What Are The Obligations of Partners?

What Are The Obligations of Partners?

"Partners who do not consistently achieve the required level of contribution should be relegated to a status other than equity ownership."  When making this statement before a group of managing partners one evening, one said "Isn't that awfully harsh?"  My response was, "It may seem harsh but it is eminently fair.  It is not fair to have some owners contributing in all the ways that sustain the health and vitality of the organization while others choose (independently) not to do so.  If they are making that choice, then the organization has the right, and possibly the duty, to require those partners to suffer the consequences.  Living up to one's obligations is ultimately about fairness among owners."

Law firms continually struggle to define the obligations of partners.  This effort is exacerbated as the "rules of the game" have changed in the legal profession.  The bar has been raised and it will not be lowered.

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