The Salaried Partner Agreement is a crucial document used when a professional services firm wishes to appoint an individual to a senior position with partner status, while maintaining an employment relationship rather than granting full equity partnership. This agreement, governed by Irish law, serves as a bridge between standard employment contracts and full partnership agreements, incorporating elements of both. It is particularly relevant for professional services firms looking to promote senior professionals or attract lateral hires while managing risk and maintaining organizational control. The document addresses key aspects including partnership status, voting rights, remuneration structure, professional obligations, and post-termination restrictions, all while ensuring compliance with Irish partnership law, employment legislation, and relevant professional regulations.
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1. Parties: Identifies the partnership/firm and the incoming salaried partner
2. Background: Context of the appointment and basic structure of the arrangement
3. Definitions: Key terms used throughout the agreement
4. Appointment and Term: Formal appointment as salaried partner, commencement date, and term if applicable
5. Status and Duties: Clarification of salaried partner status, scope of authority, and key responsibilities
6. Commitment and Time: Working time expectations and commitment to the partnership
7. Remuneration and Benefits: Base salary, profit share arrangements, and benefits package
8. Expenses and Resources: Expense policies and provision of necessary resources
9. Professional Requirements: Professional standards, regulatory compliance, and insurance requirements
10. Confidentiality: Protection of partnership's confidential information
11. Intellectual Property: Ownership and protection of IP created during the partnership
12. Restrictions and Covenants: Non-compete and non-solicitation provisions
13. Termination: Grounds for termination and process
14. Post-Termination Obligations: Ongoing obligations after departure
15. General Provisions: Standard boilerplate clauses including governing law
1. Capital Contribution: Required if salaried partners must make any capital investment
2. Path to Equity Partnership: Include when there's a defined route to full equity partnership
3. International Assignments: For firms with international offices where partner may work
4. Client Development: Specific provisions about business development expectations
5. Sabbatical Rights: If firm offers sabbatical options to salaried partners
6. Professional Development: Specific provisions about training and development
7. Voting Rights: If salaried partners have any voting rights in partnership matters
8. Alternative Dispute Resolution: Specific dispute resolution procedures beyond court proceedings
1. Schedule 1 - Remuneration Details: Detailed breakdown of compensation structure and calculations
2. Schedule 2 - Benefits Package: Comprehensive list of benefits and associated terms
3. Schedule 3 - Key Performance Indicators: Specific performance metrics and targets
4. Schedule 4 - Restricted Clients: List of clients covered by non-solicitation provisions
5. Schedule 5 - Approved External Appointments: Any pre-approved external roles or directorships
6. Appendix A - Partnership Policies: Key firm policies applicable to salaried partners
7. Appendix B - Professional Requirements: Specific regulatory or professional body requirements
8. Appendix C - Expense Policy: Detailed rules regarding expense claims and allowances
Relevant legal definitions
Clauses
Relevant Industries
Legal Services
Accounting and Audit
Management Consulting
Financial Services
Architecture
Medical Practices
Engineering Consultancy
Real Estate Advisory
Investment Management
Tax Advisory
Relevant Teams
Human Resources
Legal
Finance
Partnership Secretariat
Compliance
Risk Management
Professional Standards
Operations
Executive Committee
Partnership Board
Relevant Roles
Salaried Partner
Managing Partner
Senior Partner
Head of Department
Practice Group Leader
Director
Principal
Associate Partner
Junior Partner
Department Head
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