The Salaried Partner Agreement is essential when appointing individuals to partner-level positions while maintaining elements of traditional employment relationships. Used extensively across professional services firms in England and Wales, this document bridges the gap between full equity partnership and employment status. The agreement typically includes comprehensive provisions covering remuneration structures, voting rights, professional obligations, and post-termination restrictions. It's particularly relevant for growing firms looking to incentivize senior professionals without offering full equity partnership status.
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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
Relevant legal definitions
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