Partner Departure Tips
Well-managed firms try to anticipate situations that can lead to partner departures to prevent departures or to manage them. However, the starting point is to know what can trigger partner departures.
Succession planning for your law practice is more than just prudent preparation. It is imperative to protect client interests, is good business, and protects the value of one of your most significant assets.
Does your firm have Non-Equity Partners? Of Counsel, Consulting, or Contract Attorneys? All of the above? What is the nature of their relationship with the firm, and how are they compensated?
Partner or group departures seldom go smoothly – at least that is what we hear in the legal news headlines. However, the transitions that do go well, and there are many of those, tend not to be newsworthy events. Most of us tend to be interested in the salacious details of where it all went […]
Mitigating Risks During Departure, Part 2: Minimize Exposure to Potential Claims Following a Partner Departure
It is important to remember that there are no absolute safe harbors protecting you from potential liability even when you endeavor to do all the right things when departing your firm. This is true in large part because there are often grey areas within the rules, tensions between those rules and your obligations to your […]