Tamara Box, Reed Smith Europe and Middle East managing partnerReed Smith Closes In On Move to Alternative Business Structure
The firm had initially hoped to make the change earlier this year.
August 07, 2019 at 07:29 AM
2 minute read
Reed Smith expects to move its U.K. limited liability partnership (LLP) to an alternative business structure (ABS) this year, after regulatory requirements slowed the process.
The firm's Europe and Middle East managing partner Tamara Box told Legal Week that the business is "committed" to the move and expects the change to take place before the end of 2019.
The firm's U.K. LLP consists of operations in London, France, the UAE, Greece, the PRC and Singapore.
The firm had previously expected the change to take place early this year.
According to Box, the firm has been working through regulatory requirements across those jurisdictions to secure the move. Legal Week reported that Reed Smith was considering the change last year.
Box said that while "no one issue" is driving the firm's decision to shift to the new structure, operating as an ABS offers a number of opportunities in acquisitions and investments that the firm would otherwise be unable to take up.
She added: "It's about being more agile – being nimble as a firm is an increasingly urgent issue."
An increasing number of firms are considering alternative structures or external investment opportunities.
Last month, it was reported that Mishcon de Reya is exploring options to raise capital, including a potential float on the stock market or a stake sale to a private equity investor.
Several firms have opted to list on the stock market in recent years, including Gordon Dadds, Keystone and DWF.
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