Several recent newspaper articles report a surge in law firm mergers, albeit mainly among smaller firms. Partners with moveable business are affiliating with other established law firms or satellite offices of firms joining the New York market. At the same time, lawsuits against attorneys and other professionals have dramatically increased. The lawsuits may be commenced against both the former partner and her prior firm after she is established at her new firm.
It is imperative that attorneys ensure they have coverage for their tenure at both the initial firm and at the subsequent firm for work done at the prior firm. If an attorney retires, the possibility of a lawsuit still exists, and the attorney needs coverage for “wrongful acts” that may have occurred when she was in practice. Individual lawyers who join new firms may also want to consider purchasing separate “tail coverage” policies for work done at the former firm.
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