The Law Society of Ireland has welcomed the announcement that solicitor partnerships will be able to register as limited liability partnerships (LLPs) from this Friday, 1 November 2019.
Welcoming the development, director general of the Law Society of Ireland Ken Murphy said “For almost two decades, the Law Society has been urging the Government to introduce limited liability partnerships as an option for partnerships of solicitors in Ireland. More recently, in August 2018, we made a detailed submission, accompanied by a comprehensive set of draft regulations, to the Legal Services Regulatory Authority on LLPs to assist the authority in its preparation of draft regulations.”
Mr Murphy explained, “This is the very welcome culmination of a 20-year campaign by the Law Society and is one of the most significant changes in terms of daily legal practice under the Legal Services Regulation Act. It is a modernising measure already available to partnerships of lawyers in many other jurisdictions.” Mr Murphy concluded, “I hope that all partners and firms will avail of this significant advantage, long fought for. We will continue to engage with Government and the new authority to ensure that this protection is extended to sole practitioners also.”