We are pleased to announce that MDRN Solicitors will be undergoing a transformation from 1July 2009!
The existing firm will be transferred to a new company we have formed for the purpose named MDRN Pty Ltd ACN 136 054 405
That company will continue the legal practice and trade under the trading names of MDRN Solicitors and McCarthy Durie Ryan Neil, and from a day to day perspective little will change.
We are also pleased to announce that as from 1 July 209 both Nathan Hardman and Amitesh Kumar will become shareholders and directors in the new company along with Ian Neil, Bruce Durie and Jon McCarthy.
At the same time, long term partner Philip Ryan will be leaving the firm to pursue his role as Managing Director of a financial services company.
Phil has been with us since 1989 and a partner since 1990 and we are delighted to advise that Phil will maintain his involvement as Consultant to the firm.
How will this affect our clients?
Matters will be continued by MDRN Pty Ltd as an incorporated law firm and will be handled by the same persons who are currently handling them.
Retainer
Retainers (client contracts with the firm), written or informal, will be assigned to the new entity MDRN Pty Ltd. Clients may be asked to sign a new retainer in due course for ongoing long term matters.
Trust Account
Money in the trust account of the current firm it will remain there and be used in accordance with your current instructions.
It may be convenient in long term matters for the funds to be transferred to the new trust account operated by MDRN Pty Ltd. In such cases we will ask that clients sign an authority authorising the old firm to pay the funds to the trust account of MDRN Pty Ltd.
Are we covered by Professional Indemnity Insurance and the Qld Law Society fidelity guarantee Fund?
Yes, incorporated legal practices are established under the Legal Profession Act of 2007 and have the very same cover as the former partnership.
Why are we doing this?
Law practices, unlike other businesses, were not legally permitted to incorporate until legislation was passed in 2007.
Incorporation brings sophistication to both the ownership and financing structure of the business and provides a strong base for its long term future. A corporation is the most common structure for medium to large enterprises.
Incorporation also brings with it regulation under the Corporations Act, the Trade Practices Act and other Federal legislation and also directly under the Qld. Legal Profession Act of 2007.
Further Questions?
Please speak to the person handling your file if you have further questions or email our General Manager Shane McCarthy on shanem@mdrn.com.au.
Thank You!
Thank you for your loyalty to MDRN over the past many years (we started on 10 July 1978!).
From humble beginnings in July 1978 as Jon McCarthy,Solicitor, we progressed to :-
- McCarthy and Company
- McCarthy Durie and Co.
- McCarthy Durie Milburn
- McCarthy Durie Ryan Neil, and finally
- MDRN Solicitors
We look forward to being of continued service to you for many more years!
|
