Monday, January 17, 2022
With effect from 17 January 2022 Philip Lee has been authorised by the Legal Services Regulatory Authority to operate as a limited liability partnership (LLP) under the Legal Services Regulation Act 2015. We will now operate under the legal name “Philip Lee LLP”.
This change will not affect our relationships with our clients or our suppliers, nor will it impact in any way the first-class service that we aim to deliver to all clients.
The LLP is a common business model for law firms internationally and the Legal Services Regulation Act, 2015 (the Act) now allows Irish law firms to be established as limited liability partnerships. Other than as provided in the Act, the Partnership Act 1890 will continue to apply to Philip Lee LLP. Subject to certain exceptions provided for in the Act, an individual partner in the LLP will not have personal liability for any debt, liabilities or obligations that are incurred for the purpose of carrying on the business of the LLP. However, the liability of the firm itself for any debt, liability or obligation is not affected and we continue to maintain appropriate levels of professional indemnity insurance for the benefit of the firm and our clients.
Should you have any questions in relation to the foregoing please get in touch with your usual Philip Lee contact.