X

Welcome to CM Murray LLP. This site uses cookies, read our policy here.

author: Wendy Chung

What makes LLPs so attractive to professional services practices and what issues can deter or prevent a Firm from converting to an LLP?

As the economy starts to emerge from the impact of the COVID-19 pandemic and multiple lockdowns, many law firms will be considering not only how they can ensure the firm survives but how to bounce back stronger and more resilient to the economic challenges they may have faced during the past year.

Professional services firms have increasingly diversified over recent years as they have sought new opportunities to serve existing clients and attempted to attract new business by offering a wide range of services at greater scale.

The departure of a key partner can often cause significant financial, operational and reputational damage to a firm. It is imperative for firms to anticipate these risks in advance and have the appropriate protections and procedures in place, and where necessary, to take swift action, in order to mitigate against the adverse effects of partner departures.

It’s 4.30pm on a Friday evening. An email hits your inbox. It is a detailed complaint from a staff member about harassment allegedly committed against them by one of the Firm’s senior partners or LLP members. How should the Firm respond? What steps is the Firm required to take? Who must the Firm notify? These […]

The phrase, “LLP conversion”, is often used to describe a change in the legal form of an existing general partnership or a limited company to a limited liability partnership (LLP). It may sound like a simple switch from one status to another, but it is in fact an internal restructuring project that requires careful planning, consideration of the legal and tax implications for both the firm and its partners and significant management time in determining and implementing the relevant changes.

We are delighted to release the first podcast in our two-part series on Managing and Responding to Partner Exits.

Mergers in the Time of Coronavirus Part 1: The Strategic and Partnership Issues

Managing and Responding to Partner Exits – Part Two: Checklist for Exiting Partners

Managing and Responding to Partner Exits – Part One: 10 Steps to Protect your Firm