The first portion of this webinar will provide you with a brief overview of the main provisions of The Legal Services Regulation Act, 2015 (LRSA). This will include Section 150, and the new complaints procedure as well as other relevant issues.
The legislation also provides for a number of new business structures for solicitors. The introduction of Limited Liability Partnerships (LLP) will extend a very substantial level of protection to partners. It is a significant change for many practitioners.
The second portion of this webinar will consider LLP’s . It will look at the limitation on liability of a partner, the exceptions to that limitation and the obligations and regulation of LLP’s.
The matters to be addressed include the following:
What an LLP is and what it is not
How will an existing partnership become an LLP?
Claims against an LLP and how they will be met
What is the scope of the protection for a partner under an LLP?
The types of liability which are protected: Must the claim be in tort or contract? What is the position with claims that are formulated under other heads?
Are vicarious responsibilities of a partner covered by the limitation on liability?
When does the limitation apply?
Is liability protection lost if the firm’s professional indemnity insurance lapses or is revoked?
The exceptions to the protection afforded by the legislation
Regulation of LLPs by the Authority.
What information must be provided by the LLP to its clients and creditors?