A time for caution
A partner looking to take their team to a rival firm faces a number of dangerous pitfalls.
April 01, 1999 at 11:51 AM
4 minute read
Team moves are becoming an increasingly common feature of the legal sector. The process of 'bolting on' a team is now regularly being used by City law firms seeking a quick way to build up their position in key practice areas.
However, the impact of express obligations contained in partnership deeds and the duties implied by law mean that before a partner can extract himself and his team from his current firm and head for greener pastures, he must first pick his way through a legal minefield.
Obligations while a partner:
A partner owes an implied duty of good faith to his fellow partners while he remains a partner. He must be honest in his dealings with his partners and must not compete with the firm or act to its detriment.
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Greenberg Traurig shareholders Christina M. Carroll and A. Michael Pratt have entered appearances for the Secretary of the Pennsylvania Department of Banking and Securities, Wendy Spicher in a pending civil rights lawsuit. The case, filed Aug. 13 in Texas Northern District Court by Troutman Pepper Hamilton Sanders; Ashcroft Sutton Reyes; and Locke Lord on behalf of TMX Finance Corporate Services, seeks to challenge the secretary’s ongoing attempt to regulate commercial lending activity outside the Commonwealth of Pennsylvania. The suit furthers contends that the secretary issued an investigative subpoena to TMX for potential violations of the Pennsylvania Loan Interest and Protection Law and the Consumer Discount Company Act despite TMX's business activities not being governed by such. The case, assigned to U.S. District Judge David C. Godbey, is 3:24-cv-02054, TMX Finance Corporate Services Inc v. Spicher.
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