“… If someone is completing on Friday it does not help them if their solicitor ceases to practise on Thursday …” Some legal practices are only now, with one week to go, receiving premium quotes for their 1 October 2010 professional indemnity insurance renewal. It is nail-biting for them as they may have only one quote – it is…
“… the income of the firm may well diminish and/or partners may not account fully or at all for accrued WIP …” Unless there is an express agreement between partners permitting retirement, no partner can retire from a partnership at will. The only way to bring about termination of the relationship is for one or…
“… An intending purchaser who is aware of the firm’s difficulties should not purchase the firm from the partners, even if no winding-up or bankruptcy petitions have been presented …” (First published in the Law Society Gazette on 2 August 2007) Partners of an insolvent law firm cannot continue to practice indefinitely. Leaving aside that…
