There has been much publicity following from recent events involving Solicitors Undertakings given to Banks as part of commercial transactions. The Law Society has carried out a significant consultation process with people from both inside and outside of the legal profession.
It was clear from this consultation process that there was an overwhelming support for the prohibition of such Commercial Undertakings. Accordingly, the Council of the Law Society has passed a regulation abolishing Commercial Undertakins from the 1st of December 2010.
To review the Regulation, please see the following link: