Acquisition of sole principal practice, retirement and succeeding practice

Scenario

FGX & Co (Principal Mr. HY) is acquiring TUV Solicitors (Principal Ms MP) and Ms MP is retiring from practice.    

Note, all matters relating to the agreement between the parties for the merger is a matter of contract between them.    

Both firms contact the Law Society (firms@lawsociety.ie) and advise the Law Society of their plans. The Law Society responds to both parties with its requirements.    

Requirements

To achieve the desired outcomes, the sole principal practice TUV Solicitors must cease following its acquisition by FGX & Co.      

Cessation requirements – to be confirmed/completed by the principal of TUV Solicitors (Ms MP)   

  1. Confirm the date of the firm’s acquisition. This is the cessation date of the firm. â¶Ä¯&²Ô²ú²õ±è;
  2. Confirm that all files (including closed files) from your sole principal practice are transferring to the acquiring firm FGX & Co.  
  3. Confirm that all client monies from your sole principal practice are transferring to the acquiring firm FGX & Co.  
  4. Confirm that the acquiring firm FGX & Co. is a succeeding practice to your sole principal practice. Note, under the succeeding practice rules, a succeeding practice is one that is held out as being a successor to the practice or part thereof of the preceding practice by whatever means such holding out occurs. In this case, the firm FGX & Co intends to include on its website and letterhead the statement “Incorporating the firm TUV Solicitors”. â¶Ä¯&²Ô²ú²õ±è;
  5. File a closing accountant’s report to the date your existing sole principal practice last received, held, controlled or paid clients’ monies (i.e. the date of cessation). This report should be filed with the Law Society within three months following the date of cessation. All queries relating to this or other financial matters should be directed to the Law Society’s Financial Regulation section (financialregulation@lawsociety.ie). â¶Ä¯â¶Ä¯&²Ô²ú²õ±è;

Commencement requirements for FGX & Co. - to be confirmed/completed by the firm’s principal (Mr HY)  

  1. Confirm the date of the acquisition of TUV Solicitors. â¶Ä¯&²Ô²ú²õ±è;
  2. Confirm that all files (including closed files) from TUV Solicitors transferred to the firm FGX & Co.  
  3. Confirm that all client monies from TUV Solicitors transferred to the firm FGX & Co.  
  4. Confirm that FGX & Co. is the succeeding practice to the firm TUV Solicitors and provide confirmation from your PII broker/provider that they are aware of this, and cover is being provided on this basis. â¶Ä¯&²Ô²ú²õ±è;
  5. Forward a copy of your headed notepaper and ensure it is in accordance with the provisions of . â¶Ä¯&²Ô²ú²õ±è;

Once in receipt of the required confirmations and documentation, the Law Society will proceed to cease the sole principal practice TUV Solicitors and mark Ms MP as non-practicing on the Law Society’s records. The existing firm number of FGX & Co. will remain unchanged, and the firm will be noted on the Law Society’s records as being the succeeding practice to TUV Solicitors.