Mortgage Grader, Inc. v. Ward & Olivo, LLP (075310)

In this case, the Court must determine whether a law firm practicing as a limited liability partnership (“LLP”) failed to maintain professional malpractice insurance to cover claims against it, and, if so, whether that failure may cause the revocation of the firm’s LLP status, rendering innocent partners personally liable. To inform that determination, we also consider when a law-firm LLP incurs its obligation to a client under the Uniform Partnership Act (“UPA”). N.J.S.A. 42-.1A-18.

For the reasons that follow, we conclude that the requirement in Rule l:21-lC(a)(3) that law firms organized as…