UK: Wragge & Co Confirms Incorporation To LLP
Last Updated: 13 May 2003

From 1st May the firm will be known as Wragge & Co LLP. The day also marks the first day of Quentin Poole and Richard Haywood taking up their appointments as senior and managing partner respectively. Four new partners also take up their appointments – Mark Chester in real estate, David Lowe in commercial, Patrick Brodie in employment and Cerryg Jones in intellectual property – taking the total partner numbers up to 112.

A Wragge & Co LLP project team has been working on the conversion proposal for several months including consulting with a selection of clients, suppliers and all partners. Conversion to an LLP, a new form of legal entity created by the Limited Liability Partnerships Act 2000, will provide limited liability for individual partner’s personal assets. Although an LLP has partnership in its title, it is a separate legal entity in the same way as a limited company but does not have any shares, shareholders, a memorandum or articles of association. Partners officially become ‘members’ of Wragge & Co LLP although they will continue to be called partners.

Richard Haywood, managing partner, said: "LLP is perfect for us. It meets the needs of large professional practices and is far more relevant to providing legal advice in a modern commercial environment. More importantly, our clients have approved the change and the fact that it brings us more into line with their own business structures. We expect more law firms to follow and we’re already finding it an attractive benefit in our recruitment offering."

There will be no change in the firm’s day to day activities. Statutory requirements from the end of the next financial year include the appointment of auditors, maintenance of accounting books and records on the same basis as a private company and the filing of accounts with the Registrar of Companies.

Other law firms incorporating as UK LLPs include Mayer Brown Rowe and Maw and Withers. Accountants who have also incorporated include PricewaterhouseCoopers, Ernst & Young and KPMG.

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