On 1st October 2021, Painters Solicitors converted from a traditional partnership to a Limited Liability Partnership (LLP). An LLP is a legal entity registered at Companies House as a corporate body, and consequently, it has many of the company’s features, including that of limited liability.
Conversion to LLP
Following the firm’s conversion, the Solicitors Regulation Authority (SRA) continue to regulate us, and we continue to hold professional indemnity insurance. The only difference is that the LLP is now solely liable, in place of the previous partnership and any individual partner or employee, for the work we carry out.
A Limited Liability Partnership or “LLP” is a business structure governed by The Limited Liability Partnership Act 2000. It is essentially an extension of the traditional partnership but with a corporate element. Internally, an LLP has the flexibility of a traditional partnership but, externally, it is a separate legal entity and is subject to Company and not Partnership law. An LLP has Members, rather than Partners or Shareholders, and is itself liable for any debts of the business, rather than the individual Members (or Partners) of the firm.
This was a progressive step in developing the firm. It is our objective to continue to grow our business for the benefit both of our clients and our staff and, as we grow, an LLP offers a more corporate structure which will assist us in managing our business effectively and investing in it in a structured way. An LLP will allow us to continue to develop the range of services we provide to clients, and we believe this modern structure will enable us to continue to motivate and attract high quality lawyers to the business.
We are trading as Painters Law, a Painters Law LLP trading name, a Limited Liability Partnership registered in England and Wales.
An LLP does not have Partners or Shareholders, only Members. From 1st October 2021, the Partners of Painters Solicitors became the Members of Painters Law LLP. However, we will continue to describe them as Partners as this is better understood and reflects the continuing partnership ethos of the firm.
There will be no interruption to our service to you or changes to the staff who deal with your affairs due to the firm’s conversion to LLP. We shall continue to provide the same high quality, personal service to all our clients. The Partner(s) or solicitors dealing with your case will remain the same. It is very much business as usual, and no internal restructuring has taken place. If the firm holds money, deeds or other documents on your behalf, these will be transferred to Painters Law LLP and preserved as the partnership did formerly. We will continue to be subject to the same rules; the LLP will assume all the rights and obligations of a data controller under the Data Protection Act with effect from 1st October 2021.
Other than incorporating our new LLP title and reflecting the regulatory requirements of our LLP status, there are no other changes to our Terms of Business. The LLP will still be regulated by the Solicitors Regulation Authority (SRA).
Conversion to an LLP will not affect our level of professional indemnity insurance cover, which will remain the same.