Breaking up is hard to do: liability risks lurk in the process of dissolving a law firm
The turmoil of a law firm's breakup can lead to distractions and poor decisions for those emotionally involved, so a lawyer with discretion should oversee the process. As a firm dissolves, members should try to collect outstanding fees from clients, but without suing. The loss of office support systems and the inherent confusion of the process can lead to the neglect of current clients. A copy of the now-expired malpractice insurance policy and its endorsements could prove valuable, but an extension is also important.
Publication Name: ABA Journal
Litigation: inside and out
In-house counsel and outside law firms can work together productively and economically in litigation situations. In-house counsel should manage the cost-containment, which involves deciding whether or not to settle and handling the discovery process. Outside counsel can do some of the more detailed litigation work. One way to control the cost of outside counsel is to have the in-house group develop the budget. Possible conflicts between the profit-driven law firm and the cost-conscious in-house staff are discussed.
Publication Name: Federation of Insurance & Corporate Counsel Quarterly
Is the limited liability partnership now the entity of choice for Delaware law firms?
Issues involving the adoption of limited liability partnership (LLP) by Delaware law firms are discussed. Issues include the various forms of business available to Delaware firms, the characteristics of LLPs generally, and criticisms of the Delaware LLP law, which was enacted in 1993.
Publication Name: Delaware Journal of Corporate Law
- Abstracts: Bracing for the millennium bug; consider liability coverage to protect businesses facing Y2K claims. Yes: consider chemical treatment
- Abstracts: The airline industry: labor relations in the era of deregulation, mergers, bankruptcies, and layoffs. Margaret Anne Browning; Member, National Labor Relations Board
- Abstracts: Continuing protection: converting a limited liability structure raises key insurance issues
- Abstracts: Piercing the veil of the limited liability company, from sure bet to long shot. Strict liability for insurers refusing settlements within policy limits: let's quit talking about it and just do it
- Abstracts: Planning for disaster; computer systems can be kept functioning in the wake of a calamity. Computer modeling is applied; assessing harm