Yesterday, the American Bar Association Journal reported on a dispute between former law partners. The firm filed suit, claiming that former partners have been using office space without paying rent, to the detriment of the firm and the creditors.
The surprising part about this suit is that the partners never executed a written partnership agreement. One of the attorneys even motions how “unusual in this day and age” it is to not have a partnership agreement.
Apparently, these attorneys thought they relationship was so warm and fuzzy that there would never be a dispute, so they would never need a partnership agreement. Now, rather than looking to an agreement to see what the rights and responsibilities of the partners are after dissolving, everyone will be forced to hire lawyers and litigate the matter in court. That doesn’t sound like fun. I bet they wish they had a partnership agreement now.