Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Multi-State Firms Take Advantage of Illinois' Limited Liability
Effective July 1, 2003, pursuant to rules recently adopted by the Illinois Supreme Court, law firms with Illinois offices will be able to practice as limited liability partnerships (LLPs). In addition, co-owners of law firms organized as limited liability legal entities (ie, as members of LLPs or limited liability companies (LLCs), or as shareholders of professional corporations (PCs)) will be able to avoid exposure to vicarious liability for malpractice committed by other lawyers in their firms, if their firms meet and maintain specified minimum amounts of malpractice insurance or other proof of financial responsibility.
Many Illinois-based firms, including those with multi-state offices, are expected to take advantage of the vicarious liability protection procedure. A number of large law firms based outside Illinois having Illinois offices are also expected to take advantage of the new rules. The rule change also will permit several 'national' firms to abandon their cumbersome multiple entity legal structures previously adopted to deal with the absence of a rule permitting firms to practice in Illinois as LLPs. The Supreme Court's action is particularly timely because the Illinois Uniform Partnership Act was amended last year to broaden the limited liability protection afforded partners of LLPs formed in Illinois. See Sheldon I. Banoff, 'Illinois Developments Are Good News for Multistate Law Firms Across the Country,' 8 LFPBR 5 (November 2002).
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
How AI Has Affected PR
When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.