Ideally, all law firm partnerships should have written partnership agreements. Written partnership agreements, when well drafted, provide clarity as to the terms of the partnership relationship, avoid disputes, and provide stability.

Despite the beneficial effects of having a written partnership agreement and the training and sophistication of lawyers, many law firms do not have one. One court colorfully described such a firm whose matter was before the court: “Like the children of the legendary shoemaker who went without shoes, this firm of numerous sophisticated and talented lawyers is, and has at all times been, without a written partnership agreement.” Baker v. Gordon Hurwitz, Butowsky Baker Weitzen & Shalov, Index No. 8235/94 (N.Y. Sup. July 14, 1993).

This content has been archived.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

Why am I seeing this?

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]