Solicitors Undertakings and Commercial Property Transactions

We wrote last year about changes to the Irish Minimum Terms for solicitors' professional indemnity insurance for the year commencing 1 December 2009.

The Law Society has now gone one step further and (subject to a de minimis exception) the provision of undertakings to lenders in commercial property transactions will in future be prohibited.

The new prohibition is contained in the Solicitors (Professional Practice, Conduct and Discipline – Commercial Property Transactions) Regulations 2010 (SI no 366 of 2010) which come into force on 1 December 2010, to coincide with next renewal.

Location: Ireland