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Heidelberg & Woodliff Law Partnership
In 1963, petitioner joined the law firm of Heidelberg,
Woodliff & Franks (which later became Heidelberg & Woodliff), a
general partnership in Jackson, Mississippi, as an associate
attorney. Petitioner's practice primarily was confined to general
civil litigation.
In 1968, petitioner became a partner in Heidelberg, Woodliff
& Franks (hereinafter referred to as the firm, law firm, or the
partnership). Upon becoming a partner, petitioner purchased his
interest in the law firm by making monthly payments to the three
named partners. During his tenure there, petitioner was active in
the firm's management, serving as managing partner for a time.
In 1983, Messrs. Woodliff and Franks sold their interests
(totaling 46 percent) in the partnership for approximately $500,000
to seven junior partners. (Junior partners received a percentage
of the law firm profits to the extent they exceeded a certain
amount, plus a salary, but did not own an interest in the
partnership.) Four of the junior partners who bought Messrs.
Woodliff's and Franks' interests left the firm in 1985 and refused
to pay the balance due. Thereafter, the remaining partners at the
firm (including petitioner) assumed the obligation owed to Messrs.
Woodliff and Franks.
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Last modified: May 25, 2011