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1. Parties: Identification of all founding partners and their details
2. Background: Context of the partnership formation and any existing practice history
3. Definitions and Interpretation: Key terms used throughout the agreement and interpretation rules
4. Formation of Partnership: Establishment of the partnership, effective date, and name
5. Duration: Term of the partnership and renewal provisions
6. Partnership Capital and Financial Contributions: Initial and ongoing capital requirements, loans, and financial commitments
7. Profit and Loss Sharing: Distribution of profits, allocation of losses, and drawing rights
8. Management and Decision Making: Governance structure, voting rights, and decision-making processes
9. Partners' Duties and Obligations: Professional responsibilities, ethical obligations, and commitment requirements
10. Financial Management: Accounting practices, banking, trust accounts, and financial controls
11. New Partners: Process for admitting new partners and associated requirements
12. Retirement and Resignation: Procedures for voluntary exit from the partnership
13. Dissolution and Termination: Circumstances and procedures for ending the partnership
14. Dispute Resolution: Mechanisms for resolving conflicts between partners
15. General Provisions: Standard boilerplate clauses including notices, amendments, and governing law
1. Restrictive Covenants: Non-compete and non-solicitation provisions, used when partners want additional protection
2. Intellectual Property: IP ownership and usage rights, important for firms with significant brand value or proprietary systems
3. Insurance: Professional indemnity and other insurance requirements, detailed section if specific coverage needs exist
4. International Practice: Provisions for international operations, needed if firm has foreign offices or cross-border practice
5. Special Partners: Terms for salaried or fixed-share partners, used in firms with tiered partnership structures
6. Alternative Fee Arrangements: Special provisions for handling alternative billing methods, needed for firms using non-traditional billing
7. Pro Bono Work: Structure and requirements for pro bono practice, important for firms with significant pro bono commitment
1. Schedule 1: Initial Capital Contributions: Detailed list of each partner's initial capital contribution
2. Schedule 2: Profit Sharing Ratios: Current profit sharing arrangements and points allocation
3. Schedule 3: Management Structure: Current management committees and their members
4. Schedule 4: Office Locations: List of current office locations and jurisdictions of practice
5. Schedule 5: Insurance Policies: Details of current professional indemnity and other insurance policies
6. Appendix A: Partnership Policies: Key internal policies including HR, IT, risk management
7. Appendix B: Financial Procedures: Detailed financial management and accounting procedures
8. Appendix C: Partner Performance Criteria: Performance expectations and evaluation criteria for partners
Legal Services
Professional Services
Legal Consulting
Legal Technology
Alternative Legal Services
Dispute Resolution
Corporate Advisory
Legal Operations
Finance
Compliance
Risk Management
Professional Support
Business Development
Human Resources
Information Technology
Knowledge Management
Administration
Marketing
Client Relations
Practice Management
Managing Partner
Senior Partner
Partner
Executive Partner
Head of Legal
Practice Group Leader
Chief Executive Officer
Chief Financial Officer
Chief Operating Officer
Legal Director
Compliance Officer
Risk Manager
Professional Support Lawyer
Practice Manager
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