By: Daily Record Staff//November 14, 2014
By: Daily Record Staff//November 14, 2014//
NYSBA Committee on Judicial Ethics – New Partner – Change Name – Trust Account – Letterhead
Ethics Opinion 1030
Background: The inquiring attorney recently joined a law firm as a partner. The firm would like to change the firm’s name to add the attorney to the firm’s name. The law firm asks whether it must discard all existing letterhead/stationary in the original name of the firm, or may it continue to use the old stationary, until it runs out?
Opinion: The committee concluded that a law firm with a new name partner is either the same firm (with a new name) or a legal successor to the business and property of the original firm, and the firm (i) makes all necessary corporate filings, and (ii) takes all steps with the bank that maintains its trust account necessary to reflect any changes taking place under the Business Corporation Law and the firm’s constituent documents, then the firm may (1) continue to use its old letterhead while the remaining stock is being depleted and (2) continue to use the trust account and the checks used to draw upon it (although it would be desirable to indicate the change in firm name on the old checks).