You Wanna Do What? Attorneys Organizing as Limited Liability Partnerships and Companies: An Economic Analysis
Although many states have embraced the concept of limited liability for attorneys, approval is not universal. Rhode Island and California statutorily ban attorneys from practicing in such forms. Further, even those states that have embraced the concept recognize concerns that, under a limited liability scheme, the quality of attorney work may suffer, and sufficient funds may not be available for potential plaintiffs. This Comment argues that attorneys should be allowed to limit their liability by using the LLP and LLC forms to provide relief from the upsurge of liability because traditional arguments against attorneys' use of such forms ignore the changes that have taken place in the practice of law and the dynamic of economic forces, both of which operate as a counterweight to liability limitation.
Mark Rosencrantz, You Wanna Do What? Attorneys Organizing as Limited Liability Partnerships and Companies: An Economic Analysis, 19 SEATTLE U. L. REV. 349 (1996).
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