Partnerships are among the oldest forms of cooperative commercial enterprises. Today they remain by far the predominant business form for law firms. Of course, a law partnership is an association of, at times, pesky, irritable, stressed-out human beings (lawyers no less) with a wide variety of personalities. Indeed, partnerships are as unique and individual as the partners who occupy and own them. Some of those partnerships are very successful for their partners and, unfortunately, some are not.
Regardless of whether you are a senior partner with an eye toward retirement or a newly-minted partner hoping for the first taste of profit, understanding the basics of partnership law, from the lofty fiduciary duties to the mundane capital account, can only help you to take full advantage of being a partner. In this primer, we present the basics of these concepts.
Fiduciary Duties
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