One might assume that pending legal matters at the time of a law partnership’s dissolution are firm assets or property. Not so, held the New York Court of Appeals in a ruling that practically guarantees prolonged litigation over the correct valuation and allocation of contingency fee cases when law partnerships dissolve. Read about one recent example in this week’s New York Business Divorce.
Indecision Has a Price: Withdraw Lawsuit, Pay Hefty Fee Award
After three years of litigation, can a petitioner abruptly withdraw a business dissolution proceeding without consequences? A recent decision from Justice Reed in the New York County Commercial Division answers that question with a decisive “No.”
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No Unforced Errors Please: “For Cause” Removal Provisions Mean What They Say and Say What They Mean
In this week’s business divorce follies, an imprecisely-drafted notice of default and cure letter leads to a stunning defeat for a group of limited partners who tried to remove a limited partner “for cause” under the partnership agreement.
“Prevailing Party” Attorneys’ Fee Provisions
Contracts with “prevailing party” fee-shifting provisions offer the tantalizing, coveted prospect of the winner recovering attorneys’ fees from the loser in legal disputes over the contract’s breach. But when the parties bombard each other with legal claims, and neither recovers on much (or any) of them, the hard question of whether either side (or any side) “prevailed” can lead to years of litigation within litigation. Read more in this week’s New York Business Divorce.
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Two Cases. Two Mammoth Fee Awards. Coup de Grâce or Pyrrhic Victory?
In this week’s New York Business Divorce, read about the grand finale conclusion of two important cases previously featured on this blog, with massive affirmed attorneys’ fee awards in both, one by statute, one by contract.
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The Contract is King: Advancement and Indemnification Under Delaware Law
In this week’s New York Business Divorce, we continue to explore the subject of advancement and indemnification of legal fees, this time under the laws of Delaware.
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