Why are we converting to an LLP?
The principal reason is to ensure that Cunningtons trades with limited liability. In England a limited liability partnership is governed by the Limited Liability Partnership Act 2000, and is a corporate body which has members rather than partners or shareholders. The LLP itself is liable for any debts of the business and not the individual members. We also recognise that we need to operate our business in a modern and efficient way and a more corporate structure will help us in our objectives.
Will the fact that we are an LLP affect our clients?
No. We will continue to provide a quality service to our clients. Our team structures will remain the same as will our quality systems, through our Lexcel and CQS accreditations. This corporate platform will allow us to take greater advantage of the Legal Services Act 2007 so that we will be able to offer our clients more diversified business services in future. As a consequence of the transfer of the business of the former Cunningtons partnership to the LLP, the LLP will accept all the rights and obligations of the former partnership performed after 1 April 2015. Accordingly, all client files and confidential information have been transferred to the LLP. All clients who deal with the LLP after 1 April 2015 will be deemed to have consented to this process. This is a technical change to the provision of our services, but will not affect the way in which we provide services on a day to day basis. Cunningtons LLP is still regulated by the Solicitors Regulation Authority.
Will we still have Partners?
Cunningtons will continue to use the term “Partner”, but any reference to a Partner of Cunningtons LLP shall mean a member, employee or consultant of Cunningtons LLP with equivalent status.
Will we still have professional indemnity insurance?
Yes. We will continue to have the same level of cover as that which was in place for the former partnership.