Limited Liability Partnerships

Disputes

Disputes within an LLP are likely to mirror those within a traditional partnership, but the techniques required to resolve them will not always be the same. We can often help to achieve a speedy solution by drawing on our wide-ranging experience in LLP and traditional partnership disputes, although litigation may still be necessary. Disputes may also arise during the conversion phase, before the LLP is formally brought into existence.

Area of expertise include:

Conversion and pre-conversion issues
Good faith issues
Expulsions and compulsory retirements
Lock-ins and extractions
Repudiation of LLP Agreements
Garden leave provisions
Restrictive covenants

Agreements

Our involvement includes preparing firms for conversion by drafting enabling provisions for existing partnership agreements and conversion resolutions, and subsequently drafting the LLP members' agreement and keeping it up to date. A frequent consideration is to preserve the spirit of the old partnership agreement in the new agreement, whilst adapting it to reflect the implications of the changed legal context.

LLPs are operating within a legal framework which combines a short Act, a complex set of regulations and very little precedent. In these circumstances uncertainty is inevitable; the management team need to keep the members' agreement under close review in order to anticipate and respond to emerging issues.