The Team at Nolan Farrell and Goff wish to inform our clients and third parties dealing with us, that Nolan Farrell & Goff (“the Firm”) has now been authorised to carry on business as a Limited Liability Partnership.
WHAT IS A LIMITED LIABILITY PARTNERSHIP?
This authorisation by the Legal Services Regulatory Authority (LSRA) under the Legal Services Regulations Act 2015 (“the Act”), authorises a partnership of Solicitors to operate with limited liability. This does not create a new legal entity, but rather authorises existing partnerships of Solicitors, such as Nolan Farrell & Goff LLP, to limit the Firm’s liability to the property of the Firm. Prior to the introduction of Limited Liability Partnerships, each partner in a firm of Solicitors was personally liable for any debt, liability or obligation of that firm. We expect the majority of legal firms in Ireland will make the move to Limited Liability Partnerships, and a large number of firms have already done so.
INFORMATION WE WISH TO PROVIDE TO YOU
As and from 1st January 2021, the Firm has been authorised by the LSRA to operate, and is operating as, a Limited Liability Partnership under the name of “Nolan Farrell & Goff LLP”.
As and from 1st January 2021, as set out in Section 123 of the Act, and subject to the exceptions listed therein, a Partner in the Firm has no personal liability for any debts, liabilities or obligations which are incurred for the purpose of carrying on the business of the Firm (whether these are liabilities of the Firm, of himself / herself, of another Partner or Partners in the Firm or of any employee, agent or representative of the Firm) and howsoever such liability may arise.
The provisions of the preceding paragraph relate only to the personal liability of the Partners and do not prevent or restrict the enforcement of any debt liability or obligation against the property of the Firm.
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 MEAN TO YOU?
Other than the changes described above, there is no change in how we do business with you, or how you do business with us. We continue of course to hold professional indemnity insurance covering all work done by the Firm.
If you have any queries or issues regarding the above, please contact any of the Team at Nolan Farrell & Goff LLP whose contact details can be found on our on the homepage of website www.nfg.ie or on our individual profile pages.