When is an LLP Not an LLP?
By Peter J. Gallagher
On Feb. 1, the New Jersey Supreme Court heard oral argument in Mortgage Grader, Inc. v. Ward & Olivo, a case that could have been ripped straight from a law school exam. The question on appeal is whether a partner in a law firm organized as a limited liability partnership loses the liability protections normally afforded in those partnerships if the business fails to maintain professional liability insurance.
This article was originally published in the June 2016 issue of New Jersey Lawyer Magazine, a publication of the New Jersey State Bar Association, and is reprinted here with permission.