Ownership by barristers

Whilst ownership by barristers of interests in LDPs gives rise to the same kinds of issues and concerns as dual practice (see para 11 above), the issues here are significantly more acute. Barristers’ involvement is likely to be less obvious to clients. It is essential that such interests are disclosed to clients, where material, and disclosed to the Board so that the impact of them can be monitored as part of the Board’s general jurisdiction to ensure that barristers practice is a way that protects and promotes clients’ and the public interest above their own private interests. As explained below, in some cases ownership would require the barrister to take steps to manage or avoid conflicts that might arise. The responsibility to avoid causing prejudice to his client is, in these circumstances, that of the barrister.

Barristers are advised to consider carefully the implications of owning an interest in an LDP, either directly or indirectly, in circumstances in which they are not employees or managers of that LDP. In order to manage the risks and avoid conflicts of interest and duty from occurring, rules 209 of the Code imposes restrictions and requirements for barristers who wish to own interests in LDPs.