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High Drama and Hindsight: The LLP Shield, Post-Andersen

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dc.contributor.author Fortney, Susan Saab
dc.date.accessioned 2010-03-24T15:24:01Z
dc.date.available 2010-03-24T15:24:01Z
dc.date.issued 2003
dc.identifier.citation Bus. L. Today, Jan.-Feb. 2003, at 47. en_US
dc.identifier.uri http://hdl.handle.net/10601/249
dc.description.abstract 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 arise with LLPs. The article cites asset insufficiency and the potential of moral hazard as potential problems caused by LLPs. The article urges firms to carefully evaluate these potential negative consequences when deciding to transition from a traditional partnership to an LLP. en_US
dc.publisher Business Law Today
dc.relation.uri https://a.next.westlaw.com/Document/I134290e1227111dbbab99dfb880c57ae/View/FullText.html
dc.relation.uri http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1454816
dc.rights.uri http://web2.westlaw.com/result/default.wl?rltdb=CLID_DB4328515410201&srch=TRUE&db=BUSLT&sv=Full&service=Search&eq=search&fmqv=s&sskey=CLID_SSSA2218435510201&method=TNC&action=Search&query=AU(FORTNEY)&mt=Westlaw&fn=_top&origin=Search&vr=2.0&rlt=CLID_QRYRLT2948135510201&rp=%2fsearch%2fdefault.wl&ifm=NotSet&cfid=1&rs=WLW10.01
dc.subject Limited liability partnership en_US
dc.subject LLP en_US
dc.subject Legal malpractice insurance en_US
dc.subject Law firm en_US
dc.title High Drama and Hindsight: The LLP Shield, Post-Andersen en_US
dc.type Article en_US

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