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   Insurance, SOLO Patent Attorney
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   Author  Topic: Insurance, SOLO Patent Attorney  (Read 1218 times)
Isaac
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Re: Insurance, SOLO Patent Attorney
« Reply #5 on: Jun 26th, 2006, 1:48pm »
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I believe in many jurisdictions, the treatment of lawyers with respect to liability is the same as others.   If you are in a single person limited liability entity, in many (if not most) jurisdictions, you may have a contractural liability shield limiting your exposure to debts of the entity (unless your debtor insists on putting you personally on the hook and you agree), but since all of the torts will be your own, you can probably be sued personally in for torts related to the entity.   If you have employees or contract out, you may be able to escape direct personal liability for their activities unless you hired them negligently.
 
Besides that, being undercapitalized and underinsured is a good way to induce a court to pierce the veil on your liability shield.
 
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Isaac
JSonnabend
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Re: Insurance, SOLO Patent Attorney
« Reply #6 on: Jun 27th, 2006, 6:32am »
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Besides that, being undercapitalized and underinsured is a good way to induce a court to pierce the veil on your liability shield.

Yeah, on a law school exam.  Doesn't happen all that much in practice, I believe.
 
FWIW, the LLC/malpractice issue is the same in NY as others have described here for other states.  As for insurance, it's tough for a solo IP guy to get malpractice insurance, in my experience.
 
- Jeff
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SonnabendLaw
Intellectual Property and Technology Law
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JSonnabend@SonnabendLaw.com
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