Conversion to LLP
We are pleased to inform you that Wolferstans converted from a partnership to a Limited Liability Partnership on 1 April 2021. This page explains how the process works, its impact on clients and the reasons for our conversion.
Legal Effect
From the conversion date, Wolferstans LLP took on all the obligations and liabilities of Wolferstans. All lawyers and staff automatically transferred across and continue to work as usual to progress the matters on which Wolferstans was instructed on your behalf. The LLP will assume responsibility for these matters going forward. We will do this on the basis that all our future obligations to you are the responsibility of Wolferstans LLP.
Our Terms of Business for existing work will remain exactly as set out for you previously save that the Terms of Business will apply to the LLP in place of the Partnership after the conversion date.
Money we are holding for you
If we hold any money on your behalf on client account on the conversion date, the money will be held after the conversion by Wolferstans LLP on your behalf in the same client account. The conversion will not affect the terms on which any monies are held, or the timing of any transactions.
To combat the risks of cyber fraud, we are not changing the sort codes or account numbers for any of our client and office accounts. If you receive any requests to send money to different accounts, please do not comply with the requests, as the requests will not have been made by Wolferstans or Wolferstans LLP. Please instead call the lawyer who deals with your affairs to notify us of the position.
Your continuing instructions
We are proceeding with the conversion on the basis that your continuing instructions will be confirmation that you are content to instruct Wolferstans LLP to act for you on the same terms, and to hold any client monies on your behalf, after the conversion. That avoids the need to sign a new written agreement, but if you would prefer to sign a new agreement, or would prefer not to instruct us, please let us know. Your usual contact at the firm will be happy to discuss the conversion with you and answer any questions you may have.
How the conversion affects you
It has always been important to us to provide you with a high standard of work, and there will be no change to the services you receive from us, or the cost of those services. The same people will be carrying out your work from the same office, with the same telephone numbers and email addresses, and they will all continue to work with your best interests in mind in accordance with the instructions you have given.
There will be no significant change to the operation or management of the firm and the only obvious change will be to our registered name. After the conversion our letter heading, emails and invoices will be in the name of Wolferstans LLP. If you have bills outstanding at the date of the conversion, they will be automatically transferred to the LLP.
The conversion will affect the personal liability of partners. The partners were personally liable for claims against the partnership, but they will not be personally liable for claims against the LLP. To compensate for that loss the SRA requires all LLPs to take out additional professional indemnity insurance cover, and we have already complied with that requirement.
The Legal Services Act 2007
There will be no change to the rights you enjoy by instructing a solicitors’ practice authorised under the Legal Services Act 2007: Wolferstans LLP will be regulated by the SRA and there will be no change to any rights you have to complain to the Legal Ombudsman.
Next Steps
You do not need to do anything unless you have a question or wish to discuss how the conversion will affect your particular circumstances. If you do not respond, all matters and funds will transfer automatically.
In some circumstances, we may need to ask you sign an updated form of authority and your usual contact will be in touch if that is the case.
Please get in touch with your usual contact if you have any questions.