Justices to Decide Whether Uninsured Firms Lose LLP Shield
The New Jersey Supreme Court is set to decide whether lawyers in a limited liability partnership lose their protection from being sued individually if their firm fails to maintain professional liability insurance.
April 01, 2015 at 09:56 AM
5 minute read
The New Jersey Supreme Court is set to decide whether lawyers in a limited liability partnership lose their protection from being sued individually if their firm fails to maintain professional liability insurance.
The justices on March 30 granted a motion for leave to appeal in Mortgage Grader v. Ward & Olivo, a legal malpractice action against a patent firm that has since split up.
The trial judge held that the failure of a dissolving LLP to purchase a tail insurance policy caused it to revert to a general partnership, thereby exposing one partner to vicarious liability for the other's alleged malpractice.
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