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Should Your Partnership Agreement Require Mandatory, Binding Arbitration?

By Sheldon I. Banoff

Many partner disputes are resolved informally through discussions with firm management. However, many firms do not have a formal internal grievance procedure for partnership-related matters. What happens when the dispute cannot be amicably resolved? Is litigation the sole solution? Will the parties find a mechanism in the firm's partnership agreement to resolve the dispute?

Few law firm partners refer to their partnership agreement with any frequency, for good reason: There is no billable hour credit for reading it and, more importantly, it does not directly impact on most partners' day-to-day professional and business operations. Fewer partners still are familiar with their partnership agreement's treatment of disputes that may arise among attorneys. Does the agreement call for mediation? Arbitration? Both? Neither?

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