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Professional advisory service launched

Global Legal Post
By Shannon Sweeney
03 July 2014 at 09:39 BST

A new multi-disciplinary partnership alliance has been launched between leading three law firms and an accountancy practice to advise professional practices.

Three London-based firms are combining with Buzzacott.

The firms CM Murray, Hierons and Maurice Turnor Gardner have combined with chartered accountants Buzzacott to launch the Professional Practices Alilance, a professional advisory service. The firms are looking to advise US firms who are planning to set up in London, among other professional services. Commenting on the new service, Clare Murray of CM Murray said: “Professional services firms often feel that their specialist advisers are working in silos, withouth a full awareness of the wider tax, accounting, legal or financing implications of the advice being given to the firm. The professional Practices Alliance rovides professional services firms with access to joined up, collaborative advice on partnership law, tax, accounting, structuring, financing and regulation, from specialists who are each market leaders in their own field.’ CM Murry specialises in the employment and contentious side of partnership law, whereas Hierons is a corporate boutique.

Are LLPs fit for purpose?

At its recent launch event, the Alliance debated whether the Limited Liability Partnership (LLP) structure is still fit for purpose or whether it has ceased to be attractive to professional services firms. This follows the direct challenges to LLPs recently with the change in the tax treatment of salaried members, and by the Supreme Court ruling last month that LLP members are workers for certain statutory employment rights. Such rulings have created uncertainty around the LLP structure.