Limited liability status affords equity partners no guarantee that the gobs of capital they have invested in their firms-and expect to be paid back upon retirement-won’t fall victim to a partner’s misdeeds, warned Peter A. Giuliani, executive director of Stamford-based Cummings & Lockwood.
Nothing monopolizes the mind of a managing partner like the prospect of paying a huge malpractice award out of his or her own pocket.
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