A number of law firms have stayed together because their lease obligations were so horrific that they decided it was better to stay together than to risk damages related to their leases. Poll tells his clients to negotiate individual release provisions up front before signing leases or bank loans. He also advises lawyers to study their pension and profit-sharing plans before leaving. Sometimes you get mad and leave before you are vested. You could lose a lot that way.
Cars also can be an issue.
Many law firms lease cars for their partners and do not make any provision for assigning the lease obligations in the event of a departure or dissolution. One lawyer now living in Virginia was so mad at her former partners, believing that she was shorted on the return of her capital contribution, that she decided to stick them with her car lease. She had first heard about the opportunity to do so at a partnership meeting when her other partners were complaining about another departing partner who was sticking them with his car lease. Though lawyers often are very focused on themselves when their partnerships dissolve, they cannot overlook clients. If they are not careful, they could find themselves facing malpractice actions and disciplinary proceedings.