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Separate partnerships

13 January 2010

We advised an employee in an accountancy firm, who shared a Partnership interest in a side business (also accountancy) with one of the directors of the accountancy firm. On leaving the firm and winding up the side business, problems arose with the separate partnership as the terms were not clearly defined. We were able to re-construct the agreement and through negotiation achieve an outcome whereby our client took with him the partnership’s client list, in addition to compensation related to the termination of his salaried employment.