Despite the business acumen and sophistication of law firm partners when rendering advice to their clients, many law firm partnerships still exist without a written partnership agreement. The absence of a clearly written partnership agreement can lead to both uncertainty in the governance of the firm, including the rights and obligations of the firm’s partners while the firm exists and, because partnerships are voluntary associations, to unintended results in the event partners depart.
Earlier this year, the New York Court of Appeals issued a decision, concerning a start-up partnership in the financial industry, which is instructive on this point and once again highlights the need for law firm partners to commit their agreements to writing.
‘Gelman v. Buehler’
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
