3 W&R’s partnership agreement classified partners as either equity partners, who shared in W&R’s profits and losses on the basis of their partnership interests, or contract partners, whose compensation was based upon agreement. Handler, Donald Parson (Parson), Richard Tilton (Tilton), and Elliot Hahn (Hahn) were equity partners.2 James Sargent (Sargent) had been an equity partner until April 1, 1984. He continued as a contract partner until W&R ceased doing business in 1993. The partnership agreement was amended as of October 30, 1993 (the amendment), to provide for the liquidation and dissolution of W&R commencing November 1, 1993. The amendment provided in Section 22(k): As the affairs of the partnership are wound up and its debts paid and other obligations, including obligations to partners, discharged or provided for and the partners’ capital including voluntary capital and interest * * * has been returned to them, any net balance remaining in the hands of the liquidating partners shall be distributed * * * to the persons who are partners on the date of dissolution, pro rata in accordance with their “points” in the partnership set forth on Schedule A to the Agreement.[3] Certain of the former partners of W&R and members of another law firm, Breed, Abbott & Morgan, formed a new partnership, Whitman, Breed, Abbott & Morgan (WBAM), effective November 1, 2 Michael Allen (Allen) and David Morse (Morse) were contract partners under the partnership agreement. 3 Handler, Parson, Tilton and Hahn are listed on Schedule A with “points” attributed to them. Sargent is not listed on Schedule A.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Next
Last modified: May 25, 2011