The New York Court of Appeals ruled Thursday that partners in a law firm operating as a limited liability partnership aren't shielded from personal liability in disputes with each other. But in a dissent in which Chief Judge Judith S. Kaye concurred, Judge Robert S. Smith said the majority's decision gave preferential treatment to former partners over both current partners and other third-party creditors, noting that the decision might produce especially unfair results for partners with small equity stakes.
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N.Y. High Court: No LLP Shield in Disputes Among Law Firm Partners
New York Law Journal
December 21, 2007
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