KNOXVILLE, Tenn. (Legal Newsline) – A Tennessee law firm is suing a former partner who resides in Texas, seeking a judgment that he is not owed anything for his partnership interest in the firm.
Paine, Tarwater and Bickers LLP; Thomas A. Bickers, Michael J. King; John W. Elder; and Taylor A. Williams filed a complaint in the U.S. District Court for the Eastern District of Tennessee against Ryan L. Harrison seeking declaratory judgment.
The suit states on July 19, the defendant provided the plaintiffs with a notice of withdrawal from the firm and demanded to be paid nearly $340,000 for his partnership interest. The plaintiffs allege he did not take into account the firm's expenses, debts or liabilities in his calculation. The defendant allegedly also arranged to take clients with him from the plaintiff's Texas firm.
"Defendant's demand of nearly $340,000 for his partnership interest is more than any other withdrawing partner (with one exception) has ever been paid at the time of withdrawal," the suit states. "Taking into account all of the factors, the value of the defendant's partnership interest is more than offset by the defendant's share of the firm liabilities and the book of business he is taking to his new firm. Accordingly, plaintiffs aver that the value of the defendant's partnership interest is zero."
The plaintiff is seeking declaratory judgment that the defendant is owed nothing for his partnership interest. The plaintiffs are represented by W. Kyle Carpenter of Woolf, McClane, Bright, Allen & Carpenter PLLC in Knoxville, Tennessee.
U.S. District Court for the Eastern District of Tennessee case number 3:19-CV-00318