Second "big four" firm goes for LLP status
21 Nov 05
Maclay, Murray & Spens signals intent by registering limited liability partnership
Maclay, Murray & Spens has indicated its likely conversion to limited liability partnership (LLP) status.
The firm has registered an LLP at Companies House with the intention of transferring its business within the next few months, according to a spokesperson for the firm. The firm, the largest in Scotland measured by numbers of fee earners, is in line to become the second of the Scottish big four to convert to LLP status. Dundas & Wilson converted in September 2004; McGrigors and Shepherd+ Wedderburn are still traditional partnerships.
LLPs have to publish full accounts, showing profits and partners' earnings, in exchange for having partners' personal assets protected against negligence by others in the firm.