The Managing Partner Contract serves as the foundational document governing the relationship between a partnership and its managing partner under English and Welsh law. It is essential when appointing a new managing partner or formalizing existing arrangements, particularly in professional services firms. The contract addresses crucial elements such as strategic decision-making authority, profit sharing, management responsibilities, and partnership governance. It must comply with the Partnership Act 1890 and other relevant legislation while protecting both the firm's and the managing partner's interests.
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1. Parties: Identifies all parties to the agreement and their legal status
2. Background: Context of the appointment and partnership structure
3. Definitions: Key terms used throughout the agreement
4. Appointment and Term: Duration and nature of the managing partner role
5. Duties and Responsibilities: Detailed description of managing partner obligations
6. Remuneration and Benefits: Compensation structure and partner benefits
7. Decision Making Authority: Scope of management powers and limitations
8. Termination Provisions: Circumstances and procedures for ending the agreement
1. Non-Compete Provisions: Restrictions on competition post-termination, including duration and geographical scope
2. International Operations: Provisions for managing overseas offices and international responsibilities
3. Specific Industry Regulations: Additional regulatory compliance requirements specific to regulated industries
1. Schedule 1: Performance Metrics: Specific KPIs and performance evaluation criteria
2. Schedule 2: Remuneration Structure: Detailed breakdown of compensation components and profit-sharing arrangements
3. Schedule 3: Partner Benefits: List of additional benefits and entitlements
4. Appendix A: Governance Structure: Organizational chart and reporting lines
5. Appendix B: Delegated Authorities: Specific powers and financial limits of the Managing Partner role
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