Barlows puts Halliwells into split LLP
BARLOW LYDE & GILBERT will ring fence lawyers moving over from stricken law firm Halliwells into a subsidiary LLP to protect itself against potential claims from clients.
The move will allow Barlows to avoid any future liabilities and claims taken against the 19 Halliwells partners that will join the firm.
Incoming partners will not be expected to contribute capital into Barlows and will operate a separate profit pool, a move the firm said was a “derisking” exercise due to the sheer speed with which the acquisition took place.
Similarly, regional firm HBJ Gateley Wareing will place the 38 Halliwells partners and more than 200 staff members it has acquired in Manchester into a similar structure.
Senior partner Mike Ward said the plan was to eventually merge the business into the firm, but because the deal happened so fast, staff and client issues needed to be discussed.
“The intention is not to remain as separate entities,” said Ward.