Cellino & Barnes Earning Plenty Despite Breakup Moves
Both Stephen Barnes and Ross Cellino have received profit distributions of $7 million this year despite Cellino's filing a lawsuit asking for dissolution of the personal injury firm in May.
August 04, 2017 at 06:04 PM
3 minute read
Despite the bitter court battle to dissolve Buffalo-based law firm Cellino & Barnes, name partners at the personal-injury firm are still earning big profits, according to court documents.
Both Stephen Barnes and Ross Cellino have each received profit distributions of $7 million this year. Despite Cellino filing a suit in May against Barnes seeking to dissolve the 25-year partnership, each partner has earned $2 million in the months since the suit was filed, according to documents filed by their respective attorneys with Erie County Supreme Court Justice Deborah Chimes.
The name partners each earned $5.4 million in 2013, $7.3 million in 2014, $8 million in 2015 and $10.75 million in 2016, according to the memorandum of law in support of the respondents' motion to dismiss the petition filed by attorneys at Duke, Holzman, Photiadis & Gresens and Lipsitz Green Scime Cambria. The attorneys are representing Barnes and the firm of Cellino & Barnes in the matter. The shareholder distribution to Cellino, according to the document, is expected to increase to $11 million in 2018, $12 million in 2019 and $12.5 million in 2020.
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