Legal Business 100 firm Osborne Clarke (OC) has become one of the last firms in the UK top 50 to convert to a limited liability partnership (LLP).
The firm is currently structured as a traditional partnership, which is different from an LLP as it means the firm does not have to be incorporated at Companies House or have a registered office. In addition the partners do not enjoy the protections of limited liability.
It is understood the move will be completed within the next few weeks and has been in the pipeline for some time. It had been delayed due to the firm’s focus on international expansion which has seen it open in a number of new jurisdictions including Amsterdam, New York and San Francisco.
A spokesperson for the firm said: ‘We have looked at the best structure for our business and can confirm that we are in the process of converting to Osborne Clarke LLP. This is currently being discussed by our partners and we will be able to share more details in due course.’
Last August, Mishcon de Reya said it would bring all partners into the equity and convert to a LLP at the end of autumn 2015. The transformation would see every partner become a form of an equity partner. Current equity partners would become ‘senior equity partners’ while junior partners would become ‘junior equity partners’, the firm said.
kathryn.mccann@legalease.co.uk