Third of law firms reject move to LLP status

More than a third of law firms say they will never convert to limited liability partnership (LLP) status, according to a new survey.

The research conducted for insurers Zurich Professional shows that 37 per cent of firms have ruled out converting to LLP status, while over half (52 per cent) are yet to decide on the move.

The findings come as City firm Herbert Smith announced that it is due to convert to LLP status on 1 April this year.

According to the survey, 20 per cent of solicitors surveyed said the biggest drawback to LLP status was the requirement to file transparent financial accounts with Companies House.