Although the incidence of LDPs is currently low, the likely
impact of LDPs and implications for the legal profession are
considered below.
Solicitors may now practise in partnership with: (a) other types
of lawyer - including barristers (although see further below),
legal executives, law costs draftsmen and patent attorneys; and (b)
up to 25 per cent non-lawyers - including accountants and heads of
support departments. LDPs may be partnerships, LLPs or
limited liability companies. The non-lawyers who are partners,
members or directors in an LDP must be individuals approved by the
Solicitors Regulation Authority ("SRA").
Who Will Regulate LDPs?
The Legal Services Board, the new regulator created by the Legal
Services Act 2007 (the "Act"), has delegated its powers
to regulate LDPs to various existing regulators including the SRA,
the Bar Standards Board ("BSB") and the Council for
Licensed Conveyancers. An LDP will be able to choose its regulator,
but this may
