Regional legal firm Stephens Scown will convert to a limited liability partnership (LLP) from May 1, it has been revealed.
Stephens Scown, which has three offices in Exeter, Truro and St Austell and has 30 partners and 230 staff, is taking the measure to support the firm’s long-term planning and future strategic growth.
LLP status, which was introduced in 2000, provides a modern trading structure for professional firms, such as solicitors and accountants.
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 the business and not the individual members.
Robert Camp, Stephens Scown’s joint managing partner, said: “We’re a forward-looking and client-focused legal firm and although the move to LLP status is a technical change, we’re hopeful it will make a real difference in the future of the firm and its provision of legal services.”