The Hong Kong Law Society has called on the SAR government to lift a ban on the formation of law firms as Limited Liability Partnerships (LLPs), arguing that the jurisdiction needs to be brought into line with other leading legal markets in this regard.
In a recently published report on the matter, the Law Society suggested that demand is high within the Hong Kong legal community for some form of liability limitation in the wake of events such as the collapse of Enron and "the ensuing Arthur Andersen debacle".
The Law Society working party which compiled the report went on to suggest that in many ways, a partnership is a more effective structure for a law firm than the existing solicitor corporations.
It also argued that the "partnership culture" likely to be engendered by allowing legal services firms to adopt LLP status could result in increased trust between partners, more efficient sharing of resources and rewards, and common investment in the firms and their staff.
According to reports, the specific LLP model being proposed by the working party is based on those in place in Ontario and New York.
The campaign has been welcomed by the city's legal community, which has long believed that as a leading Asian market, Hong Kong should follow the lead of its competitors in this area.
.
Network Tweets Archive
| Resources | Partners
| Site Map | Links
| Newsletter
Archive | Contact
| RSS Feeds
About | Syndication |
Advertising & Marketing |
Recruitment |
Terms & Conditions |
Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
All content provided by BSI Media
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment