The Salaried Partner Agreement is utilized when a professional services firm wishes to elevate a senior professional to partner status while maintaining an employment relationship rather than granting full equity partnership. This hybrid arrangement, common in the Philippines, provides the status and certain privileges of partnership while offering the security of a fixed salary and employment benefits. The document needs to comply with Philippine labor laws, partnership regulations, and professional standards, making it particularly important to balance partner rights with employment obligations. The agreement typically includes detailed provisions on compensation, governance rights, professional duties, restrictive covenants, and termination procedures, while considering local legal requirements and market practices in the Philippines.
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1. Parties: Identification of the partnership/firm and the incoming salaried partner
2. Background: Context of the agreement, including the firm's structure and the basis for appointing the salaried partner
3. Definitions: Key terms used throughout the agreement including 'Salaried Partner', 'Partnership', 'Profit Share', etc.
4. Appointment and Term: Terms of appointment as salaried partner, including commencement date and duration
5. Status and Duties: Definition of the salaried partner's role, responsibilities, and authority within the firm
6. Compensation and Benefits: Base salary, bonus structure, benefits, and any profit-sharing arrangements
7. Working Hours and Leave: Expected working arrangements and entitlement to various types of leave
8. Governance Rights: Voting rights and participation in partnership decisions
9. Professional Requirements: Maintenance of professional qualifications, insurance, and compliance obligations
10. Confidentiality: Obligations regarding firm and client confidential information
11. Non-Competition and Non-Solicitation: Restrictions during and after the agreement term
12. Intellectual Property: Ownership and rights regarding work product and firm IP
13. Termination: Grounds and procedures for termination of the agreement
14. Post-Termination Obligations: Continuing obligations after agreement termination
15. General Provisions: Standard boilerplate clauses including governing law, notices, and amendments
1. Capital Contribution: Required if the salaried partner is expected to make any capital investment in the firm
2. Client Development: Specific requirements for business development if applicable to the role
3. International Assignments: Include if the partner may be required to work in other jurisdictions
4. Partnership Track: Include if there's a defined path to equity partnership
5. Performance Metrics: Specific KPIs or performance evaluation criteria if required
6. Retirement Benefits: Special retirement arrangements if offered
7. Mobility Clause: Include if the partner may be required to relocate or work from different offices
1. Schedule 1 - Compensation Structure: Detailed breakdown of salary, bonus structure, and profit-sharing calculations
2. Schedule 2 - Benefits Package: Comprehensive list of benefits and entitlements
3. Schedule 3 - Position Description: Detailed outline of roles, responsibilities, and reporting relationships
4. Schedule 4 - Partnership Policies: Key firm policies applicable to salaried partners
5. Schedule 5 - Professional Development Requirements: Required training, certifications, and continuing education
6. Appendix A - Restrictive Covenants: Detailed terms of non-compete and non-solicitation obligations
7. Appendix B - Firm Structure: Organization chart and governance structure of the firm
Relevant legal definitions
Clauses
Relevant Industries
Legal Services
Accounting and Audit
Management Consulting
Financial Services
Architecture
Engineering Consulting
Medical Practice
Dental Practice
Real Estate Services
Tax Advisory
Business Advisory
Investment Banking
Insurance Services
Relevant Teams
Legal
Human Resources
Partnership Board
Executive Committee
Management Committee
Professional Standards
Compliance
Operations
Finance
Business Development
Risk Management
Corporate Governance
Relevant Roles
Managing Partner
Senior Partner
Salaried Partner
Associate Partner
Junior Partner
Department Head
Practice Group Leader
Senior Associate
Principal Consultant
Senior Manager
Director
Executive Director
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