Steve and Jack were classmates in the law school and close friends. After graduation, Steve joined an international law firm titled Macking Co., whose main business was to facilitate the initial public offering (IPO) process for technology companies in Southeast Asia. Steve quickly became a partner of Macking Co. On the other hand, Jack worked for a local bank as a legal and compliance officer. One afternoon when Jack and his boss Bill were having coffee, Bill mentioned that one of the Southeast Asian firms, TEA Ltd., was interested in exploring the Hong Kong market. Also, TEA Ltd. was looking for a law firm that was familiar with legal matters in the technology sector. Jack soon introduced Steve to Bill, hoping to land his friend a deal.

When they met, TEA Ltd. was so impressed with Steve's professional experience and his impeccable record. Steve informed Bill that if they were not in a rush, he would soon resign and start a new law firm that could provide legal services to TEA Ltd., and Bill happily agreed. Steve did not mention this business arrangement with TEA Ltd. to the other partners in Macking Co. all along. After his resignation from Macking Co., Steve's new law firm assisted TEA Ltd. is launching its IPO successfully.

Explain whether Steve breached any of the three fiduciary duties as a partner of Macking Co. and discuss the possible consequences if any; Partners owe each other fiduciary duties

1. Duty to act in good faith and to make full disclosure

2. Duty not to make secret profits (duty to account for the firm)

3. Duty to avoid conflict of interest (duty not to compete with the firm)

in depth Explaination