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Sea change in Law Society brings partnerships with IFAs closer

IFAs could become full partners in legal practices and solicitor and IFA firms could merge, under new Law Society proposals.


The Law Society has consulted on the issue of permitting what are known as multi-disciplinary partnerships before but solicitors who are in favour of allowing the practice believe that there has been a sea-change in the the profession.


The Society says that if all goes according to plan the proposals could be implemented by the autumn next year.


Their view is backed by a pre-election Office of Fair Trading report which came out against the practice of exclusive professional partnerships before the last election. The proposals were adopted by the then Labour opposition.


IFA representatives welcome the move.


Sofa chairman Robert Reid says: &#34I think it is a good thing and that it is inevitable that the professions are going to work more closely together.&#34


He believes that dropping the MDP regulations will allow much better understanding between IFAs and solicitors.


He adds: &#34The lack of understanding is why so many introductory relationships have broken down in the past.&#34

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