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Dreier Partners Liable as Partners?

By Mark H. Astarita, Esq.

The status and liability of so called "non-equity" partners in law firms has always troubled me. While I never actually dealt with the issue, my concern has always been, "if you tell the world you are a partner, haven't you made yourself a partner in the eyes of the world, including the firm's creditors?"Unfortunately, Dreier partners may learn the answer to the question, according to the ABA Journal. Potential liabilty for the firm's debts, returning fees to clients for unfinished work all loom on the horizon. The piece also claims that there is the potential for disciplinary action on missing escrow deposits, but that one seems to be a bit far fetched.Can you say "apparent authority?"

Full post as published by SECLaw.com on February 02, 2009 (boomark / email).