We all have read and heard, with alarming frequency, about the unfortunate dissolution of large and small law firm partnerships throughout the United States.1 Law firm dissolutions create significant disruption and anxiety in the marketplace from a professional perspective as lawyers and clients are displaced, and from a commercial perspective as the liabilities of the partnership loom large and must be satisfied.
Despite the regrettable regularity of law firm dissolutions, many law firm partners are unaware of the legal ramifications and processes involved in a dissolution. In this column, we set forth the basics of partnership dissolution in the context of a business failure2 in the hope of offering some guidance to this somewhat arcane but current topic.
Dissolution Defined
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