Buyback provision bites law firm partners
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Description
Abstract: When crafting shareholders’ agreements, it’s important to incorporate the appropriate valuation language to ensure equitable shareholder buyouts. This article discusses a recent case in which two law firm shareholders were left in the cold after their firm merged. A New York trial court found they were owed only $100 each for their shares in the old firm. Laurilliard v. McNamee Lochner, P.C., No. 904245-22 (N.Y. Supr. Ct. June 29, 2023).
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