Solomons Solicitors converts to LLP status
We are pleased to announce that with effect from Thursday 1st April 2021, Solomons Solicitors has converted to a Limited Liability Partnership registered in England and Wales with registered number OC434982 and with the name ‘Solomons Law LLP’ (“the LLP”). We shall continue to use ‘Solomons Solicitors’ as our trading name.
We will continue to use the word ‘Partner’ to refer to a Member of the LLP.
Solomons Law LLP is authorised and regulated by the Solicitors Regulation Authority (SRA) with SRA Number 816644.
Why are we converting to an LLP?
An LLP structure is the preferred corporate structure for professional services firms and a very significant number of UK law firms have already converted to LLP status. We believe it is right for us to also convert to this structure, to provide the firm with a transparent and modern business platform for the future and as a separate entity from individual partners.
In addition, the conversion will affect the personal liability of partners. The partners of the partnership were personally liable for claims against the firm, but they will not be personally liable for claims against the LLP. Accordingly, the SRA requires all LLPs to take out additional professional standard indemnity insurance cover, and we have complied with that requirement.
How will the fact that we are an LLP affect our clients?
In practical terms business will carry on very much as usual. The change will not affect the quality of services we provide and the same team(s) will continue to provide their services to you as before. Our office address and all telephone numbers and email addresses will remain the same.
As a consequence of the transfer of the business of the Partnership to Solomons Law LLP, the LLP will accept all the rights and obligations of the former partnership performed after 1st April 2021. Accordingly, all client files and confidential information have been transferred to the LLP.
If we held any money on your behalf on the partnership client account on the conversion date, the money held on your behalf was transferred upon the conversion to the new Solomons Law LLP client account. The conversion will not affect the terms on which any monies are held, or the timing of any transactions.
As a result of the conversion, we will be operating a new client account with our existing bankers, Lloyds Bank plc. We will advise by post or in person (not by email) of our new bank details if and when appropriate. Please continue to be aware of the risks of cyber fraud.
We are proceeding with the conversion on the basis that your continuing instructions will be confirmation that you are content to instruct Solomons Law LLP to act for you on the same Terms of Business as updated for the purposes of the new LLP and to hold any client monies on your behalf, after the conversion. That avoids the need to sign a new written agreement, but if you would prefer to sign a new agreement, or would prefer not to instruct us, please let us know. Your usual contact at the firm will be happy to discuss the conversion with you and answer any questions you may have.
Solomons Law LLP – April 2021