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Controversy in Mergers on Payments to Departing Partners

By Anthony Lin

(Editor's Note: The case described in this article is interesting, in part due to an unusual aspect ' a major accounting system conversion ' and the motions filed in the case may themselves hold interest for litigators. But the main moral of the story is plainly this: If your partnership agreement's provisions on departing partners fail to accommodate the possibility of a mass defection, don't wait for an impending merger to update the agreement!)

New York's highest court has agreed to hear a case concerning law firms' ability to withhold capital contributions and compensation from departing partners.

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