Limited liability partnership law firm in the United States and suggestions for Vietnam

Abstract

In the past, the majority of law firms operate as general partnerships, in which all partners share unlimited liabilities. Limited liability partnership (LLP) allows law firms to obtain limited liability and lets firm partners avoid personal exposure to malpractice claims against their colleagues. This paper focuses on 04 issues: The main difference of limited liability partnership compare to general partnership; The reason why law firms choose LLP; how law firm LLP is regulated in the United States; and whether Vietnam can adopt LLP in future legislations on enterprises.