The LLP structure was designed to promote the growth of partnerships by providing them with limited liability and a separate legal identity, whilst maintaining the tax treatment received by partnerships. LLPs provide benefits such as flexible management and remuneration structures and a sense of ownership in the business. However the structure is often complex, requires careful management and is frequently a source of dispute.
We are well-versed in the unique intricacies of LLPs and the life cycle of the business structure. Leveraging our cross departmental team of specialists, we help LLPs manage all aspects of the structure, from set-up and management to dispute resolution and exit strategies. We work as an experienced, multi-disciplinary team and draw on our in-house incentives, arbitration, regulatory, reputation protection and tax expertise. We have particular experience in the financial, accountancy and professional services sectors.
As one of few firms acting at the highest level for both the LLP and individual members, when partnership disputes arise, we have a unique insight into the tactics deployed by both sides and a balanced understanding of the issues involved. We have acted in a number of the leading discrimination, whistleblowing and team move cases in this area. We also frequently advise individual members on a full spectrum of issues, from those relevant on entries and exits of LLPs through to disputes, discrimination, whistleblowing and worker status issues, often with cross-border aspects.
The vast majority of LLP agreement disputes require ultimate resolution by way of arbitration. As an alternative to public court forums, arbitration affords the LLP and its members the advantages of confidentiality, flexibility and certainty. We have particular experience of acting in the arbitration of high stakes restrictive covenant, unlawful competition and team move disputes. We also frequently advise on disputes over valuable and complex remuneration arrangements in LLP agreements, and the rights and obligations as between the LLP and its members.