Partners and Partnership Liability A local law firm has eleven lawyers. One Lawyer has been sued...
Partners and Partnership Liability
A local law firm has eleven lawyers. One Lawyer has been sued for
several million dollars as the results of a recent case. Because of
what appears to be the lawyer’s very poor judgment, one of the
customers died. Although the lawyer was solely involved with the
customer in question, the lawsuit names the entire law firm as a
defendant. Originally, six of the lawyers formed the law firm as a
general partnership. However, three years ago, the partners
converted the business to a limited liability partnership based on
the laws of the state in which they operate.
Instruction:
Read the articles online or any published information that is
available on partners and partnership liability, based on the facts
presented in this case, please present (in complete sentences
instead of listing the key words) your opinion/comments on the
possible liability the other ten partners in this law firm may have
in connection with the case. In addition, please present, in your
opinion, the factors which may be important in determining the
exact liability (if any) of the other ten lawyers.
Homework Answers
In this case the business is now being run as a limited liability partnership (LLP). The provisions of law state that in case of a limited liability partnership every partner is an agent of the partnership entity for the purpose of business of the entity. However an individual partner is not an agent of other partners.
Thus in this case the other partners will not be liable for the poor judgement of one of the lawyers. Thus the other ten partners will be individually safe and protected from lawsuit.
The factors that are important in determining the exact liability (if any) of the other ten lawyers will be the terms and conditions of the LLP agreement. It should be noted that the rights and duties of all partners are governed by an agreement between them. This will determine the exact liability of the partners. Secondly the provisions of law of the state in which the partnership firm operates will also be determining the exact liability (if any) of the other ten lawyers.
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Partners and Partnership Liability
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