August 08, 2007 00:00
Changes to LLP Insurance Requirements

Effective January 1, 2008, the amount of professional liability insurance that must be maintained by Limited Liability Partnerships practicing law will increase from $500,000 for 5 or fewer attorneys to $1,000,000 for five (5) or fewer attorneys. As before, for each additional attorney above 5, an additional $100,000 is added to the limits of liability required by the code section, up to a maximum of $7,500,000 [70 attorneys]. See, CA Corporations Code §16956(2).

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