So, it’s official; we’re a Limited Liability Partnership or an LLP!
“A what now?” I hear you ask. Yes, I can hardly imagine that this is news that you have been sitting on the edge of your seat waiting for, but to be fair, we’re pretty excited about it, so please allow me to explain.
Up until the end of last year, for as long as there have been solicitors in Ireland when it came to how they ran their business they could only operate either as individuals as sole practitioners or principals or as partners with other solicitors. Unlike almost every other business out there, solicitors cannot operate as limited liability companies with all of the advantages that this entails. And for a very long time this lack of sensible business structures for solicitors has prevented the modernisation of the profession here.
Since November of last year, solicitors have had the option to convert their traditional partnerships to Limited Liability Partnerships or LLPs. And we are pleased to confirm that with effect from 3 February 2020 we are among the first firms in the country to avail of this system and are now authorised to operate as a Limited Liability Partnership or LLP.
So what does this mean for you? Practically nothing, the truth be told. As part of our authorisation to operate and continue as an LLP we are obliged to maintain full professional indemnity insurance at all times which provides you with cover of up to €1,500,000.00 if anything should go wrong, just as it did previously.
And you continue to have the protection of the Law Society’s Compensation Fund in respect of any monies held by us on your behalf in our client account, just as you did before.
So LLP status really just means that, as with most ordinary business owners operated through limited liability companies, the partners in McCarthy + Co. LLP will no longer be personally liable for the liabilities of the business and those liabilities will be limited to the business itself.
What this really means for you is that it is another sign that you are dealing with a firm that continually adopts and embraces the most modern and innovative measures available to ensure the most efficient running of its business, in order to provide you with the legal excellence and amazing customer service that we believe you are entitled to and should expect.
We are delighted to announce that our authorisation to operate with LLP status comes at the same time that we have received the excellent results of our Q9000 Quality Assurance audit for the 9th year running. It’s all part of the legal and service excellence that we set as the standard for ourselves and what we do for you here at McCarthy & Co. LLP.
We are obliged pursuant to the Legal Services Regulation Act 2015 (Limited Liability Partnerships) (Section 130) Regulations 2019 to provide you with certain information on becoming authorised to operate as an LLP and you will find an official Notice here that contains all of the information required. As always, if you have any queries at any stage in relation to any aspects of this or how we operate our business, please don’t ever hesitate to contact us.