Changes to LLP Insurance Requirements
August 20, 2007 News
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).