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Amending the Law Firm Partnership Agreement
Ideally, all law firm partnerships should have written partnership agreements. Written partnership agreements, when well drafted, provide clarity as to the terms of the partnership relationship, avoid disputes, and provide stability.
Despite the beneficial effects of having a written partnership agreement and the training and sophistication of lawyers, many law firms do not have one. One court colorfully described such a firm whose matter was before the court: "Like the children of the legendary shoemaker who went without shoes, this firm of numerous sophisticated and talented lawyers is, and has at all times been, without a written partnership agreement." Baker v. Gordon Hurwitz, Butowsky Baker Weitzen & Shalov, Index No. 8235/94 (N.Y. Sup. July 14, 1993).
Unfortunately, having a written partnership agreement is not enough. Many law firms with a written agreement stick it in a drawer, rarely read it, and do not amend it. Failing to amend the agreement can cause harm to the firm and its partners. Indeed, as time progresses, the original written agreement may no longer fit the structure, culture, growth, and changing needs of the evolved firm.
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