The Law Firm Partnership Agreement is a crucial document used when establishing or restructuring a law firm partnership in Austria. It serves as the primary governing document that defines the relationship between partners and establishes the operational framework of the firm. This agreement must comply with Austrian legislation, including the Civil Code (ABGB), Commercial Code (UGB), and specifically the Lawyers Act (RAO). The document typically includes detailed provisions on capital structure, profit sharing, governance, professional obligations, partner admission and exit procedures, and dispute resolution mechanisms. It's essential for both new law firm formations and updates to existing partnership structures, particularly when changes in partnership composition or significant operational modifications occur. The agreement must reflect current Austrian Bar Association requirements and professional standards while providing a stable foundation for the firm's growth and development.
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1. Parties: Identification of all founding partners and the partnership entity
2. Background: Context of the partnership formation and any relevant historical information
3. Definitions: Definitions of key terms used throughout the agreement
4. Partnership Structure: Legal form of partnership, name, registered office, and purpose
5. Capital Contributions: Initial and ongoing capital contributions requirements for partners
6. Profit and Loss Sharing: Formula and principles for distribution of profits and allocation of losses
7. Management and Decision Making: Governance structure, voting rights, and decision-making processes
8. Partner Rights and Obligations: Core responsibilities, rights, and duties of partners
9. Professional Standards: Compliance with RAO and professional ethics requirements
10. Client Matters: Client acceptance, conflict checks, and file management protocols
11. Financial Management: Banking, accounting practices, and financial reporting requirements
12. Insurance and Liability: Professional liability insurance and partner indemnification provisions
13. Admission of New Partners: Process and criteria for admitting new partners
14. Retirement and Exit: Partner retirement, resignation, and exit procedures
15. Termination: Partnership dissolution procedures and grounds for termination
16. Dispute Resolution: Mechanisms for resolving internal disputes
17. Confidentiality: Protection of firm and client confidential information
18. General Provisions: Miscellaneous legal provisions including governing law and amendments
1. International Practice: Include when the firm has or plans to have international offices or cross-border practice
2. Intellectual Property: Include when the firm has significant IP assets or branded methodologies
3. Special Purpose Vehicles: Include when the firm operates additional entities for specific purposes
4. Alternative Fee Arrangements: Include when the firm regularly uses non-traditional billing methods
5. Remote Working Policies: Include when the firm allows significant remote work arrangements
6. Training and Development: Include when the firm has formal professional development programs
7. Marketing and Business Development: Include when the firm has specific marketing obligations for partners
8. Pro Bono Work: Include when the firm has formal pro bono commitments
9. Succession Planning: Include for firms with aging partners or specific succession concerns
1. Schedule 1 - Current Partners: List of all current partners and their status (equity/non-equity)
2. Schedule 2 - Capital Contributions: Detailed breakdown of each partner's capital contribution
3. Schedule 3 - Profit Sharing Formula: Detailed calculation method for profit distribution
4. Schedule 4 - Management Structure: Current management committees and their members
5. Schedule 5 - Office Locations: List of office addresses and jurisdictions of practice
6. Schedule 6 - Insurance Policies: Details of current professional liability and other insurance policies
7. Schedule 7 - Partner Performance Criteria: Specific metrics and expectations for partner performance
8. Schedule 8 - Retirement Points System: Calculation method for retirement benefits
9. Appendix A - Partnership Meeting Procedures: Detailed procedures for partnership meetings and voting
10. Appendix B - Compliance Procedures: Anti-money laundering and regulatory compliance procedures
Relevant legal definitions
Clauses
Relevant Industries
Legal Services
Professional Services
Legal Advisory
Corporate Law
Litigation
Regulatory Compliance
Dispute Resolution
Tax Advisory
Intellectual Property
Banking and Finance Law
Relevant Teams
Legal Operations
Executive Leadership
Finance
Human Resources
Compliance
Risk Management
Professional Development
Business Development
Administration
Information Technology
Relevant Roles
Managing Partner
Senior Partner
Equity Partner
Non-Equity Partner
Of Counsel
Legal Director
Head of Legal
Chief Legal Officer
Practice Group Leader
Partnership Board Member
Executive Committee Member
Chief Operating Officer
Chief Financial Officer
HR Director
Compliance Officer
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