Indemnification Helps Partners Sleep Well

7 common conditions.

By R. Peter Fontaine

Whenever a professional liability lawsuit is lodged against an accounting firm, chances are one or more of the firm’s partners will be named. They are “front and center” in the client relationship, and the client looks to the partner to make sure everything is right.

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Current and former partners of CPA firms are wise to ask, “How am I covered in the event of a lawsuit is brought against me?” With the right indemnification and professional liability insurance coverage, both active and former partners should be able to sleep well at night.

Posted on March 12, 2020

Peter Fontaine

About the Author

Peter Fontaine, a CPA Trendlines expert author, is the founder and managing partner of NewGate Law. Before launching NewGate in 2012, he was the general counsel at McGladrey and assistant general counsel at Arthur Andersen. Peter works exclusively with CPA firms.

He is also a contributor CPA Firm Partner Agreement Essentials and to the CPA Trendlines publication Making Mergers Work: Special Report [eBook].

He has served as chief legal counsel for professional services firms for more than two decades. Before establishing NewGate Law, Peter held the general counsel post at McGladrey LLP, and was responsible for the company’s legal, compliance, risk management, and government relations functions. Peter was also a partner at Arthur Andersen LLP, where he managed the legal support for its global business consulting practice. Prior to entering the accounting industry, Peter had a lengthy career at Maynard, Massachusetts based Digital Equipment Corporation, and was general counsel of its professional services division. Peter is an honors graduate of the College of the Holy Cross and the New England School of Law, both in the Boston area. Peter is a member of the American Bar Association, Association of Corporate Counsel and American Institute of Certified Public Accountants. Peter’s areas of expertise include:

Accountancy regulation
Acquisitions & divestitures
Employment and partnership matters
Litigation management
Corporate governance
Enterprise risk management
Intellectual Property
International transactions
Marketing

Peter can be reached at pfontaine [@] newgatelaw.com.Click here for more by Peter Fontaine

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