MDPs and MNPs get Isle of Man approval

THE ISLE of Man Law Society has voted to allow multi-disciplinary and multi- national partnerships on the island.

A special working party has now been set up by the society to examine the best way of introducing MDP and MNP laws after proposals to use them were voted through at a special meeting of the council.

At present only a handful of international law firms have set up shop on the island and there are only 40 English qualified solicitors based there.

The society president, Geoffrey Karran, said the vote had been prompted by the need to attract the best international commercial law-yers to the island. he added: “Our own bar has developed considerably, but we are are looking to find ways of improving the service we can offer our clients and attracting business to the island.”

He said the working party, which is due to report next March, had already received enquiries from accountancy firms interested in the developments.

Jenifer Stanley, a solicitor at Travers Smith Braithwaite, the only City firm with an office on the island, pointed out that it was some time before the working party was due to report and even then it would only report with draft rule changes. But she added: “We welcome anything that can be seen as a progressive move.”