Run-off cover applies only to ceased legal practices. For LPLC’s purposes, where a firm is disbanded, the legal practice either ceases altogether, or it is merged into or acquired by another legal practice.
If the practice ceases, each principal and employee who was engaged in that ceased practice is covered by the LPLC run-off policy. The former firm’s legal practice also includes any practice with which it had previously merged.
The run-off policy incorporates terms and conditions of the policy that applies to continuing practices.