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Full-Text Articles in Legal Profession
Seeking Shelter In The Minefield Ofunintended Consequences - The Traps Oflimited Liability Law Firms, Susan Saab Fortney
Seeking Shelter In The Minefield Ofunintended Consequences - The Traps Oflimited Liability Law Firms, Susan Saab Fortney
Susan S. Fortney
No abstract provided.
High Drama And Hindsight: The Llp Shield Post-Anderson, Susan Saab Fortney
High Drama And Hindsight: The Llp Shield Post-Anderson, Susan Saab Fortney
Susan S. Fortney
This article explores several disadvantages associated with limited liability partnerships (LLPs) in the wake of the Anderson-Enron debacle. The article explains how conversion to LLP from a traditional partnership may undercut the incentive for partners to devote time and resources to monitoring and risk management activities. Additionally, the article notes that conflicts may arise regarding the payment of debts when a firm, without sufficient malpractice insurance, converts to an LLP. The article delves into the exodus problem caused by the lack of partners’ commitment to the firm. The article also describes the tension between partners over malpractice insurance decisions that …