The Salaried Partner Agreement is a crucial document used when a professional services firm wishes to appoint a senior professional to a partnership position while maintaining certain employment-like characteristics of the relationship. This agreement is particularly relevant in the Malaysian legal context, where it must comply with the Partnership Act 1961, Employment Act 1955, and various professional regulations. The document typically includes comprehensive provisions covering appointment terms, remuneration structures, profit sharing arrangements, duties and responsibilities, restrictive covenants, and termination provisions. It is especially important in firms transitioning professionals from employee to partner status, often as part of a career progression towards equity partnership. The agreement balances the need to give the salaried partner appropriate status and authority while protecting the firm's interests through carefully drafted restrictive covenants and confidentiality provisions.
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1. Parties: Identification of the partnership firm and the incoming salaried partner
2. Background: Context of the agreement, including the firm's structure and intention to appoint the salaried partner
3. Definitions: Key terms used throughout the agreement, including 'Partnership', 'Salaried Partner', 'Profit Share', etc.
4. Appointment and Status: Terms of appointment as salaried partner and clarification of status within the firm
5. Duration and Term: Period of appointment, including start date and any initial probationary period
6. Duties and Responsibilities: Detailed outline of the salaried partner's roles, obligations, and expected contributions
7. Remuneration and Benefits: Base salary, profit share arrangements, and benefits package details
8. Working Hours and Leave: Expected working arrangements and entitlement to various types of leave
9. Expenses and Resources: Provisions regarding business expenses, equipment, and resource allocation
10. Confidentiality: Obligations regarding firm and client confidential information
11. Intellectual Property: Ownership and rights regarding work product and intellectual property
12. Restrictions and Covenants: Non-compete, non-solicitation, and other restrictive covenants
13. Termination: Grounds and procedures for termination of the agreement
14. Post-Termination Obligations: Continuing obligations after termination of the agreement
15. General Provisions: Standard boilerplate clauses including governing law, notices, and entire agreement
1. Professional Indemnity: Required for regulated professions like law or accounting, covering insurance and liability arrangements
2. International Assignments: Include if the firm has international offices and the salaried partner may work across jurisdictions
3. Client Development: Include if the salaried partner has specific business development responsibilities
4. Performance Metrics: Include if the firm uses specific KPIs or performance measurement systems
5. Equity Partnership Track: Include if there's a defined path to full equity partnership
6. Compliance with Religious Requirements: Include for firms operating under Shariah principles or other religious requirements
7. Secondment Provisions: Include if the salaried partner may be seconded to clients or other offices
8. Technology and Data Protection: Include detailed provisions if the firm handles sensitive digital assets or personal data
1. Schedule 1 - Remuneration Package: Detailed breakdown of salary, profit share formula, and benefits
2. Schedule 2 - Performance Targets: Specific metrics and objectives for the salaried partner
3. Schedule 3 - Firm Policies: Key firm policies that form part of the agreement
4. Schedule 4 - Restricted Clients: List of clients covered by non-solicitation provisions
5. Schedule 5 - Equipment and Resources: List of firm resources provided to the salaried partner
6. Appendix A - Job Description: Detailed role profile and responsibilities
7. Appendix B - Benefits Summary: Comprehensive overview of all benefits and entitlements
8. Appendix C - Partnership Structure: Overview of the firm's partnership levels and governance
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