The LLP Agreement of any professional firm is a living document, as it is a constant reference point throughout the business cycle of the firm. As well as containing day-to-day management and decision-making provisions, an LLP Agreement needs to adequately address all of the crucial junctures commonly faced by professional services firms, for example partner admissions, retirements, disputes and capital events.

In the first of our series of pithy articles on the fundamental building blocks of an LLP Agreement, Partners Zulon Begum and Clare Murray look at Decision-Making and Management Structure in LLP Agreements.