Fewer than 3,000 firms are now structured as LLPs
A new study by Hazlewoods Chartered Accountants and Business Advisers has revealed that more than half (53 per cent) of law firms in England and Wales are now limited companies. The number of incorporated law firms has risen 88 per cent to 5,137 in the past decade.
Hazlewoods said many law firms have changed their structures from traditional partnerships and LLPs to limited companies over the last ten years as lower taxation made incorporation more attractive. There are now only 2,792 law firms structured as LLPs and partnerships in the UK, a fall of 41 per cent from 4,764 in 2012.
Over the last decade, corporation tax in the UK has reduced substantially, falling from 24 per cent in 2012 to just 19 per cent from 201...