The Salaried Partnership Agreement is essential for professional services firms operating in Australia who wish to appoint partners on a salaried basis rather than as equity partners. This document is typically used when a firm wants to recognize and reward senior professionals with partner status while maintaining a distinction from equity partnership. The agreement needs to comply with Australian partnership law, employment legislation, and relevant professional regulations. It covers crucial elements including partner duties, remuneration structure, performance expectations, confidentiality obligations, and restrictive covenants. The document is particularly important for establishing clear governance structures, managing risk, and ensuring compliance with regulatory requirements while protecting both the firm's and the salaried partner's interests.
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1. Parties: Identifies the partnership entity and the incoming salaried partner
2. Background: Outlines the context of the agreement and the intention to appoint the salaried partner
3. Definitions and Interpretation: Defines key terms and establishes rules for interpreting the agreement
4. Appointment and Term: Details the appointment as salaried partner and duration of the appointment
5. Status and Authority: Defines the salaried partner's position, authority levels, and relationship to equity partners
6. Duties and Obligations: Specifies the salaried partner's responsibilities, performance expectations, and compliance requirements
7. Remuneration and Benefits: Details salary, profit share (if any), benefits, and payment terms
8. Working Hours and Leave: Specifies expected time commitment and leave entitlements
9. Expenses and Resources: Outlines expense policies and resources provided by the firm
10. Confidentiality: Defines confidential information and obligations to maintain confidentiality
11. Intellectual Property: Addresses ownership and protection of firm's intellectual property
12. Restrictive Covenants: Details non-compete and non-solicitation obligations
13. Termination: Specifies grounds for termination and process
14. Post-Termination Obligations: Outlines obligations and restrictions after termination
15. General Provisions: Includes standard boilerplate clauses, governing law, and dispute resolution
1. International Practice: Required when partner has international responsibilities or firm has overseas offices
2. Professional Indemnity: Detailed insurance requirements for specific professional services firms
3. Client Development and Marketing: Specific obligations for business development, used when partner has significant BD responsibilities
4. Equity Partnership Track: Include when there's a defined path to equity partnership
5. Compliance with Industry Regulations: Required for regulated industries like legal or financial services
6. Sabbatical Rights: Include if firm offers sabbatical programs
7. Technology and Systems: Detailed IT policies for tech-heavy practices
8. Remote Working Arrangements: Include for flexible working arrangements
9. Cross-Border Tax Provisions: Required for international tax implications
1. Schedule 1 - Remuneration Package: Detailed breakdown of salary, benefits, and any performance-based compensation
2. Schedule 2 - Position Description: Detailed role specifications and responsibilities
3. Schedule 3 - KPIs and Performance Metrics: Specific performance indicators and targets
4. Schedule 4 - Firm Policies: Key firm policies applicable to salaried partners
5. Schedule 5 - Insurance Requirements: Details of required professional indemnity and other insurance coverage
6. Schedule 6 - Approved External Appointments: List of pre-approved directorships or external positions
7. Appendix A - Partnership Structure: Current structure of the partnership and governance framework
8. Appendix B - Equity Partnership Criteria: Requirements and process for progression to equity partnership
9. Appendix C - Office Locations: List of firm offices and jurisdictions of operation
Authors
Relevant legal definitions
Clauses
Relevant Industries
Legal Services
Accounting and Financial Services
Management Consulting
Architecture and Design
Medical Practices
Engineering Consultancy
Professional Services
Real Estate Advisory
Tax Advisory
Business Advisory
Relevant Teams
Legal
Human Resources
Partnership Governance
Professional Standards
Compliance
Senior Management
Operations
Finance
Risk Management
Partnership Board
Executive Committee
Relevant Roles
Managing Partner
Senior Partner
Salaried Partner
Associate Partner
Principal
Director
Senior Associate
Practice Leader
Department Head
Group Leader
Executive Director
Chief Operating Officer
Partnership Secretary
Head of Legal
Head of Professional Standards
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