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.

18 minute readAugust 28, 2003 at 11:34 AM
By
Sheldon I. Banoff
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

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