Whilst it is widely thought that the Society was established to provide its members with access to a law library, which still exists at the Hall of the Society in Douglas and holds legal case histories and reference books.
This is a misconception, the Law Library was in fact established in 1825 by a group of Advocates and the senior judiciary under the title the Isle of Man Law Library Society.
The Library was housed in Castle Rushen until the Law Society moved it to Athol Street, Douglas.
The Society's role has developed and, as well as dealing with the legal profession's relationship with government and other bodies, the Society has disciplinary functions in respect of its members and has responsibilities concerning the provision of education and guidance to the membership as a whole.
The Society operates through an elected Council and various special purpose committees, all of whose members serve on a voluntary basis.