I am posting my colleague Ron Minkoff's recent Ethics Alert about the New York opinion rejecting the "unfinished business" rule for law firms (otherwise known as the Jewel v. Boxer rule). Here is an excerpt from Ron's Alert:
The implications for lawyers involved in partnership dissolutions and bankruptcies are significant. No longer will law firms have to squabble over "Jewel waivers," as partnership agreement provisions intended to circumvent the Jewel v. Boxer rule are called; the Court said these are no longer necessary. No longer will partners leaving dissolving firms have to worry that other law firms won't hire them because they would have to disgorge the profits from their work. And, most importantly, no longer will clients have to be concerned that they will lose their lawyer of choice because that lawyer cannot convince her new firm to take on a matter from which the firm will earn no profit.
Click here to read the full Alert. You can sign up for our ethics alerts by emailing me at nhyland@fkks.com