms begin life as limited-liability partnerships (LLPs).
According to Lovells senior partner John Young, the conversion into an LLP will have “little or no impact” on the day-to-day service the firm provides. “It simply reflects our decision to adopt a structure for our business that’s more suited to the modern practice of law than the 1890 Partnership Act,” he states.
Indeed, Young’s comments match those of Philip Rodney, the chairman of one of the first firms to convert to LLP status in Scotland, Burness, who said converting three years ago had made “very little difference” to the firm or its partners.
It may not make a difference on an everyday level, but the pace of LLP conversion, seen by many as a bridging step to a more corporate method of doing business in tune with the current Legal Services Act climate, continues to accelerate.
Altogether now: “Turning LLP I think we’re turning LLP I really think so…”
Meanwhile, The Lawyer has launched a brand-new student and trainee site, packed with top tips on starting a career in the law. To access this vital resource, visit www.lawyer2B.com.