Arthur Cox becomes largest law firm to register as LLP
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Arthur Cox has been authorised to operate as a limited liability partnership, becoming the largest law firm in Ireland to take advantage of new rules introduced just over a year ago.
The Legal Services Regulatory Authority (LSRA) began accepting applications for authorisation as an LLP last November following the commencement of chapter 3 of part 8 of the Legal Services Regulation Act 2015.
The Law Society of Ireland had lobbied the government to introduce LLPs as an option for law firms for almost two decades, and director general Ken Murphy said last year that he hoped “that all partners and firms will avail of this significant advantage, long fought for”.
Although there are now 235 LLPs in Ireland – not including one firm which became an LLP in January and then changed its mind in July – the take-up among larger firms has been slow.
Among the 10 largest Irish law firms by headcount, just three have been authorised to operate as LLPs: Arthur Cox, Mason Hayes & Curran and Maples and Calder.
Mason Hayes & Curran – the fifth-largest firm in Ireland by headcount, which reported revenue of €85 million in 2019 – made the move in May.
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