OTHER NEWS - July 30, 1994

Accountants Seek Liability Shield: The nation’s Big Six accounting firms, hoping to prevent their partners’ personal assets from being seized in lawsuits, are looking to change their firms’ structures to “limited liability” partnerships. Unlike most professional partnerships, the accounting firms’ partners were not afforded such a shield before. But recent changes in the law in New York state and Hawaii means all states now recognize limited liability partnerships for accounting firms. The Big Six firms are Arthur Andersen, Coopers & Lybrand, Deloitte & Touche, Ernst & Young, KPMG Peat Marwick and Price Waterhouse.