PracticeAccounting FirmsDeloittes considers move to LLP status

Deloittes considers move to LLP status

Deloitte & Touche is reviewing its status with a view to becoming a limited liability partnership just weeks after rival PricewaterhouseCoopers said it was to become an LLP.

The news also follows the Big Five firm’s swift, but reluctant, u-turn on its decision to separate its consulting arm from its audit business as a result of events surrounding the Enron collapse.

A spokesperson for Deloitte & Touche said: ‘There is an LLP review which is ongoing. The firm started looking at it in the last few months.’

Ernst & Young became the first UK firm to adopt LLP status last year. KPMG said in January that it too is set to become a LLP in the spring. Last month PwC said it would take on LLP status in July this year, and is likely to publish its UK accounts in 2003.

Firms have been able to register for LLP status since 6 April 2001 following the enactment of legislation introduced in 2000.

Under the current system for partnerships, all partners of a firm can be held ‘joint and severally’ liable for any action brought against the firm.With a steep rise in litigation becoming an LLP appears to be the best way for firms to reduce their liability against lawsuits.

Related Articles

BDO’s global revenues pass $8bn

Accounting Firms BDO’s global revenues pass $8bn

2d Alia Shoaib, Reporter
Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

Accounting Firms Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

5d Philip Smith, Reporter
Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

Accounting Firms Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

6d Emma Smith, Managing Editor
BDO reports revenue growth of 5.7%

Accounting Firms BDO reports revenue growth of 5.7%

2w Alia Shoaib, Reporter
Taylorcocks announces merger with Surrey firm

Accounting Firms Taylorcocks announces merger with Surrey firm

2w Emma Smith, Managing Editor
Kingston Smith reports 7% gender pay gap

Accounting Firms Kingston Smith reports 7% gender pay gap

2w Emma Smith, Managing Editor
RSM announces two partner promotions

Accounting Firms RSM announces two partner promotions

2w Emma Smith, Managing Editor
Backsourcing: The latest accountancy trend?

Accounting Firms Backsourcing: The latest accountancy trend?

1m Pillsbury Winthrop Shaw Pittman