The requirement that law firms organized as limited liability partnerships maintain malpractice insurance does not extend to a firm’s windup period and does not require the purchase of tail insurance, said the Supreme Court in Mortgage Grader, Inc. v. Ward & Olivo, LLP, et al, A-53-14.
The decision affirmed the Appellate Decision’s holding in an interlocutory appeal of the motion to dismiss an individually named partner of the law firm on the grounds that neither the Uniform Partnership Act nor the New Jersey Rules of Court permit a court to strip a partnership of its limited liability status for failing to maintain malpractice insurance. The New Jersey State Bar Association participated as amicus curiae in the matter and member Peter J. Gallagher, who also authored the brief, argued it on behalf of the association.
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