City leaders extend use of liability caps as legal profession follows in the footsteps of banks and accountants with controversial risk management tactics. Caroline Grimshaw reports on the results of the latest Big Question survey
January 25, 2007 at 01:05 AM
1 minute read
The original version of this story was published on Legalweek
City law firms are moving to routinely limit their risks on individual mandates as evidence grows that so-called liability capping is becoming common in many practice areas.
The latest Legal Week/EJ Legal Big Question survey of more than 100 senior lawyers found more than a quarter of respondents’ firms regularly cap liabilities on individual transactions, while 60% ‘sometimes’ put in place such arrangements.
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