It emerged this week that magic circle law firm, Clifford Chance has converted from an US limited liability partnership to become an UK LLP.
In a statement announcing the move, quoted by The Lawyer, managing partner David Childs explained that:
“After extensive investigation, the firm has concluded that a British LLP best suits our needs as regards liability, tax and structure, while retaining the culture and organisation of an international partnership.”
The move follows a similar decision by Allen & Overy in 2004, and may signal the start of a growing trend, with other international firms such as Linklaters and Freshfields Bruckhaus Deringer also reported to be considering conversion to UK LLP status.
According to The Lawyer's report, only the firm's Amsterdam, Beijing, Brussels, Dubai, London, and Shanghai offices will operate within the new framework, with the remainder of its 29 international offices being obliged to operate as sub-entities of the LLP due to regulatory factors.
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