The Law Society of Northern Ireland wrote to principals late last week to announce it has negotiated a loan facility with a specialist business lender which will allow members to avail of “preferential terms for approval and a simplified fast-track application process”.

While the Society said it expects “that most firms with NMW liabilities will meet the criteria to be approved for a loan”, firms which are refused loans by the chosen lender will be eligible for limited hardship grants of up to £10,000.

The offer comes just three weeks before the 31 March 2024 payment deadline which the Society agreed with HMRC last summer after being told that a large number of firms could be in breach of minimum wage legislation.

The issue concerns the previously widespread practice of firms not paying trainee solicitors during the time they spend studying and sitting exams at the Institute of Professional Legal Studies (IPLS).

The Society has been criticised by some solicitors for a lack of transparency and consultation over the issue, which was first communicated to solicitors in September 2023.

A special general meeting held last month at the behest of solicitors agreed to establish a five-person independent consultative group to review the Society’s handling of the matter.

It was asked to report back within four weeks, though Irish Legal News understands there has not yet been an update on its work or findings.