Holloway v. Faw, Casson & Co., 319 Md. 324, 572 A.2d 510 (1990)

Accounting firm brought action against former partner for alleged breach of noncompetition clause contained in partnership agreement. The Circuit Court, Wicomico County, D. William Simpson, J., entered judgment in favor of accounting firm, and former partner appealed. The Court of Special Appeals, Bishop, J., 78 Md.App. 205, 552 A.2d 1311, affirmed in part, reversed in part and remanded. On grant of certiorari, the Court of Appeals, Rodowsky, J., held that: (1) covenants against competition between accountants are not per se unlawful as violative of public policy, and (2) fee equivalent clause of agreement was not unenforceable penalty but, rather, was valid liquidated damage clause.