Partnership
Traditionally most ILEX members have worked as
employees in legal practices and legal departments of
organisations. The Legal Services Act 2007 has provided an
opportunity for members to become partners in firms.
The Legal Services Act 2007 introduced Legal
Disciplinary Partnerships (LDPs). By the end of 2011 LDPs
which include non-lawyers will be replaced by Licensing
Arrangements (also known as Alternative Business Structures
(ABS)).
The
Solicitors Regulation Authority and Council for Licensed
Conveyancers have developed LDP rules. These rules allow
solicitors and licensed conveyancers to enter into LDPs. The
LDP rules state that a partnership structure must have at least 75%
lawyers. The remaining 25% may be non-lawyers. Fellows
of ILEX fall within the category of lawyers. ILEX members who
are not yet Fellows may become partners as part of the 25%
non-lawyer category. Many solicitors' practices have already
given partnerships to ILEX members, recognising the commitment and
value they have brought to the practice.
The Legal Services Board,
which is the independent body responsible for oversight of the
regulation of the legal profession, developed rules for approving
Licensing Authorities. Licensing Authorities will be able to
license bodies. These arrangements will introduce a structure
through which lawyers will be able to form partnerships with other
lawyers and with non-lawyers.
IPS is working to make an application to
become a licensing authority. The Solicitors Regulation
Authority and Council for Licensed Conveyancers have been
designated as Licensing Authorities. ILEX members may be
managers and owners in bodies licensed by these bodies in due
course.