Larking Gowen LLP
Tuesday, 03 April 2018
LLP’s have been around for some time now so it begs the question why Larking Gowen has chosen now to convert?
There are three main reasons. Firstly, the firm has to put itself in the position to be able to continue to attract, retain and develop talented professionals, to meet the service levels our clients expect. Succession is a key aspect for any business and unlimited liability for the Partners puts the firm at a competitive disadvantage.
Secondly, the insurance market is changing and the risk profile of some of the work we are doing is increasing. It was not so long ago that tax avoidance was socially acceptable, but that is no longer the case. Litigation is increasing and whilst we have an exemplary claims history, now is not a time to rest on our laurels and converting to LLP strengthens our hand still further. We are not using this as an excuse to reduce any of the obligations we have to third parties and we will still proactively manage risk as we always have done.
Finally but by no means least, we are a forward-thinking firm and are planning for the long term, both in terms of service to our clients and the employment proposition we offer our teams. The traditional partnership structure dates us and leads to the wrong impression that we are not planning for the future, when just the opposite is true.
This is a big thing for us. Our clients, teams, professional contacts and suppliers will not see any difference in the short term. However, this allows us to plan with even more enthusiasm for the future to ensure that Larking Gowen is as fit for the next 130 years as it has been in the past 130 years.