The Law Firm Partnership Agreement serves as the foundational document for establishing and operating a law firm partnership in the United States. This document is essential when two or more attorneys decide to practice law together in a partnership structure. It addresses crucial aspects such as ownership rights, profit distribution, management responsibilities, and partner obligations while ensuring compliance with state bar regulations and professional ethics rules. The agreement is particularly important as it provides clarity on complex issues such as partner compensation, capital requirements, voting rights, and departure procedures. It must be carefully drafted to accommodate both current needs and potential future scenarios, while maintaining flexibility for firm growth and development. The agreement should reflect specific jurisdictional requirements and professional conduct rules applicable to legal practice in the relevant state(s).
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1. Parties: Identification of all partners and the partnership entity
2. Background: Context of partnership formation and purpose
3. Definitions: Key terms used throughout the agreement
4. Partnership Structure: Organization type, management structure, and voting rights
5. Capital Contributions: Initial and ongoing capital requirements
6. Profit and Loss Sharing: Distribution of profits and allocation of losses
7. Management Rights: Decision-making authority and procedures
8. Partnership Meetings: Requirements for regular and special meetings
9. Withdrawal and Retirement: Process for partner exit and retirement
10. Dissolution: Circumstances and procedures for partnership dissolution
1. Non-Compete Provisions: Restrictions on post-departure competition - use when partners agree to restrict future practice
2. International Practice: Rules for international offices and practice - use when firm has international presence
3. Alternative Fee Arrangements: Special billing and compensation structures - use when firm implements non-traditional billing methods
1. Schedule A - Partner Capital Accounts: Detailed breakdown of partner contributions
2. Schedule B - Profit Sharing Formula: Detailed calculation methods for profit distribution
3. Schedule C - Partnership Points System: Point allocation system for equity partners
4. Schedule D - Office Locations: List of firm offices and jurisdictions
5. Schedule E - Insurance Requirements: Professional liability and other insurance details
6. Schedule F - Partner Contact Information: Contact details for all partners
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