The move follows the introduction in September of a framework for legal partnerships, a new business model expected to significantly shake up how a large number of law firms and barristers do business in Ireland.
The London-headquartered firm is the first to inform the Legal Services Regulatory Authority (LSRA) of its intention to operate as a solicitor-barrister partnership. A survey of legal practitioners conducted by Ipsos B&A for the LSRA indicated one in five law firms will likely become solicitor-barrister partnerships in the next five years.
The introduction of legal partnerships broadens the scope of business models available to legal practitioners.
Prior to the introduction of the framework for legal partnerships, only solicitors were permitted to form partnerships with other solicitors.
Under the new framework, partnerships between solicitors and barristers, or barristers and barristers, are permitted, allowing them to work together, sharing profits and liabilities.
The LSRA believes the sharing of resources between solicitors and barristers should be beneficial to consumers as it will provide the option of an integrated service, or “one-stop shop”, for legal services, which is also likely to create efficiencies and reduce costs.
The Ipsos B&A survey showed solicitors believed environmental planning and litigation and dispute resolution would be the areas of law to benefit most from the new model.
Explaining the decision by her firm, Simmons & Simmons (Ireland) LLP country head Rachel Stanton said: “We believe that this model will set the standard for legal excellence and client service in the international legal arena.
“We commend Minister (Helen) McEntee and the LSRA for their efforts in bringing these legal partnerships into existence.”
The advent of legal partnerships has implications for the Bar of Ireland, of which 2,100 of the country’s 3,000 or so barristers are members.
The Bar told members last month that membership of its Law Library was incompatible with practice under a legal partnership structure. Speaking to the Irish Independent last week, Bar Council chairman Seán Guerin said this was “a hard and fast position”.
“Members of the Law Library are independent referral barristers.
“That gives them the ability to provide the highest quality professional service, founded on the highest standards of legal learning, advocacy and ethical obligations, and without being affected by partnership obligations or the commitments of partners to other clients,” he said.