A common provision found in many law firm partnership agreements, which requires a written-notice period prior to a partner’s withdrawal from the partnership, can have calamitous results, particularly when combined with the competing fiduciary duties law firm partners owe to both their partners and their clients.
Such provisions often place the departing partner in a state of limbo — neither “fish nor fowl” — because, during this interim period, the rights and obligations of the departing partner and the partnership are unclear.
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