Departing Partners: Duties and Pitfalls
A modern day fixture of the law firm is the revolving door. The increasing frequency with which partners leave law firms for new ones raises many issues concerning the permissibility of a withdrawing attorney's conduct regarding client/attorney solicitation, removal of client files or other documents and breach of anti-competition clauses in partnership agreements. In addition to adherence to the professional ethical rules, a partner is subject to a fiduciary duty to his firm and is thus constrained by such duty throughout the life of the partnership.
The Lateral Partner Process: Three Perspectives
According to <i>The American Lawyer</i>, fully 40% of partners in the AmLaw 200 firms will move laterally at least once as partners. This is an astonishing statistic, since lateral partner movement was virtually unheard of a generation ago. Freed from the stigma that once haunted a partner who abandoned his partnership, today's law partners tend to be pragmatists who no longer view their firms as homes for life. Instead, they see them as vehicles to drive their businesses to higher levels. In this article, we take a brief look at lateral partner recruitment from the different perspectives of the law firms, the candidates and the recruiters.
Dealing with Clash of Styles
The thing about going out and getting new business," said a partner in a large New York-based firm, "is that when you bring it in, it's one of the greatest feelings you can have!" If everyone was so motivated, if every lawyer or professional felt that way, there would be no lacking for business and a smile on the face of every firm marketing manager. Strangely enough, if such a utopia existed, there would still be potential for some sticky problems -- the solutions for which require savvy marketing management and fostering of a teamwork culture.
<b><i>Product Review</b></i> Corprasoft Legal Desktop
For a busy corporate law department, any matter management system that helps to monitor various activities and streamline the management of legal affairs is a valuable tool indeed. But what happens if you have to start from scratch in the deployment of that system? What if you have to leave the familiarity of your existing management system and convert to an entirely new platform?
Out of Bounds: Radius Restrictions in Shopping Center Leases
A common restrictive covenant in shopping center leases is the so-called "radius restriction," a lease provision that prohibits a tenant from opening a competing establishment within a proscribed distance from the present location. Typically, a radius restriction goes hand in hand with a percentage rent provision, which allows the landlord to participate in the tenant's gross sales after a certain threshold or "break point" is achieved.
The Effect of Bankruptcy on a Subchapter S Election
A new tax case from the U.S. Tax Court addresses the question of whether the filing of a Chapter 11 case by a Subchapter S corporation terminates the company's Subchapter S election. This case is important to the shareholders of a Subchapter S corporation that might have post-petition taxable income.
Selecting New Partners
Over the past year and a half, the recession has sparked a dramatic rise in lateral partner moves as law firms have tried to expand active practice areas and partners have sought safety in ever-larger firms.
So Far So Good for the Legal Industry
It's been a dramatic year so far for the legal industry, with signs of improvement evident, according to Hildebrandt International's mid-year report. The company provided a summary of the report for <i>Law Firm Partnership & Benefits</i>.
