Wragge & Co pioneers limited liability trailBirmingham-based Wragge & Co is set to be the trailblazer for top firms converting to limited liability partnerships (LLPs), with City firm Allen & Overy hot on its heels, as a Gazette straw poll shows interest in the new structure intensifying.

Wragges managing partner Quentin Poole said his firm is 'very clear' that it wants to be included in the first wave of firms.

LLPs go live on 6 April.

He cited as reasons, the avoidance of liability for partners, the openness of publishing accounts and recruitment.

He explained: 'It's not that firms are having difficulty recruiting, but it's definitely true that some people think twice about the Armageddon situation when considering partnership.

Paradoxically, the fact that some firms will not go for it makes it more attractive; it gives a visible sign of how open we are.

People will see Wragges are prepared to walk the walk.'Allen & Overy managing partner John Rink said: 'Our basic outlook is that we will become an LLP unless there are good reasons not to do so.' He said the firm is examining the tax effects of becoming an LLP on the firms' overseas offices.

Barlow Lyde & Gilbert's managing partner, Kennan Michel, said: 'We will want to be absolutely sure that the benefits will outweigh the costs.' He said the firm would be looking at the liability of LLPs in relation to landlords and banks.

However he said he is 70-80% sure that the firm will eventually become an LLP.

He explained: 'As soon as a number of firms become LLPs the rest will follow like sheep.'Others were more cautious.

Linklaters managing partner Tony Angel said: 'We are keeping a careful eye on the matter but are not in a position to make a decision either way.'Simon Johnston, who replaces David Bramson as managing partner of Nabarro Nathanson this May, said: 'My view is "wait and see".'Jeremy Fleming