Accountant/Professional Liability Law
Tom Shroyer chairs Moss & Barnett's nationally acclaimed
accountant law team. The firm was named a Tier One National "Best Law Firm" in Professional Malpractice Law-Defendants by U.S. News – Best Lawyers® in 2013 (this practice area was removed from the national rankings in 2014), and Tom was selected as the Best Lawyers' Minneapolis Professional Malpractice Law – Defendants “Lawyer of the Year” for 2014 and 2016.
Tom has actively defended accountants sued for professional errors and omissions since 1980. The size of these claims has ranged from $3,000 to more than $1-billion.
Currently, Tom serves as counsel to several national, super-regional, and regional accounting firms. He also advises CPAs and their firms on business, employment, licensing, and regulatory matters, as well as on loss prevention and risk management issues.
There are unique challenges for accountants and accounting firms when providing professional services to their clients. Tom recently sat down with ReelLawyers to discuss his experience in the area of accountant/professional liability law.
To help members of the accounting profession prevent or minimize exposure to tort liability claims, Tom actively advises and educates not only his clients, but also national audiences. He makes numerous presentations to accountants at loss prevention seminars; writes for trade publications, including a column for "
Public Practice eNews," a bimonthly e-publication of the Minnesota Society of Certified Public Accountants; and staffed a “national hotline” to provide loss prevention legal advice to accountants.
Tort Reform – GAAP Task Force
Tom maintains an active profile with several committees of the
Minnesota Society of Certified Public Accountants (MNCPA) and served as general counsel to the Tort Reform Initiative of the MNCPA.
This initiative, named the “GAAP Task Force,” involved extensive analysis of the tort system in Minnesota state courts, the status of the laws affecting accountants’ professional liability litigation, and the overall “tort litigation climate.” The Task Force developed several tort reform proposals, which were later codified into Minnesota Law. These include efforts to reform the “deep pockets” rule and to force courts to dismiss frivolous claims.
In recognition of his service, Tom was awarded an Honorary Membership by the MNCPA in 2017. Only four other individuals have been granted Honorary Membership in the Society for their dedication and contributions to the MNCPA and the CPA profession, without being a member themselves. Tom also received
The Friend of the Profession Award in 2008, another top honor presented by the MNCPA.