Spiegel v. Thomas, Mann & Smith, P.C.

OPINION

DAUGHTREY, Justice.

This case concerns the validity of a provision in an agreement entered into by the stockholders of Thomas, Mann & Gossett, a professional corporation operating as a law firm in Chattanooga. The firm was later known as Thomas, Mann & Smith and has now completely disbanded. The agreement provided for the payment of deferred compensation, consisting of income accrued but not yet distributed, plus other amounts, to compensate for what would traditionally be considered equity in the firm. The agreement provided that this deferred compensation was payable to shareholders…