The Salaried Partner Agreement is a crucial document used by professional partnerships in New Zealand when appointing senior professionals to partnership positions without full equity participation. This agreement is typically implemented when a firm wishes to recognize and reward high-performing individuals with partner status while maintaining a different financial and liability structure from equity partners. The document addresses the complex nature of the salaried partner role, balancing partnership status with employment-like protections under New Zealand law. It includes comprehensive provisions for remuneration, duties, performance expectations, and potential pathway to equity partnership, while ensuring compliance with relevant New Zealand legislation including the Partnership Act 1908 and Employment Relations Act 2000. This agreement is particularly important for establishing clear expectations and rights for both the firm and the salaried partner, helping prevent potential disputes and misunderstandings about the scope and nature of the relationship.
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1. Parties: Identifies the partnership entity and the salaried partner entering into the agreement
2. Background: Sets out the context of the agreement, including the partnership's nature and the intention to appoint the salaried partner
3. Definitions and Interpretation: Defines key terms used throughout the agreement and interpretation rules
4. Appointment and Term: Details of the salaried partner's appointment, commencement date, and term (if applicable)
5. Status and Relationship: Clarifies the salaried partner's position, distinguishing it from equity partnership and employment
6. Duties and Responsibilities: Outlines the salaried partner's specific duties, targets, and obligations to the partnership
7. Time Commitment: Specifies expected working hours and time dedication to the partnership
8. Remuneration and Benefits: Details of salary, bonus structure, and benefits package
9. Expenses and Resources: Provisions regarding business expenses, reimbursement, and resources provided
10. Leave Entitlements: Specifies holiday, sick leave, and other leave arrangements
11. Confidentiality: Obligations regarding confidential information and trade secrets
12. Intellectual Property: Rights and obligations regarding IP created during the partnership
13. Restrictions and Non-Compete: Post-termination restrictions and non-compete obligations
14. Termination: Grounds and procedures for terminating the agreement
15. Partnership Property: Rules regarding use and return of partnership property
16. Dispute Resolution: Procedures for resolving disputes between parties
17. General Provisions: Standard boilerplate clauses including governing law, notices, and amendments
1. Path to Equity Partnership: Include when there's a defined pathway to full equity partnership, outlining criteria and process
2. International Work: Include when the partner may be required to work across multiple jurisdictions
3. Client Development Responsibilities: Include when specific client development targets or responsibilities are required
4. Professional Indemnity: Include when specific insurance arrangements need to be detailed
5. Voting Rights: Include when salaried partners have specific voting rights in partnership decisions
6. Sabbatical Leave: Include when sabbatical leave arrangements are offered
7. Retirement Benefits: Include when specific retirement or long-term benefit arrangements are provided
8. Alternative Dispute Resolution: Include when specific mediation or arbitration procedures are preferred
1. Schedule 1: Remuneration Package: Detailed breakdown of salary, bonus structure, and benefits
2. Schedule 2: Performance Targets: Specific KPIs, billing targets, and performance metrics
3. Schedule 3: Partner Benefits: Detailed list of benefits, including insurance, car allowance, etc.
4. Schedule 4: Restricted Clients: List of clients subject to non-solicitation restrictions
5. Schedule 5: Office Locations: Details of office locations and primary place of work
6. Appendix A: Partnership Policies: Key partnership policies applicable to salaried partners
7. Appendix B: Equity Partnership Criteria: If applicable, detailed criteria for progression to equity partnership
8. Appendix C: Expense Policy: Detailed policy on expense claims and reimbursement procedures
Relevant legal definitions
Clauses
Relevant Industries
Legal Services
Accounting and Advisory
Management Consulting
Architecture
Engineering
Medical Practices
Financial Services
Real Estate Services
Insurance Services
Professional Services
Relevant Teams
Legal
Human Resources
Finance
Operations
Risk and Compliance
Professional Standards
Partner Services
Business Development
Client Services
Knowledge Management
Professional Development
Administration
Relevant Roles
Senior Associate
Director
Principal
Senior Manager
Department Head
Practice Leader
Managing Associate
Senior Consultant
Technical Director
Senior Professional
Deputy Practice Head
Associate Partner
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