According to a survey of UK lawyers conducted at a recent seminar in London, nearly one-third of the country's top 100 law firms are considering becoming limited liability partnerships (LLPs) in an attempt to manage risk.
Reporting last week, the Law Gazette revealed that of the representatives from 80 of the UK's top 100 firms questioned, 30% suggested that such a move was likely in the coming year. Currently, five of the top 100 are LLPs, and Allen & Overy announced recently that it plans to convert soon.
Speaking to the UK news service, Trevor Moss, director of professional indemnity insurance broker Alexander Forbes (which organised the seminar) observed that:
"This looks likely to be remembered as the year of the LLP." He went on to explain that new structures are being developed "which will enable firms to benefit from LLP status even when they operate on a multi-jurisdictional basis."
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