Credit: aan/Adobe Stock Lateral Partners and Ethics Landmines
The best recruiters spot the ethics issues and refer you to capable outside ethics counsel sooner than later, Dan Binstock writes.
September 20, 2024 at 03:10 PM
7 minute read
As we approach the fourth quarter, there are many partners getting ready to move. Many will wait until the beginning of the new year (after final distributions and bonuses). But some will move before that time because the new firm will make them whole. Brace for a lot of announcements over the coming six months.
In my experience, the one thing that many partners often overlook—or delay too long—is understanding the various duties and ethical obligations they have. These include their:
- Contractual obligations to your current firm (via your partnership agreement).
- Fiduciary duties to your current firm/partners (by virtue of being an owner).
- Your fiduciary duties to your clients' best interests.
- Your own personal interests.
As we see, there are some competing interests here.
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