(1) A lawyer in practice is—

(a) a lawyer who is entitled to practise and who holds himself out as ready to do so, or is employed in a whole-time occupation where he performs legal duties; or

(b) a lawyer whose regular occupation is that of editor or reporter of any series of Law Reports entirely written and edited by lawyers for use by the legal profession.

(2) A practising lawyer shall not—

(a) be a managing director or executive chairman in any company or an active partner in any business,

(b) carry on any other profession or business which conflicts or involves a serious risk of conflict with his duties as a practising lawyer; Provided that the General Legal Council may for the avoidance of doubt give a ruling on an application made to it in writing in any particular case as whether a profession or business conflicts or involves a serious risk of conflict with the duties of a person as a practising lawyer.

(3) A lawyer who is not in practice under sub-rules (1) and (2) above shall, if employed, file with the General Legal Council a copy of the terms of his employment; and where by the terms of his employment such lawyer is obliged to offer his employers legal advice or to perform such services as are normally performed by a lawyer in practice, he should be deemed to be a practising lawyer.