In the wake of the Dewey & LeBoeuf implosion and bankruptcy, a lot of law firms and their lawyers are becoming sensitized to a whole body of law surrounding partnerships and the fiduciary duties of members of firms when they choose to leave with their clients.
The traditional view that lawyers took to their obligations in partnerships and similar practice arrangements was that regardless of the terms of their business arrangements, the real and only value to a firm, apart from some good will and name value were the clients and their work. Because clients cannot be bought or sold, the idea that a lawyer could leave with her clients struck many of us as a given, and though it seemed unfriendly or unsportsmanlike, walking out the door with one’s clients was an accepted right.
