Every lawyer knows that, in a law partnership, the partners owe one another fiduciary obligations. As law firms have evolved from small, personal business associations to conglomerations of thousands of faceless lawyers who “eat what they kill,” the well-known “punctilio of an honor,” used by Justice Benjamin Cardozo to describe a partner’s fiduciary duty, is seen by some to be naïve, obsolete, and even a hindrance to the rightful profit motives of firms.
Despite the imperative need to keep every partner’s eye on the bottom line, the owing of fiduciary duties, and the implementation of fiduciary duties, in the day-to-day operations of a modern law firm partnership can, far from being a drag on its success, be among the reasons for its success.
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