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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
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