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Non Equity Partner Agreement
"I need a Non Equity Partner Agreement for our London-based law firm to bring on a senior associate as non-equity partner from March 2025, with specific provisions for international client work and a clear path to equity partnership after 3 years."
1. Parties: Identification of the partnership and the incoming non-equity partner
2. Background: Context of the agreement and partnership structure
3. Definitions: Key terms used throughout the agreement
4. Appointment and Status: Terms of appointment and classification of partner status
5. Duties and Obligations: Partner responsibilities and performance expectations
6. Remuneration: Compensation structure, profit share, and benefits
7. Governance: Decision-making rights and voting powers
8. Termination: Circumstances and procedures for ending the relationship
1. Capital Contribution: Required if partner must make financial contribution - use when partner is required to make capital investment
2. International Practice: Rules for cross-border practice - use for partnerships with international operations
3. Professional Indemnity: Special insurance provisions - use for regulated professions or high-risk sectors
1. Partner Compensation Schedule: Detailed breakdown of compensation structure
2. Partner Obligations: Detailed list of specific duties and responsibilities
3. Restrictive Covenants: Post-termination restrictions and non-compete provisions
4. Benefits Package: Details of additional benefits and allowances
5. Performance Metrics: KPIs and performance evaluation criteria
Authors
Accounts
Act
Appointment
Board
Business
Capital Account
Commencement Date
Compensation
Confidential Information
Current Account
Drawings
Equity Partner
Financial Year
Fixed Share
Firm
Firm's Property
Governing Body
Intellectual Property Rights
LLP
Management Committee
Managing Partner
Members
Non-Equity Partner
Partnership
Partnership Agreement
Partnership Meeting
Partnership Property
Performance Criteria
Professional Rules
Profit Share
Regulated Activities
Regulatory Body
Restricted Area
Restricted Client
Restricted Period
Services
Termination Date
Territory
Voting Rights
Duties and Obligations
Term and Termination
Remuneration and Benefits
Working Hours and Commitment
Profit Share
Capital Contribution
Drawings
Voting Rights
Management Participation
Confidentiality
Intellectual Property
Non-Competition
Non-Solicitation
Professional Standards
Insurance and Indemnity
Expenses
Leave and Absence
Regulatory Compliance
Decision Making
Dispute Resolution
Data Protection
Anti-Money Laundering
Client Relations
Business Development
Professional Development
Partnership Meetings
Notice Requirements
Good Faith
Retirement
Garden Leave
Restrictive Covenants
Force Majeure
Governing Law
Entire Agreement
Severability
Amendments
Waiver
Third Party Rights
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