Former Equity Partner Loses Claim Over Profit Distribution

By Silvia Martelli (July 28, 2022, 7:55 PM BST) -- A London court ruled Thursday that a law firm was right when establishing that the profits distributable among partners must take into account a £129,000 ($155,000) debt owed by a former employee, ruling against a retired partner claiming he was not awarded the right amount.

James Pickering QC, sitting as a deputy High Court judge, rejected arguments by Peter John Tribe, a former equity partner at Elborne Mitchell LLP, that the law firm should have not deducted the former employee's outstanding debt from the profits that were to be distributed among the partners for the 2015-2016 financial year.

Tribe sued the...

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