Change of structure for solicitors

PEARSON Hinchliffe has become a limited liability partnership and will be known as Pearson Hinchliffe LLP.

An LLP is a relatively new form of business structure, similar in many ways to a limited company, whereby the partners’ liability is limited to the extent of their stake in the firm.

LLP is increasingly becoming the preferred legal structure for professional services firms. Partner Michael Pitt said: “One of the main reasons for the change is that trading with limited liability enables us to appoint non-legal professionals as members, which in turn allows a more flexible platform for future growth.

“Having reviewed carefully the adoption of LLP we believe it is the best business structure for the firm, our staff and clients.”

The move to LLP status will not affect the day-to-day delivery or quality of service provided to clients, said Mr Pitt, aside from cosmetic changes to the company’s logo and business stationery. He added: “At its heart the change is just one step in a continued modernisation programme to meet the challenges posed by the impending deregulation of the legal services market.

“We have identified several areas where we believe the business can enhance our value to clients, including actively promoting our highly experienced FSA-registered team.

“The shift to LLP is part of an ongoing programme to further expose financial services — a key growth area — in our core personal and corporate client markets.” The new emphasis will also be reflected in a redesigned company logo which will incorporate “solicitors and financial services” in the title.

Independent financial adviser Richard Eastwood, from Grasscroft, has joined the LLP as an equity partner.

Announcing the change, partner John Pollitt said: “As part of the change to establish a full service and capability commercial practice Richard Eastwood will become an equity partner in the business.

“Richard has worked with the firm as head of our financial services department since 2001 and most clients will already know him as a key member of the Pearson Hinchliffe team.”

Mr Eastwood said: “The new company structure is a bold yet essential move if we are to adapt to clients’ changing needs. Many people are concerned about their corporate and personal finances, whether related to pensions, tax liability, saving adequately for retirement or insurance.”