Equity partner Greg Lewis was given no notice of a weekend vote to expel him from the HWL Ebsworth partnership, in breach of the firm’s partnership agreement.
HWL Ebsworth’s late managing partner Juan Martinez awarded himself additional partnership shares worth more than $6.5 million before invalidly expelling a partner for “agitation” over a decision to exclude him from its proposed public listing, a court has found.
In the lead-up to the IPO, Mr Martinez successfully moved to increase his own “calibration points” – a measure that determines profit share entitlement – by 34.1 points.Advertisement Calibration point allocations were voted on by partners following a recommendation by Mr Martinez, according largely to performance. According to the partnership deed, the managing partner also enjoys discretion to determine the profit allocation of fixed-draw partners.
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