Nolan Farrell & Goff Solicitors and Notaries becomes a Limited Liability Partnership
- January 5, 2021
- Jonathan Earl
- Comments Off on Nolan Farrell & Goff Solicitors and Notaries becomes a Limited Liability Partnership
As and from 1st January 2021 Nolan Farrell and Goff Solicitors and Notaries is operating as a limited liability partnership, under the name ‘Nolan Farrell and Goff LLP’ (the Firm).
What is a Limited Liability Partnership?
The authorisation of a partnership of solicitors to operate with limited liability does not create a new legal entity but rather authorises existing partnerships of solicitors, such as Nolan Farrell and Goff Solicitors, to limit their personal liability. 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.
Information we are required to provide to you
As and from 1st January 2021, Nolan Farrell and Goff Solicitors has been authorised by the Legal Services Regulatory Authority to operate, and is now operating, as a limited liability partnership, Nolan Farrell and Goff LLP.
As and from 1st January 2021, as set out in Section 123 of the Legal Services Regulation Act (the Act) (subject to the exceptions listed in Section 123 of the Act), a partner in Nolan Farrell and Goff Solicitors has no personal liability for any debts, liabilities or obligations which are incurred for the purpose of carrying on the business of the limited liability partnership (whether these are liabilities of the Firm, of himself or herself, of another partner or partners in the Firm or of any employee, agent or representative of the Firm) and however such liability may arise.
The provisions of the preceding paragraph relate only to the personal liability of partners and do not prevent or restrict the enforcement against the property of the Firm of any debt, liability or obligation.
As and from 1st January 2021 the Partnership Act 1890 shall continue to apply to the Firm to the extent that it is not inconsistent with Chapter 3 of Part 8 of the Act.
What does this change mean to clients?
Other than the changes described above there is no change in how we do business with our clients.
NB – This is a guide for information purposes only and does not constitute legal advice. If you have an issue requiring legal advice, please contact any of the team at Nolan Farrell & Goff LLP, whose numbers can be found on our website, www.nfg.ie