The Coordination Committee oversees the budgets, projects, and policy outputs of the Law Society’s committees, task forces, and steering groups. Serving as a link between the committees and Council, it monitors committee membership, governance, and reporting to Council.

It ensures that the priority and direction of committee projects advance the Law Society’s overall objectives on behalf of the profession, the rule of law, and the public interest. The committee considers and recommends to Council the composition of Law Society committees and task forces. It also considers and recommends appointments to external bodies during the year.

The committee liaises with the chairs of Law Society committees and task forces to conduct ‘horizon scanning’ and identify matters for the Council’s attention. It assists in focusing the Council agenda towards strategic and fiduciary responsibilities, and oversees the implementation of Council decisions. It also fosters agility in decision-making and accepted governance standards.

Eamon Harrington | Chair

In the calendar year 2024, the Education Committee introduced the new CPD Scheme, which was the culmination of an extensive review of the CPD provisions. The recommendations of this review were adopted, after due consideration, by the committee and the Council, and subsequently endorsed by the Minister for Justice.

The committee’s work on the introduction of awards of merit was reflected in the new Solicitors Acts 1954-2015 (Awards of Merit) Regulations 2024 (SI 425 of 2024), which provide for the following awards of merit:

• Scholastic Associate of the Law Society of Ireland (SALSI),
• Trainee Associate of the Law Society of Ireland (TALSI),
• Member of the Law Society of Ireland (MLSI), and
• Fellow of the Law Society of Ireland (FLSI).

The committee also instigated a programme of accreditation resulting in micro-credentials and accredited awards for trainee solicitors as they progress through their training. Professional Diplomas in Legal Practice were awarded after successful completion of the core component of the PPC 2022. An award ceremony was held for trainees who achieved an Advanced Diploma in Legal Practice, having successfully completed four advanced electives with the Law School.

The committee continued its ongoing engagement with the Legal Services Regulatory Authority and the recommendations set out in its Breaking Down Barriers report, and continues to implement the agreed recommendations and identify new initiatives.

We continued to support the Law Society in its commitment to a diverse and inclusive profession through its management of the Access Programme, the Small Practice Traineeship Grant, and the Law Society Bursary, which continue to provide financial support to students who would otherwise find it difficult to qualify as solicitors.

Since its introduction in 2001, a total of 236 individuals have qualified as solicitors with financial support from the Access Programme. In 2024, total funding of over €376,000 was provided by the Access Programme to 203 individuals from socio-economically disadvantaged backgrounds who are seeking to train as solicitors.

The committee also approved the Small Practice Traineeship Grant Scheme for 2024. Five further grants worth €25,000 each were made available to assist rural practices with the cost of employing a trainee solicitor. Furthermore, it managed the annual Law Society Bursary Fund of €175,000, making awards to trainees on the PPC 2022 Hybrid and PPC 2023 courses.

The work of the committee in 2024 also included:

• The review of the work carried out by the Diploma Centre, Law Society Professional Training, Law School Psychological Services, and the Law Society’s Professional Outreach Programme,
• Input and support for the project to build additional education premises and facilities,
• Engagement with the Law Society of Scotland on the recognition of qualifications for solicitors between our jurisdictions,
• The introduction of several new student prizes (alongside those already in place), including the Attracta O’Regan Memorial Prize for the Diploma in Legal Practice, and
• Continued work on implementing the recommendations of the Peart Report.

Finally, we were delighted that the Diploma Centre won ‘Best Learning/Professional Development Programme’ at the Association and Institutes Awards 2024 for its Diploma in Aviation Leasing and Finance.

Sincere thanks to my committee colleagues, including Richard Hammond SC, who was the chair until November 2024, my current vice-chair Justine Carty, the education officer Colette Reid, and director of education T P Kennedy, for their hard work and valuable contributions.  

Brendan Cunningham | Chair

The Finance Committee has a number of functions assigned to it. Its key function is the management of the financial affairs of the Law Society and its subsidiaries.

A number of subcommittees have been established to give special attention to specific areas. The committee’s overarching objective in 2025 is empowering the Finance and Operations Department to deliver its objectives through strategic oversight and robust governance.

The committee met nine times in 2024. It receives regular updates from the executive team and relevant experts, who attend each meeting on a regular basis. These are provided through written reports and financial detail, both regular and bespoke. The committee is confident that it has the correct membership to provide the right level and calibre of information and challenge, and that the right reporting methods, structures, and work plan are in place to provide oversight on behalf of Council in respect of performance in the areas as set out in the Council Regulations.

The Compensation Fund, which is a separate financial entity, is not covered by this report (see separate report on page xxx)

Group consolidated income

Total income for the year was €36.8m, 1.1% higher than in 2023.

‘General activities’ income was €24.5m (2023: €22.1m). Of this, practising cert, membership, and admission fees accounted for €22.8m (2023: €20.5m).

Law School income was €12.2m (2023: €14.1m).

Group consolidated expenditure

‘General activities’ expenditure was €22.8m (2023: €21.6m), which was an increase of 5.4% (or €1.2m) on 2023.

‘Law School activities’ expenditure, at €13.3m, was €202k (1.5%) less than in 2023.

Subsidiaries expenditure for 2024 was €0.6m, 16% higher than 2023 due to increased activities.

Group consolidated surplus

Before revaluation and exceptional items

‘General activities’ operational surplus was €1.7m in 2024, versus €535k in 2023.

‘Law School activities’ generated a loss of €1.1m against a prior year surplus of €595k.

Subsidiaries generated losses of €535k against prior year losses of €435k.

Overall operational surplus from general activities, Law School activities, and subsidiaries is €51k.

After revaluation and exceptional items

In the audited financial statements, the operational surpluses/losses are included in the consolidated statement of comprehensive income. This statement also brings in revaluations and exceptional items. For 2024, these result in the Law Society making an overall surplus of €5.7m for the year (2023: deficit of €6.9m).

There are three items to note:

• Actuarial gain on the defined-benefit pension scheme,
• Fair-value loss on the revaluation of development land, and
• Fair-value gain on unrealised investments.

Revaluations and exceptional items

Actuarial gain on defined-benefit pension liability

In accordance with the accounting standard FRS102, in 2024, the financial statements show a surplus on the defined-benefit pension scheme of €3.9m, while in 2023 there was a surplus of €1.3m. The larger actuarial gain in 2024 was primarily driven by a reduction in inflation and projected salary increases to value the scheme’s liabilities. The actuarial gain on the defined-pension benefit liability is €2.4m in 2024 (2023, €202k)

Fair-value loss on the revaluation of development land

The Benburb St site is a brownfield city-centre site that extends to 1.1 acres and is zoned Z5, allowing a variety of uses for potential schemes, including commercial and residential. As is practice, we engaged Mason Owens & Lyons to undertake an annual valuation of the land. In estimating the market value of the subject property, they had regard to prevailing market conditions and sales transactions that are considered comparable with the subject property. In consideration of this information, they adopted a base capital value per acre of €12.7 million per acre in line with the primary comparisons, resulting in a gross site value of €14,000,000. This valuation, as at 31 December 2024, is an increase of €2,750,000 on the 2023 valuation.

Revaluation of investments

The revaluation of the Law Society’s investments resulted in a fair-value gain of €1.3m, reflecting a strong investment performance for 2024 (2023: gain of €1m).

Subsidiaries

The group structure includes a number of subsidiary entities. The Law Club of Ireland made an operational loss of €91k (2023: loss €30k). Benburb St Property Company Limited made an operational loss of €8k (2023: loss €5k).

Group consolidated balance sheet

Balance sheet reserves include the two contingency funds, the Capital Expenditure Fund (€1.5m) and the Litigation Fund (€1.2m). Both funds are designed to meet costs in these areas as they arise and avoid fluctuations in the practising certificate fee. The Capital Reserve Fund amount of €6m is to meet future property development costs. Additionally, there is a deficit of €2.3m in the LSRA Levy Fund, being the balance of money raised for this levy over the last six years since the imposition of the levy, and the amounts ultimately levied by the LSRA. The deficit will be replenished over the coming years to ensure it is adequately reserved. The remaining reserves have been allocated to meet specific costs and projects.

Our net asset position at the end of 2024 now stands at €62m (2023: €56m).

Rosemarie Loftus | Chair

The committee continued to fulfil the Law Society’s statutory obligations in relation to mandatory competent-authority reporting of suspected offences relating to money-laundering, terrorist financing, and relevant offences to the appropriate authorities.

Suspicions that money-laundering or an offence of terrorist financing has been committed by a practising solicitor (or any other person) who the Law Society, in the course of monitoring solicitors for anti-money-laundering compliance, suspects has been engaged in such activities) must be reported on by the Law Society to the State’s Financial Intelligence Unit (FIU) and the Revenue Commissioners.

Reports are filed with the FIU via goAML (the mandated portal of the UN Office on Drugs and Crime) and to the Revenue Commissioners via ROS, pursuant to the provisions of section 63 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (as amended).

In the year ended 31 December 2024, the committee directed that 70 such reports be made.

The Law Society is also required, pursuant to the provisions of section 19 of the Criminal Justice Act 2011, to report to An Garda Síochána, as soon as practicable, information in its possession that it knows or believes might be of material assistance in preventing the commission of a relevant offence, or in securing the apprehension, prosecution, or conviction of a person for a relevant offence. Relevant offences are listed in schedule 1 of the act and include fraud-related offences. During the past year, the committee directed that 65 such reports be made.

I would like to thank all the members for their hard work in carrying out this vitally important statutory role and to thank, also, the executive for assisting the committee in that work.

Dara Robinson SC | Chair

The function of the Professional Indemnity Insurance (PII) Committee is to deal with all matters pertaining to the regulation of solicitors’ PII, including monitoring the implementation of the PII regulations and associated documentation, maintenance of a stable PII market, provision of guidance to the profession, and attending to PII queries arising.

The committee reviews, drafts, and publishes updated PII regulations and associated documentation on an annual basis. It maintains a regular dialogue with insurers participating in the Irish market for solicitors’ PII, as well as the Special Purpose Fund manager, who manages the Assigned Risks Pool and Run-off Fund.

We provide information and documentation to the public and the profession through the PII website (www.lawsociety.ie/PII), which contains current and historic information and documentation on PII matters, including news items, regulations, minimum terms and conditions, the common proposal form, participating insurers’ agreements, Special Purpose Fund documentation, lists of insurers and brokers, and guidance notes.

Information on current insurance details of firms continues to be available through the Law Society’s online firm insurance details ‘PII Search’ facility.

The 2023/2024 indemnity period, which ran from 1 December 2023 to 30 November 2024, saw a further stabilisation of the market and a significant reduction in premiums. To put this in context, there was a 20% increase in the premium pool for the 2020/2021 indemnity period, a 5.5% increase for the 2021/2022 indemnity period, a reduction of 8.4% for the 2022/2023 indemnity period, and a reduction of 16.15% for the 2023/2024 indemnity period. This brought premiums to their lowest level since the 2018/2019 indemnity period. It should be noted that the increase in premium over the last few years was not caused by an increase in claims or a poorly performing domestic market, but rather due to an increase in base rate across all books of insurance arising from global insurer losses and solvency requirements.

This stabilisation of the market was brought about by leveraging our strong relationships with the insurers to gain a comprehensive understanding of the market, making clarifying changes to the minimum terms and conditions without reducing cover for the profession or the public, and the increase in competition through the introduction of two new A-rated insurers and one new insurance facility to the market for the 2023/2024 indemnity period. Firms that shopped around, rather than staying with the same insurer, saw the greatest reductions in premiums.

There were 13 insurers and three insurance facilities in the Irish solicitors’ PII market for the 2023/2024 indemnity period. No significant increase was seen in 2024 in the number of firms closing or entering the Run-off Fund. There were no firms in the Assigned Risks Pool for 2024. Talks with potential new insurers looking to enter the market led to the addition of a new insurer on 1 December 2024, which will increase competition even further.

I wish to thank my fellow committee members for their continuing support and valuable inputs to the work of the committee.

Sonia McEntee | Chair

The Regulation of Practice Committee has two primary functions:

• To administer the Law Society’s Compensation Fund, and
• To oversee the profession’s compliance with regulations regarding accounts, anti-money-laundering, and other regulatory requirements under the Solicitors Acts 1954-2015 not assigned to other regulatory committees.

AUDITED ACCOUNTS

Overall financial performance

The income and expenditure account of the Compensation Fund reflects a deficit of €234,787 for the year ended 31 December 2024 (representing an excess of expenditure over income before fair-value movements arising on revaluation of investments and liquidity funds and tax), as compared to a surplus of €825,551 for the year ended 31 December 2023. The decrease of €1,060,338 is due primarily to a net loss on realised movement of investments and liquidity funds of €129,312 being incurred, compared with a profit of €749,165 in the previous year, resulting in a total reduction of €878,477. In addition, there was an increase in expenditure of €308,757 and net claims of €124,411. This was partially offset by an increase in income of €251,307.

During 2024, the Compensation Fund investments experienced an increase in fair value arising on the revaluation of investments of €1,713,156, as compared to an increase of €1,298,610 in 2023. In addition, money invested in short-term liquidity funds during the year increased in fair value on revaluation by €148,524. There was no taxation charge for the year. Accordingly, the surplus after fair-value movements arising on revaluation of investments and liquidity funds and taxation was €1,626,893, as compared to a surplus of €2,124,161 in 2023.

Our income streams

The income in 2024 reduced by €52,079, which included an increase of €243,041 in contributions receivable due to an increase in practising certificates taken out. There was an increase, also, in recoveries from defaulting solicitors of €441,851, and disciplinary fines and investigation levies of €10,688. However, a loss was incurred on the realised movement of investments of €133,240, resulting in a reduction of €749,165 in the total income of the fund.

Our expenditure

There was an increase of €1,008,259 in expenditure as between the two years. This included an increase in the provision for claims of €566,262, the loss of €133,240 on realised movement of investments, an increase in practice-closure direct administration costs of €189,595, and an increase in financial regulation direct administration costs of €175,267. These increases were partially offset by a reduction in insurance costs of €100,125.

Our balance sheet

The net assets of the fund as at 31 December 2024 stood at €28,530,722, as compared with €26,903,829 at 31 December 2023. The increase of €1,626,893 in the net asset position of the fund as between the two year-ends is reflected by an decrease of €234,787 in revenue reserves, together with an increase of €1,861,680 in the unrealised profit on the investment and short-term liquidity fund portfolios.

Developments since December 2024

In the five months ended 31 May 2025, a total of 58 claims were received, amounting to €880,411.61. Payments totalling €787,797.60 were made during that period, of which €37,440 was in respect of claims received in 2025 to date, with claims amounting to €840,006 remaining under consideration.

The Regulation of Practice Committee, following a rigorous review of the financial position of the Compensation Fund and the effects of inflation and geopolitical unrest, decided that it was appropriate to maintain the Compensation Fund element of the practising-certificate fee at €700.

The net assets of the fund are valued at approximately €28 million, as at 30 April 2025.

Insurance cover for €55 million in excess of €5 million is in place for the year ending 31 January 2025, with a further saving of circa €59,000 obtained.

During 2024, the Compensation Fund investments were transitioned to a new portfolio designed to reduce the risk profile and concentrate on capital preservation, while providing a return above inflation. This de-risking has resulted in protection from much of the volatility in the markets during 2025 to date.

Committee activities and outcomes

As the largest standing committee in the Law Society, with a vast statutory remit and considerable workload, the committee sits in four general divisions; a claims division meets in plenary session, and also subdivides into specialist subcommittees/working groups. The committee met 49 times during the period reported on.

Arising from these meetings, the committee decided to:

• Levy contributions amounting to €7,750 towards the cost of investigations,
• Refer 15 solicitors to the Legal Practitioners Disciplinary Tribunal (nine of these cases related to late filing of accountants’ reports),
• Apply to the High Court, pursuant to the Solicitors Acts in five cases,
• Make one complaint to the Legal Services Regulatory Authority, pursuant to section 51(5) of the Legal Services Regulation Act 2015,
• Issue directions to five practices, pursuant to regulation 5(10)(c) of the Solicitors (Money Laundering and Terrorist Financing) Regulations 2020,
• Issue directions to two practices, pursuant to section 71 of the Legal Services Regulation Act 2015,
• Remove a reporting accountant’s approval, pursuant to regulation 26(5) of the Solicitors Accounts Regulations 2023.

Committee review working group

The working group concluded its review in July 2024, and its recommendations were considered and accepted at a special plenary meeting of the committee in September 2024. In all, 13 recommendations were made – implementation of same is ongoing.

Garry Clarke | Chair