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Hire an attorney who deals with business succession and partner withdrawal who can help you figure this out. You are wise to know the drill before it happens - and to audit the firm’s articles, etc. to ensure they have the proper language to account for 1) partner death, 2) partner retirement, 3) partner disability (physical, mental, incompetence from dementia, etc.), and 4) partner lateraling.
The time to test the language is not in the heat of what can be a very emotional process. The time to assess it is now before an issue arises.
It’s really impossible to answer in the abstract. You need to begin by reading your partnership agreement, which likely lays out what the partnership *can* do on termination on things like distributions and returning capital. But, that’s only half the answer, because firms frequently don’t enforce some of the onerous provisions of their partnership agreements. For example, some firms’ agreements say they can hold on to capital for a year or more, but they often return it much sooner. My firm can hold it for up to a year but almost always returns it within a month. Similarly, many firms’ partnership agreements require you to give several months notice before you depart, but I don’t think many enforce it, because who wants someone hanging around and possibly doing damage after they’ve announced a firm intent to leave?
So, you really need to look at your partnership agreement but also see if you can find out what the firm actually does in practice
Thanks, EP. makes sense, of course. I am trying to get a sense of common practices and pitfalls, if possible. I see some people who are at different firms every few years, but even just looking at my relatively basic picture, it seems like a messy situation to go elsewhere just in terms of all the buckets of money and obligations. My firm is fairly capital-light and doesn’t have any debt, but we have profit-sharing contributions made several months after the FY ends, a set of investment funds that takes stakes in clients, a charitable foundation we are required to contribute to, incentive payments, payments based on points throughout the year, a draw at the end of the year based on points, and the usual situation with benefits, even before one gets into messy aspects of trying to move clients to the new place. And, of course, as I framed the question, this doesn’t even get into LPQs, conflicts, myriad interviews, negotiating comp, and all that. Clearly worth it in some situations but not simple.