McGrigors adopts LLP status

by Paul Rogerson
© The Herald
Originally published: 09.10.2006
McGrigors has become the last of Scotland's Big Four law firms to announce conversion to limited liability partnership (LLP) status.

The move protects the personal assets of nonnegligent partners in the event of a damages claim against the firm as a whole.

LLP legislation was introduced in 2001 following lobbying by the accounting profession, which had been rocked by a succession of so-called "deep pockets" lawsuits in the wake of high-profile corporate collapses such as Maxwell and BCCI.