Foley v. Morse & Mowbray

OPINION

Facts

In January, 1971, the firm of Morse, Foley & Wadsworth was formed as a professional corporation, and Joseph M. Foley (Foley) signed an employment agreement requiring him to account to the corporation as his employer for all compensation that he received. Several years later, Jim Wadsworth left the firm, leaving Foley and William R. Morse (Morse) as fifty percent shareholders under the law firm name of Morse-Foley. At that time, the principal client of the firm was the Hughes Tool Company. Foley was the source of the Hughes business, having worked for a number of years on business…