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ARTICLE · 29 NOVEMBER 2013

Partnership Agreements Needs To Be Thorough

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I was recently interviewed by Law Times regarding a case about partnership buy-in agreements, which, in my view, should contain all material terms, particularly regarding payments the new partners are to make to the firm.

CanadaLitigation, Mediation & Arbitration
Brian Radnoff
Brian Radnoff
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I was recently interviewed by Law Times regarding a case about partnership buy-in agreements, which, in my view, should contain all material terms, particularly regarding payments the new partners are to make to the firm.

In the case, Djurdjevac v. Deacon Spears, Toronto law firm Deacon Spears Fedson & Montizambert LLP had agreed with lawyer Marko Djurdjevac that he would contribute $25,000 annually upon joining the partnership. Djurdjevac, who had also completed his articling at the firm, was to make payment for five consecutive years after becoming partner. However, after two years, he decided to leave the firm.

Justice David Corbett, in the recent Superior Court of Ontario decision, found that Djurdjevac was not obligated to continue the payments after he had left the firm. 

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