Conversion to LLP – Frequently asked questions
A Limited Liability Partnership or “LLP” is a business structure governed by The Limited Liability Partnership Act 2000 and used by the majority of the Top 200 UK law firms. It is essentially an extension of the traditional partnership but with a corporate element. Internally, an LLP has the flexibility of a traditional partnership but, externally, it is a separate legal entity and is subject to Company and not Partnership law. An LLP has Members, rather than Partners or Shareholders, and is itself liable for any debts of the business, rather than the individual Members (or Partners) of the firm.
This was a progressive step in developing the firm. It is our objective to continue to grow our business for the benefit both of our clients and our staff and, as we grow, an LLP offers a more corporate structure which will assist us in managing our business effectively and investing in it in a structured way. An LLP will allow us to continue to develop the range of services we provide to clients and we believe this modern structure will enable us to continue to motivate and attract high quality lawyers to the business.
Not at all. We actually started the process at the start of the 2020, but paused the project when the virus hit. As the impact of the virus continued, we decided to press ahead with our plans to convert for the reasons stated above.
We are still known as “Anthony Gold” but, from 30 November 2020, we began trading as Anthony Gold Solicitors LLP, a Limited Liability Partnership registered in England and Wales.
An LLP does not have Partners or Shareholders, only Members. From 30 November 2020, the Partners of Anthony Gold Solicitors became the Members of Anthony Gold Solicitors LLP. However, we will continue to describe them as Partners as this is better understood and reflects the continuing partnership ethos of the firm.
No. There will be no interruption to our service to you, or changes to the staff who deal with your affairs, as a result of the firm’s conversion to LLP. We shall continue to provide the same high quality, personal service to all our clients. The Partner(s) and/or solicitors dealing with your case will remain the same. It is very much business as usual and no internal restructuring has taken place. If the firm holds money, deeds or other documents on your behalf, these will be transferred to Anthony Gold Solicitors LLP and held exactly as the Partnership did formerly. We will continue to be subject to same rules; the LLP will assume all the rights and obligations of a data controller under the Data Protection Act with effect from 30 November 2020.
Other than incorporating our new LLP title and reflecting the regulatory requirements of our LLP status, there is no other changes to our Terms of Business. The LLP will still be regulated by the Solicitors Regulation Authority (SRA).
Yes. Conversion to an LLP will not affect our level of professional indemnity insurance cover, which will remain the same.