LSRA Updates – Revised LLPs Regulations and Fees

 

Revised regulations governing Limited Liability Partnerships (LLPs) will be introduced by the LSRA in the coming weeks.

It is expected that the revised LLP Regulations will be made law on 26th September and come into operation the same day. These regulations will revoke the existing Legal Services Regulation Act 2015 (Limited Liability Partnerships) Regulations 2019 (S.I. No. 519/2019).

In light of experience in the processing of LLP applications to date, the fees associated with LLP applications will be increased in the revised LLP Regulations to:

(a)          Application fee                                                    €575

(b)          Cessation notification fee                                 €250

(c)           Membership alteration notification fee        €250

The revised LLP Regulations are part of a new regulatory framework for legal partnerships which is due to come into operation in autumn 2024. Legal partnerships are a new business structure for the delivery of legal services in which barristers, or barristers and solicitors, can form partnerships.

Currently, only partnerships of solicitors can apply to the LSRA for authorisation to operate as LLPs.

The revised LLP Regulations will include provisions relating to legal partnerships who apply for authorisation to operate as an LLP.

For further details about legal partnerships, see our Legal Partnerships webpage:

https://www.lsra.ie/for-law-professionals/legal-partnerships/

ENDS