Dundas goes limited liability
By Tim Newbold
November 17, 2004 at 07:03 PM
2 minute read
Dundas & Wilson has become a limited liability partnership (LLP), making it the first of the big four Scots firms to convert.
The move – which took effect on 1 November – follows the change made by fellow Scottish firms Brodies and Tods Murray earlier this year.
Dundas' 67 partners will now have their personal assets protected in the event of a firm-busting negligence claim – though the Edinburgh-based firm will be required to publish full accounts, including details of profits and partner earnings.
Managing partner Chris Campbell told Legal Week: "We are pretty transparent, as it is. We have announced our profits for last year and our turnover. It is not as if it is a big leap into the unknown."
Since Scots firms are required to run separate partnerships north and south of the border, Dundas has set up two LLPs in London and Scotland.
The decision by Dundas to take the plunge follows a growing trend established by London firms. It is expected that many more City firms will become LLPs over the next few years as advisers move to protect partners from major negligence claims.
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