CM Murray has launched a unique, interactive online tool to assess Limited Liability Partnership (LLP) agreements.
The tool, named CheckYourLLPAgreement, is free to use and can help General Counsels (GCs) and management teams in professional practices and law firms ensure their LLP agreement is robust, competitive, appropriate and in line with market practice.
The tool will particularly be useful for firms looking to prepare an LLP for an upcoming merger or transaction, or to act decisively during partner disputes or potential allegations of misconduct. Using the tool to ensure best practice will also help protect a firm’s goodwill, strengthen client relationships, and reinforce workforce stability – especially during partner transitions.
CheckYourLLPAgreement uses a traffic-light system pinpointing areas warranting attention and refinement of the agreement and provides explanations as well as suggestions for improvements. Users will be able to answer questions anonymously about the LLP agreement they are reviewing and will then be provided with a traffic-light risk report with commentary on potential risks and practical next steps.
Clare Murray, Managing Partner at CM Murray, said:
“LLP Agreements reflect a firm’s governance, partnership structure, and overarching business strategy. It is crucial that GCs and management teams are mindful of their LLP agreement, as well as the limitations and risks involved in drafting, reviewing and amending it. This unique tool, developed by our partner Zulon Begum, co-head of our Tier 1 Partnership and Professional Practices team, will help them truly understand their LLP agreement’s nuances, and make informed decisions to optimise it wherever possible.”
CheckYourLLPAgreement is accessible here.