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Freshfields Bruckhaus Deringer

Freshfields finalises Euro LLP conversion

Author: Charlotte Edmond

Published: 02/05/2008 09:40

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Freshfields Bruckhaus Deringer has converted to limited liability partnership (LLP) status, with effect from yesterday (1 May).

The move means Slaughter and May is now the only magic circle firm choosing not to operate as an LLP.

Freshfields’ LLP includes all of the firm’s offices except those in Hong Kong and Japan, which are unable to convert for local regulatory reasons, and the Spanish office, which is set to join the LLP later this year. The firm’s US office will continue to operate through a separate US LLP already in place.

Freshfields has been considering converting to LLP for some time but is thought to have been held up by uncertainty about how some foreign offices of UK LLPs would be treated by local tax authorities.

Last year, the French tax authorities confirmed that French partners in UK LLPs would not be subject to double taxation after lobbying efforts from firms including Linklaters, Lovells, Freshfields, Ashurst and CMS Bureau Francis Lefebvre.

Freshfields’ conversion leaves just a handful of top City players to switch to LLP status, including Simmons & Simmons and Slaughters. Hammonds announced yesterday that it had converted to LLP status, with other recent converts including the City trio of Nabarro, Ashurst and Norton Rose.

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