We have vast experience of amending the structure of law firms, and LLP conversions in particular, which are becoming popular again as the tax advantages of limited companies are not as great as they once were. LLPs are also more suitable to larger law firms.
The conversion process includes:
A managed service to convert law firms to LLPs
Sole practitioners or partnerships of all sizes in all locations.
Attend two hour assessment meeting, two hour planning meeting. Provide regular updates to Partners. Action points from the planning meeting.
Conversion of your law firm to a Limited Liability Partnership (see the detailed process above).
£1,250 plus VAT and disbursements for the initial assessment meeting. £1,595 plus VAT and disbursements for the planning meeting and provision of the conversion checklist. The above are the fixed fee payable in advance cost options. Additional fees to be agreed in advance following the planning meeting. All services will be provided remotely via video conferencing, however, options are available for face to face if required.
Armstrong Watson has experience of converting and setting up a number of law firms as LLPs in the past few years.
We engaged with Armstrong Watson in 2019 to assist with our conversion from a traditional partnership to an LLP. We’re based in Buckinghamshire and the Armstrong Watson Legal Sector team that were assisting us with the LLP conversion are based in the far North of England, but this did not affect the support we received with all meetings being carried out over teleconference (way back in mid-2019). As part of the LLP conversion, we also engaged with AW’s Legal Sector team for our SRA Accounts Rules work. Although the intention was always to carry this out remotely, given recent circumstances, there would have been no choice in any case! The process was simple and easy with very little disruption. The AW team let us know in advance what we were required to deliver for them to undertake their work and when, and they facilitated this through the use of a share file. Requests for additional evidence and information were done via email allowing us to collate what they required at times convenient to us rather than disrupting the working day, and the final meeting to discuss their findings was held again via teleconference. Finally given that this work was being undertaken in March 2020 mid-pandemic there was no interruption to the service provided.
Paul Gardener, Partner, JGA Legal LLP (trading as J Garrard & Allen)