Firms' protection over big negligence claims
Firms' protection over big negligence claims
- 2001
- Financial Times 6 April 2001, 6(1) .
Outlines the implications of the rules in force from 6 April 2001 which allow professional services firms to protect themselves against big negligence claims, by converting to limited liability partnerships (LLPs). The new LLPs will protect partners' personal assets, but limited liability firms will have to reveal audited assets. Four out of the seven largest accountancy firms indicate they plan to convert to LLPs, whilst the largest law firms are more cautious at the present.
NEGLIGENCE CLAIMS
LIMITED LIABILITY PARTNERSHIPS
ACCOUNTANCY FIRMS
LAW FIRMS
AUDITED ACCOUNTS
Outlines the implications of the rules in force from 6 April 2001 which allow professional services firms to protect themselves against big negligence claims, by converting to limited liability partnerships (LLPs). The new LLPs will protect partners' personal assets, but limited liability firms will have to reveal audited assets. Four out of the seven largest accountancy firms indicate they plan to convert to LLPs, whilst the largest law firms are more cautious at the present.
NEGLIGENCE CLAIMS
LIMITED LIABILITY PARTNERSHIPS
ACCOUNTANCY FIRMS
LAW FIRMS
AUDITED ACCOUNTS