August 08, 2007 00:00Changes 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).