Richard Epstein, General Counsel of the Firm and Co-Chair of the Firm’s Litigation Department, is quoted in this article covering “five notable opinions that helped shape the Garden State’s legal landscape in 2016.”
In June 2016, the New Jersey Supreme Court determined in Mortgage Grader Inc. v. Ward & Olivo LLP that “limited liability partnerships continue to shield partners from personal liability after the enterprise dissolves and its insurance policy expires, to the benefit of an attorney who faced a patent malpractice lawsuit over his partner’s alleged actions.” This decision will not likely impact the sale of “tail” insurance, according to Epstein, “because the attorney handling the matter will still want malpractice coverage, he/she will want to obtain tail malpractice policies. Second, the Supreme Court may still, under the Rules of Court, sanction an attorney who fails to comply with the requires for malpractice coverage in a limited liability partnership, and generally members of the bar seek to avoid sanctions.”
