Partnership: Squaring the circle
The different attitudes of different jurisdictions to limiting lawyers' liability for damages has proved something of a headache for the global law firms. Richard Turnor looks at their options
International law firms have evolved not least because global clients need legal advisers who can look after all aspects of multi-billion dollar cross-border deals. They therefore operate in precisely the kind of market where catastrophic claims could easily arise. Many of these firms are structured as a single partnership with branches in a number of financial centres. A mistake in one territory could become a personal catastrophe for every one of the partners. Even partners practising in different continents and time zones, and who have no personal responsibility for the mistake whatsoever, could be bankrupted.
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