Hammonds has become the latest firm to convert to a limited liability partnership (LLP), the national giant announced today (1 May).
The conversion to LLP status, which was backed via a partner vote last month, protects both full equity partners and fixed-share partners, though voting rights and internal management will remain the same under the new structure.
The LLP will include the firm’s offices in the UK as well as Belgium and Spain, while Hammonds’ German arm will join the LLP next week (5 May).
The conversion will now open up the firms accounts following a turmoiled period in the firm which has seen a number of partner exits and an on-going profits dispute with former partners.
Hammonds managing partner Peter Crossley (pictured) commented: “Whilst our decision to convert to an LLP will have little or no affect on our clients, it will enable us to create the structure and transparency of a corporate entity which will better serve our clients and business in the future.”
Other top 50 UK law firms to have recently converted to LLP include national heavyweight Pinsent Masons, which converted in March, and City duo Nabarro and Ashurst, which made the switch in January and at the end of last year respectively.
Last month Hammonds announced that it was making up 19 new partners in its latest round of internal promotions, 16 of whom are based in the UK.
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