ByrneWallace becomes Ireland’s latest major LLP
ByrneWallace has been authorised to operate as a limited liability partnership (LLP), becoming the latest major Irish law firm to take advantage of the rules introduced over a year ago.
In an email to clients last night, managing partner Feargal Brennan confirmed the firm had begun trading as an LLP under the name ByrneWallace LLP.
He explained: “In stark contrast to other commercial entities (including other categories of professional advisers), partners in law firms in Ireland were personally liable for the debts and liabilities of their law firm.
“In this regard the law recently changed and now permits the partners in a law firm to limit their liability in the manner set out in this letter.”
ByrneWallace LLP has 42 partners according to the register of LLPs, making it one of the largest LLPs in Ireland. Of the three largest Irish law firms by headcount, just three are currently LLPs.
The Legal Services Regulatory Authority (LSRA) began accepting applications for authorisation as an LLP last November following the commencement of chapter 3 of part 8 of the Legal Services Regulation Act 2015.
The Law Society of Ireland had lobbied the government to introduce LLPs as an option for law firms for almost two decades, and director general Ken Murphy said last year that he hoped “that all partners and firms will avail of this significant advantage, long fought for”.