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CSLG/EPAH. Ever gotten rid of a former law partner?
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Date: January 16th, 2018 12:04 PM Author: Crystalline Passionate Scourge Upon The Earth I'm ready to make the move. Any idea on the best way to do it? For what it matters he's never at the office, I bring in 90% of the personal cases, every one of our referral sources would stick with me, and I personally own the building because he didn't have the $ to buy in.
However, we have around 150-200 pending cases that I do not want to disrupt even though half+ of them have never met or spoke with him (they would come with me). He does have one very large case that he brought in that may close for ~$2 million in the next couple of months.
He is constantly broke and is currently in trouble with the IRS and I do not want to be audited with him. Recently he has handwritten himself multiple checks without telling me. He is desperate for money and the extent of his "practicing" law is begging for money or trying to figure out which cases we can settle the fastest so he can get paid. I have paid myself around 30k less than him in the last 60 days just to make him stfu, but it's only gotten worse.
My guess is he will propose we "split" the cases 50/50, which I'm not doing given the above. However, he's not dumb and would never give up his meal ticket without a fight is my guess.
Thoughts? |
Date: January 16th, 2018 12:08 PM Author: erotic fat ankles Don't you make bank. How much does he spend to be so desperate for cash (http://www.autoadmit.com/thread.php?thread_id=3861378&forum_id=2#35167895) |
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Date: January 16th, 2018 12:13 PM Author: Crystalline Passionate Scourge Upon The Earth I do and he makes more than I do due to having his original firm in a different area. He is significantly older and I never wanted to be involved with his smaller, although significant firm. He probably makes 150k or so from that in addition to what we make through ours.
I have no fucking clue. It absolutely blows my mind. It's actually alarming because I don't know what it could be going to and I hear horror stories of people dipping into their trust account when they get truly desperate. |
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Date: January 18th, 2018 1:29 PM Author: aromatic jet school How much did you make in 2017? 2016?
Tips for going solo? |
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Date: January 18th, 2018 2:40 PM Author: aromatic jet school (http://www.autoadmit.com/thread.php?thread_id=3861378&forum_id=2#35184305) |
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Date: January 18th, 2018 3:36 PM Author: Crystalline Passionate Scourge Upon The Earth Around 300k in 2017. 200k in 2016. Was aiming at 500k+ in 2018, but I'm not sure if it will be more or less given the above. Eventually it will be more. I'm going to keep xo updated on this saga and will certainly add my solo tips in the near future. (http://www.autoadmit.com/thread.php?thread_id=3861378&forum_id=2#35184631) |
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Date: January 18th, 2018 1:37 AM Author: Concupiscible Piazza Weed Whacker Fag begging for eth every day on xo (http://www.autoadmit.com/thread.php?thread_id=3861378&forum_id=2#35181405) |
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Date: January 18th, 2018 1:38 AM Author: erotic fat ankles Cr (http://www.autoadmit.com/thread.php?thread_id=3861378&forum_id=2#35181409) |
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Date: January 18th, 2018 1:33 AM Author: carnelian soggy theater I had a satellite firm with a friend from high school. He was doing family law and I convinced him to do PI in the San Gabriel Valley. He turned out to have an anger problem and was a shitty lawyer. Luckily we had a good operating agreement and he bought me out for a substantial amount. Having business partners is okay as long as you all have ways to get out with minimal arguments. (http://www.autoadmit.com/thread.php?thread_id=3861378&forum_id=2#35181388) |
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Date: January 18th, 2018 12:57 PM Author: Crystalline Passionate Scourge Upon The Earth yeah this started out that way and ended up becoming more intertwined than i originally thought. to my own fault there is shit in the way of an operating agreement.
The options as I see them are a buyout that I would likely have to spread over a period of time, 6 months to a year where I continue to give him a % of the cases that I settle, somehow figuring out how to split cases for him to keep -- we have a good chunk of workers comp cases that I'm all for him taking -- or the nuclear option of asking each and every client who they want to stay with. We'd probably lose a chunk of clients who are freaked out but the large majority would come with me.
Figuring out a buyout value seems extremely difficult when it comes to contingency fee cases. I'm tempted to tell him to keep my portion of this medmal case that should close in the next few months and call that a buyout. My fee portion should be several hundred thousand dollars.
Gonna be a pain but I'm extremely relieved we finally had the conversation about splitting. He's already started backtracking but I'm going to stay on point. He won't be in the office until next Thursday so I'd like to have some kind of plan by then. He is desperate for $ so now is the time. |
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Date: January 18th, 2018 1:35 AM Author: Lemon National Fortuitous Meteor don't give him any ideas (http://www.autoadmit.com/thread.php?thread_id=3861378&forum_id=2#35181396) |
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Date: January 18th, 2018 1:38 AM Author: carnelian soggy theater I'm subtracting 1% equity from Chandler every time he posts during work hours. (http://www.autoadmit.com/thread.php?thread_id=3861378&forum_id=2#35181412) |
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Date: January 18th, 2018 1:39 AM Author: erotic fat ankles I'll owe 250% equity by the end of day 1 (http://www.autoadmit.com/thread.php?thread_id=3861378&forum_id=2#35181420) |
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Date: January 18th, 2018 12:58 PM Author: Pearly Kink-friendly Orchestra Pit Giraffe (http://www.autoadmit.com/thread.php?thread_id=3861378&forum_id=2#35183583) |
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Date: January 18th, 2018 1:03 PM Author: Sable mad cow disease travel guidebook 180.
But seriously Chandler, you need to quit XOXO. |
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Date: January 18th, 2018 1:01 PM Author: Sable mad cow disease travel guidebook Step 1) Tell him your Estate Lawyer is INSISTING you need a partnership agreement in place.
Step 2) Negotiate a partnership agreement without pushing too hard. It will not be "fair" and, given the shitty situation you're in, will end up being more in his favor than is reasonable. But it's worth it to avoid drama + fighting.
Step 3) Wait a few months
Step 4) Split up pursuant to the partnership agreement in whatever way is best for you. |
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Date: January 18th, 2018 1:06 PM Author: Sable mad cow disease travel guidebook On a related note, a friend of mine was in a similar situation in a non-law field with a business partner. He was all worried it would turn into a fight, but when he finally brought it up, the partner was like "Yeah, I've been a shitty partner. I'll just walk away."
Difference in that case, though, is that his partner was RICH AS FUCK which is why he was not working hard...and why he was cool with just walking. |
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Date: January 18th, 2018 3:37 PM Author: Crystalline Passionate Scourge Upon The Earth That would be 180000000. This guy's broke, desperate, and selfish so I don't see it going that easy. (http://www.autoadmit.com/thread.php?thread_id=3861378&forum_id=2#35184635) |
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Date: January 18th, 2018 1:18 PM Author: Domesticated Floppy Theater Stage Old Irish Cottage A partnership agreement gives you an opportunity to agree on provisions that deviate from statutes and the common law, but partnership disputes aren't exactly a new thing. The law is well equipped to handle them without a partnership agreement.
An agreement that effectively says, "handle this like RUPA says, and do the normal tax stuff," isn't really worth all that much, particularly if it drags out a shitty situation for a long time. |
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Date: January 18th, 2018 1:21 PM Author: Sable mad cow disease travel guidebook Obviously that is not what he'd negotiate into the agreement. Thanks for the irrelevant factoid there buddy. (http://www.autoadmit.com/thread.php?thread_id=3861378&forum_id=2#35183794) |
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Date: January 18th, 2018 1:05 PM Author: lascivious garrison what drugs does he use? (http://www.autoadmit.com/thread.php?thread_id=3861378&forum_id=2#35183636) |
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Date: January 18th, 2018 3:39 PM Author: Crystalline Passionate Scourge Upon The Earth I've seen him do a significant amount of coke but not recently. Those days he used to show up all disheveled and shit, but he hasn't been doing that so I'm not sure if drugs are completely responsible. (http://www.autoadmit.com/thread.php?thread_id=3861378&forum_id=2#35184648) |
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Date: January 18th, 2018 11:04 PM Author: lascivious garrison but they are. (http://www.autoadmit.com/thread.php?thread_id=3861378&forum_id=2#35186838) |
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Date: January 18th, 2018 3:40 PM Author: brass stubborn rehab background story (http://www.autoadmit.com/thread.php?thread_id=3861378&forum_id=2#35184652) |
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Date: January 18th, 2018 3:42 PM Author: citrine sound barrier HojRakso should be able to point you to the right corrugated tin shack among the neon slums of Neo-Shenzhen. (http://www.autoadmit.com/thread.php?thread_id=3861378&forum_id=2#35184671) |
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Date: January 18th, 2018 3:49 PM Author: Diverse partner stag film do you have a partnership agreement? (http://www.autoadmit.com/thread.php?thread_id=3861378&forum_id=2#35184718) |
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Date: January 18th, 2018 11:01 PM Author: Trip Codepig Persian Don’t get a shitty partner.
Idk what would even happen if we broke up. But neither of us is a dick, so we don’t really care. |