Hill Dickinson has removed the cap on the number of terms its managing partners will be able to serve following a review of the firm's partnership deed.

The removal of the two term limit means those at the helm will be able to stay on indefinitely with the support of partners.

The overhaul does not affect current post-holder Peter Jackson (pictured), who was voted in for a third term in May 2014 as a one-off exception without any change in the deed.

He would not be drawn on any other specific changes to the deed that came in as a result of the review.

"There were no other groundbreaking, transformational changes," he said. "It was more of a modernisation process to bring our regime into line with what we knew to be market practice."

Hill Dickinson converted to limited liability partnership status in 2005, the same year that Jackson first took up the managing partner role at the firm.

"We largely transposed what was a general partnership deed into an LLP, trying to change as little as possible," he explains. "After a period of time you have to look at that and say LLPs have come a long way."

Hill Dickinson saw revenue dip by 1% in 2013-14 against a 3% rise in PEP from £264,000 to £272,000. Since then it has won spots on panels for the likes of BP and Metro Bank.