The Legal Services Regulatory Authority is preparing to commence a number of its functions under in the second quarter of 2019, including the provisions of the act governing limited liability partnerships (LLPs). S
The authority is currently finalising regulations under section 130 of the Legal Services Regulation Act 2015, act which will permit them to accept applications for partnerships seeking authorisation to operate as an LLP.
Once commenced, solicitor firms that are currently partnerships may make an application for authorisation to the authority to avail of the limited liability status.
The Law Society will issue guidance for solicitor firms who wish to make an application for authorisation to operate as an LLP once the regulations are finalised.
The authority is also finalising regulations under section 116 of the act that will allow the formation of legal partnerships. These are new structures that will, among other things, allow practising solicitors to enter partnership with practising barristers.
Only practising barristers who are entered on the Roll of Practising Barristers and who are not members of the Law Library will be eligible to enter into legal partnerships.
Legal partnerships will also be eligible to make an application to the authority for authorisation to operate as an LLP.