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.
Travers Smith has yet to announce its results for 2007/08 as its financial year does not finish until July.