Dechert Dublin Authorised to Operate as an LLP
The Dechert Irish Partnership (“Dechert Dublin” or the “LLP”) has, with effect from 17th April 2023, been authorised by the Irish Legal Services Regulatory Authority to operate as an LLP or limited liability partnership. The LLP model is the standard organisational model for law firms globally.
The principal impact of this change in status of Dechert Dublin is that the Dechert Dublin partners will not, subject to certain exemptions, have any personal liability for the debts, liabilities or obligations incurred in carrying on the business of the LLP. Dechert Dublin will still remain liable for its debts, liabilities and obligations, but the right of recourse or enforcement will be against the property of the LLP. The LLP will continue to maintain appropriate levels of professional indemnity insurance.
Aside from the change of status, our relationship with our clients and our contractual relationships with vendors and other providers will not be impacted. Our status has changed but the legal entity remains the same and we remain subject to the provisions of the Partnership Act 1890.
If you require any further information on these changes, please contact your usual Dechert Dublin contact.