By Anita Rice


The number of law firms operating as limited liability partnerships (LLPs) has jumped by 40% in the last 12 months, the Gazette has discovered.



According to the Solicitors Regulation Authority, the total number of LLPs now stands at 1,288 - up from 923 this time last year. There are 8,926 law firms registered in England and Wales.



Several major firms converted to LLPs this month, including City giants Linklaters, Lovells, Taylor Wessing and Clyde & Co.



Richard Linsell, partnership law expert and a partner at national firm Addleshaw Goddard, said risk management is the primary driver behind the rise.



In addition, the next generation of lawyers 'doesn't expect to practise in an old-fashioned business'.



Mr Linsell said conversion is a good intermediate step for firms post-Clementi.



'The disciplines that come with LLP prepare you for what it would be like if you converted to a company with outside shareholders,' he said, adding: 'I think if you are a large firm you now almost have to answer the question: why aren't you an LLP?'