On Tuesday, 1 April, 2003, the Rules Committee of the Supreme Court of Illinois handed down a decision on an issue that has become something of a cause celebre for Chicago’s legal community – the adoption of the limited liability partnership (LLP) as a recognised law firm model.
Almost a year after the Chicago Bar Association first proposed a change to the court’s position on LLPs, the Rules Committee has approved revisions to its rules that will allow law firms to adopt limited liability, a move that will essentially protect partners from personal liability for claims issued by clients of other partners at their firms.
