Conversion of law firms to become Limited Liability Partnerships ('LLPs')

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:

  • Initial face to face assessment meeting to consider the implications and benefits of conversion. Assistance with decision to convert.
  • Attendance at planning meeting to provide our 12 page conversion checklist that details every task that needs to be undertaken; to allocate those tasks to specific people at the law firm or at Armstrong Watson; and to set deadlines for those tasks to be completed.
  • Provision of a soft copy of the checklist, updated by Armstrong Watson on a monthly basis with accompanying notes of tasks that are required to be completed in the following month.
  • The following are usually carried out, but are subject to the allocation of tasks in the planning meeting.
  • Provision of the SRA application forms for the company to become a recognised body, with suggestions on how to complete the forms.
  • Creation of the LLP.
  • Review of the SRA forms prior to submission to the SRA.
  • Preparation, or review, of integrated financial forecasts and business plan prior to submission to the SRA.
Contact our Legal Sector Partner, Andy Poole, on 07828 857830 or to discuss how we can help you.

  Read more about the benefits of appointing Armstrong Watson

What is it?

A managed service to convert law firms to LLPs

Who is it for?

Sole practitioners or partnerships of all sizes in all locations.

What are the benefits for your firm?

  1. You will reduce your exposure to risk
  2. You will retain business flexibility
  3. You will be compliant
  4. You will future proof your business and ease succession

What do I have to do?

Attend two hour assessment meeting, two hour planning meeting. Provide regular updates to Partners. Action points from the planning meeting.

What are the deliverables?

Conversion of your law firm to a Limited Liability Partnership (see the detailed process above).

What is the cost?

£1,900 plus VAT and disbursements for the initial assessment meeting. £2,210 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.

How long will it take?

Six months.

Our experience

Armstrong Watson has experience of converting and setting up a number of law firms as LLPs in the past few years.

What our clients say

Your Key Contacts

Andy Poole

Corporate Finance Partner - Legal Sector

07828 857830

Email Andy

Sally Jones

Accounting Director

Email Sally

Huw Nicholls

Audit & Assurance Director

079190 35854

Email Huw