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.
New Hampshire Developing a Policy Anticipating the Voluntary Withdrawal of Partners
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US-L06031E
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FAQ
Voluntary withdrawal refers to a situation where a partner decides to exit or step out of the partnership of his own free will or his own . The reason behind the same may be personal, such as his desire to go into retirement or if he simply does not wish to be part of the firm anymore.
Under a general partnership, if there is no partnership agreement a partner cannot retire or leave the partnership; the partnership has to be dissolved. One partner can dissolve the partnership simply by giving notice to the other partners.
The dissolution of the partnership and distribution of the assets is a separate matter and the rules which apply would also be set out in a partnership agreement. Often if a partner leaves, the remaining one(s) will continue the business or form an LLC. The remaining partner(s) simply buy out the withdrawing one.
Over time, withdrawal can erode the trust and intimacy in a relationship, making it harder and harder for partners to connect emotionally. This can lead to a sense of hopelessness and despair, as both partners begin to feel that the relationship is beyond repair.
First, the withdrawing partner can sell his interest either to one or more of the remaining partners, or to a non-partner who will subsequently be admitted to the partnership. Second, the withdrawing partner can have his interest liquidated by the part- nership.
The dissolution of the partnership and distribution of the assets is a separate matter and the rules which apply would also be set out in a partnership agreement. Often if a partner leaves, the remaining one(s) will continue the business or form an LLC. The remaining partner(s) simply buy out the withdrawing one.