Arthur J. Ciampi
In March, the New York State Court of Appeals issued a decision, in the non-law firm partnership context, which outlined some fundamentals of New York partnership law concerning dissolution, and decided, in an apparent matter of first impression, that it was appropriate to apply a minority discount to the value of the partnership to be paid to a minority partner. In its decision, New York’s highest court also reversed the Appellate Division, which had affirmed an award of attorney fees to the majority partners.
In this month’s column, we analyze this recent decision, which will likely influence law firm partnership dissolutions in the future.
