Some US Law Firms May Have to Disclose Finances Under UK Law

U.S. law firms fear the United Kingdom will interpret one of its laws in a way that requires limited liability partnerships to disclose their finances.

Draft regulations will be released next spring. In the coming weeks, the Department for Business Enterprise & Regulatory Reform will release a consultation on the subject, Legal Week reports.

Richard Linsell, a partnership expert at Addleshaw Goddard, told the publication the issue is controversial. “Last time it was debated there was much vociferousness from U.S. firms about the fact that their LLPs were partnerships rather than body corporates, and so did not have to file accounts," he said.

Currently LLPs formed in the United States don’t have to disclose such information, unlike those formed in the United Kingdom.