The law firms have slammed government LLP reforms in a letter to the tax authorities and the House of Lords Economic Affairs Committee. The move follows a change by the British Government to the tax status of LLPs to ensure that the tax benefits of partnerships were not abused. The lawyers claim the reforms have gone too far and that law firms will face huge tax bills as the reforms put LLP firms in a disadvantaged position compared with traditional partnerships.The City of London Law Society also complained that the changes to partnership rules were ‘a change of policy, not a closing of loopholes,’ and that it changed the parties’ 'legal relationship with very real non-tax consequences.’ Source: Economia