This is a memorandum setting out the policy and procedure when a partner withdraws from a law firm. Topics covered include: Informing the firm, informing clients, confidentiality, obligations to the firm regarding time entries and billing, office and personal property, personal account with the firm, and benefits.
Developing a Policy Anticipating the Voluntary Withdrawal of Partners
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US-L06031E
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FAQ
Voluntary and Non-Voluntary. A voluntary withdrawal means the partner merely wants to move on for personal reasons, such as they are retiring or they feel they can't remain dedicated to the partnership. Planning an Exit. Partnership Agreement. Dissolution. Peaceful Exit.
In a General Partnership, all partners are financially obligated to any debts incurred by the partnership. When a partner leaves, the partnership dissolves and the partners equally split debts and assets.
Partnership Agreements and the Exit of One Partner A partnership does not necessarily end when a partner exits. The remaining partners may continue with the partnership. Therefore, your partnership agreement covers what happens when a partner wants to leave, becomes incapacitated, or dies.
A partner of a firm may not be dismissed from a partnership firm by a majority of the partner except in exercise, in good faith, of powers conferred by contract between the partners. An expulsion is not deemed to be in a proper interest of the business of the firm if the conditions below are not fulfilled.
The individual partners pay, with their own cash and not the partnership cash, the leaving partner for a share of the leaving partner's capital account. The partnership pays the leaving partner for the value of his or her capital account + a cash bonus.
When a partner wants to leave a partnership, that partner gives notice to the other partners. This is called a voluntary withdrawal. An example would be selling one's partnership interest to another party in order to retire.
Go Back to the Contract. Be Kind and Generous. Be as Reasonable as Possible. Get a Prenup! Define Mutual Desired Outcomes. Factor in an Exit Clause. Split the Last Check. Make Sure to Prepare.
Obtain the consent of all the other partners of the firm. By an express agreement among the partners. By submitting a notice in writing to all the partners regarding the intention to retire if the partnership is formed at will.