LLP Conversion for Law Firms

Expert guidance and advice whether you are considering conversion or re-thinking your current LLP agreement

Additional taxes may be applicable

Details

Description

With the introduction of Alternative Business Structures and with most partnerships converting to LLP status to remain competitive, now may be the time to start considering the benefits of conversion for your own firm.

The conversion process can be a challenging one with wide-reaching implications. But a successful LLP conversion can provide the ideal opportunity to review your core business operations, allowing you to plan positive change and growth in an increasingly competitive and changing market.

Managing Partner’s report on LLP Conversion for Law Firms provides a highly practical, step-by-step guide specifically taking into account the unique considerations that are raised by today's economy and evolving legal marketplace. It highlights the key questions that need to be asked during the preparation and transition stages, as well as how to deal with the complications that may arise after conversion has taken place.

Key topics covered include:

  • Converting from a partnership to an LLP – key considerations and trends;
  • Advantages and disadvantages of converting from a partnership to an LLP;
  • Preparatory work and practical issues involved;
  • The default provisions and their drawbacks;
  • Tailoring the LLP agreement to reflect the needs of your firm;
  • Transferring the existing partnership business into the LLP - key issues and contractual obligations;
  • The general tax treatment of limited liability partnerships - possible complications that may arise after the conversion and how they might be handled;
  • Management and technical resources involved in the conversion – Is outsourcing an option?
  • The implications of the Legal Services Act 2007 and the introduction of Alternative Business Structures.

LLP Conversion for Law Firms includes valuable behind-the-scenes access to existing LLPs and the common pitfalls and successes they encountered through the conversion process. In addition, you will also find a precedent for an LLP agreement within the Appendix.

Contents

Chapter 1: Introduction

Chapter 2: To convert or not to convert?

Chapter 3: Preparing for conversion

Chapter 4: Forming the LLP

Chapter 5: Converting under the default regime

Chapter 6: Drafting the LLP agreement

Chapter 7: Transferring the business – In practice

Chapter 8: Accounting and taxation

Chapter 9: Managing the conversion project

Chapter 10: LLPs and ABSs

Case study 1: Kingsley Napley – A conversion in practice

Case study 2: Retirement under the default provisions and accounting under the SARs

Appendix: An illustrative example of an LLP agreement

Check our Executive Summary and full table of contents here

Authors

Nicholas Wright
Nicholas Wright  is a solicitor (ret'd), is a solicitor who has specialised in partnership and regulation for many years and was Chief Executive of his Gray’s Inn firm before his retirement in 2012. He was a member of the Solicitors Assistance Scheme for over twenty years and was a contributing editor of Cordery on Solicitors. He has written reports for Ark Group on partnerships and conversion to LLP status.

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