Faroe Law’s Terms of Business apply to all of our assignments unless otherwise agreed. Read also our client information below.
Our terms of business can be found here.
Under clause 13 of the Danish Bar and Law Society’s Code of Conduct, the following information is required to be given to clients.
All Faroe Law lawyers are admitted to practice law by the Danish Ministry of Justice and are registered with and members of the Danish Bar and Law Society.
Advokatsmápartafelagið Faroe Law
Magnus Heinasonar gøta 10
Tlf.: +298 669900
Business registry and tax number
Comany reigistration number with the Faroese Business Registry: 4807
Tax registration number: 56 69 69
Faroe Law is covered by professional liability insurance and has provided a guarantee in accordance with the rules of the Danish Bar and Law Society. Our liability insurance covers any legal practice, regardless of where the practice is being conducted.
Faroe Law’s liability insurance and guarantee have been taken out with Trust Forsikringsagentur I/S, Søndergade 1B, 1. tv., 8000 Årshus C, Danmark.
All client funds entrusted to Faroe Law will be managed according to the rules of the Danish Bar and Law society and will be deposited in a client account. Any interest accrued is payable to the Client in accordance with the rules laid down by the Danish Bar and Law Society.Faroe Law has client accounts in BankNordik and Betri Banki. Interest rates (positive and negative) are earned and paid for by the client.
Funds on client accounts are protected according to the law on deposit and investor guarantee. The protection is limited to 100.000 EUR per client per financial institution.
Faroe Law is not responsible for the loss of funds on client accounts if the financial institution goes bankrupt.
Governing law and legal expenses insurance
When Faroe Law accepts a matter for a client, we determine whether public legal aid or legal expenses insurance is available under applicable law or the client’s insurance. If our fee is to be paid out of public funds or by an insurance company, preliminarily or finally, the client will be advised of the principles for determining the fee, etc. and of the potential consequences for the client.
Code of Conduct
All Faroese lawyers are subject to the legal ethics rules contained in the Administration of Justice Act (rættargangslógin). The General Council of the Danish Bar and Law Society supervises compliance with the code of legal ethics and has drawn up a Code of Conduct requiring lawyers to comply with high professional and ethical standards.
The Disciplinary Board of the Danish Bar and Law Society ensures compliance with the rules and may impose disciplinary sanctions in case of violation.
The ethical professional conduct rules include:
- Non-disclosure obligations: Lawyers and their employees are required to treat information received in the course of their work confidentially.
- Conflicts of interest rules: Circumstances of conflicting interests in which a lawyer may not assist a client.
More information about the Code of Conduct and the General Council is available on the Danish Bar and Law Society’s website www.advokatsamfundet.dk. More information about ethical professional conduct, rights to complain, etc. is available on the Disciplinary Board’s website.
Identification and anti money laundering
The law on anti money laundering applies for law offices in the Faroe Islands. Therefore it is our duty to identify and store information about the identity of our clients.