"Maune and Raichle had no corporate capacities separate and apart from their individual capacities such that they can act solely 'on behalf of' MR Law. Instead, they were MR Law. They signed the OA as individuals, and, because they comprised all the partners of MR Law, they had the authority to and, therefore, did submit partnership claims and liabilities between them to arbitration under section 358.090.3(5)," the court said.

"The imposition of the maximum sentence seems appropriate given the money involved," said criminal defense attorney Sam Bassett of Minton, Bassett, Flores & Carsey.

Look to the example of accounting firm Citrin Cooperman, says one investment banker who's placed a bet on legal.