LLP Conversion

The partnership of Joelson Wilson & Co converted into a Limited Liability Partnership (LLP) under English law on 1 May 2009. We are now Joelson Wilson LLP.

With effect from 30 April 2009, the partnership of Joelson Wilson & Co has ceased to trade.

What is an LLP?

An LLP is a separate corporate entity which is governed by the Limited Liability Partnership Act 2000. An LLP, which has members rather than partners, is itself liable for any debts of the business, as opposed to individual partners under a conventional partnership. Law firms with LLP status are required to publish their annual financial results.

Reasons for the Change

The conversion to an LLP enables us to trade and provide legal services to our clients with limited liability. We believe that it is more appropriate for the LLP’s assets to be at risk as opposed to the personal assets of our members (formerly the partners of Joelson Wilson & Co). Converting to an LLP allows us to adopt a practical and modern corporate structure that was not available to a general partnership constituted under the laws of England and Wales.

Will Joelson Wilson LLP still have partners?

LLPs have members instead of partners. However, in common with other law firms that have converted to LLPs, the members of Joelson Wilson will be known as partners.

How will our conversion affect our relationship with you?

The delivery and quality of the services we provide will not change.

Joelson Wilson LLP will continue to maintain the same level of professional indemnity insurance that was available to the partnership of Joelson Wilson & Co, except none of our members, employees or consultants will have personal liability for work carried out on behalf of Joelson Wilson LLP.

What happens to matters current at the date of conversion?

Joelson Wilson LLP will continue to provide legal services to clients whose current matters pre date 1 May 2009 on the same terms and conditions of Joelson Wilson & Co’s letter of engagement. However, new terms and conditions of business will apply to all work which Joelson Wilson LLP is instructed to carry out on or after the 1 May 2009. You will receive a copy of these new terms and conditions whenever we are instructed.

What if I have any further questions or concerns?

Should you have further questions or concerns regarding our conversion to an LLP, please do not hesitate to contact your usual client partner or any other of our partners.