Partnership Exit Disputes in the Financial Services Sector - The Key Issues

Introduction

This introductory level webinar will consider the key issues in most partnership and LLP exit disputes, particularly in financial services.

It will highlight the most common risks, ways to avoid them on both sides and potential remedies open to each party.

What You Will Learn

This webinar will cover the following:

• Partner exit routes - voluntary and involuntary
• Expulsion
• Compulsory retirement
• Voluntarily retirement on notice
• Statutory and equitable limits on decision making
• No repudiation
• Business protection on exit - protecting confidential information, client/investor connections and stability of the workforce
• Post-termination restrictive covenants
• Good/bad leaver provisions/carried interest vesting periods
• Timing of bonus payments/priority profit distributions
• Claw-back mechanisms
• Period for return of capital contribution
• Duties owed by partners to the firm before and after termination
• Duty of good faith
• No profit/no conflict/confidence/disclosure
• Contractual duties
• Legal remedies for the firm and risks for the departing partner
• Challenge to expulsion/compulsory retirement
• Injunction/damages/springboard relief
• Unfair prejudice
• Forfeiture in certain circumstances
• Investigations into unlawful conduct
• Common provisions in retirement deeds
• Termination date
• Arrangements to termination
• Payments and timing of payments
• Post termination rights and obligations
• Waivers

This webinar was recorded on 14th January 2019