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Salaried Partner Agreement
"I need a Salaried Partner Agreement for a senior associate being promoted to partner in our London-based law firm, with specific provisions for international client work and a profit-sharing scheme starting from March 2025."
1. Parties: Identification of the partnership entity and the salaried partner
2. Background: Context of the appointment and nature of the partnership
3. Definitions: Key terms used throughout the agreement
4. Appointment and Status: Terms of appointment and clarification of salaried partner status
5. Duties and Obligations: Core responsibilities and commitments of the salaried partner
6. Remuneration: Salary, bonus, and other financial entitlements
7. Working Hours and Leave: Expected working patterns and holiday entitlements
8. Confidentiality: Protection of firm's confidential information
9. Termination: Circumstances and process for ending the agreement
1. Intellectual Property: IP rights assignment and protection - include when IP creation is part of the role
2. International Assignments: Terms for working in other jurisdictions - include for international partnerships
3. Client Development: Expectations regarding business development - include for client-facing roles
4. Performance Metrics: Specific targets and KPIs - include when performance-based compensation is included
1. Schedule 1 - Remuneration Details: Detailed breakdown of compensation structure
2. Schedule 2 - Restrictive Covenants: Post-termination restrictions and non-compete clauses
3. Schedule 3 - Partner Benefits: Details of benefits package and entitlements
4. Appendix A - Firm Policies: Key firm policies applicable to salaried partners
5. Appendix B - Performance Criteria: Detailed performance expectations and assessment criteria
Authors
Appointment
Board
Business
Commencement Date
Confidential Information
Drawing Rate
Equity Partner
Financial Year
Fixed Share
Firm
Good Leaver
Intellectual Property Rights
LLP
LLP Agreement
Management Committee
Managing Partner
Notice Period
Partnership
Partnership Deed
Partner Meeting
Professional Rules
Profit Share
Regulatory Body
Restricted Business
Restricted Client
Restricted Period
Salaried Partner
Services
Territory
Term
Termination Date
Variable Share
Voting Rights
Term and Termination
Duties and Responsibilities
Remuneration
Profit Share
Working Hours
Holiday Entitlement
Sickness and Absence
Expenses
Professional Indemnity
Confidentiality
Intellectual Property
Data Protection
Non-Competition
Non-Solicitation
Garden Leave
Professional Rules and Compliance
Management Participation
Voting Rights
Client Relations
Business Development
Insurance and Liability
Notice Requirements
Retirement
Good Leaver/Bad Leaver
Suspension
Regulatory Compliance
Dispute Resolution
Entire Agreement
Severability
Variation
Governing Law
Third Party Rights
Force Majeure
Assignment and Transfer
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