The Salaried Partner Agreement is essential for professional services firms operating in South Africa that implement a tiered partnership structure. It is specifically designed for situations where a senior professional is elevated to partner status while maintaining certain employment characteristics. This hybrid arrangement requires careful consideration of South African labor law, including the Labour Relations Act and Basic Conditions of Employment Act, while also addressing partnership aspects. The agreement typically comes into play during career progression or lateral hiring of senior professionals, providing a structured pathway to full equity partnership. It must balance the rights and obligations of both partnership and employment status, including remuneration, voting rights, profit sharing, and professional responsibilities, while ensuring compliance with South African regulatory requirements and professional standards.
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1. Parties: Identification of the partnership entity and the salaried partner
2. Background: Context of the agreement and brief description of the partnership structure
3. Definitions: Key terms used throughout the agreement
4. Appointment and Status: Terms of appointment as salaried partner and clarification of employment status
5. Duration and Commencement: Term of the agreement and start date
6. Duties and Responsibilities: Detailed description of the salaried partner's role, obligations, and expectations
7. Remuneration and Benefits: Base salary, bonus structure, and standard benefits package
8. Working Hours and Leave: Expected working arrangements and leave entitlements
9. Professional Requirements: Professional standards, qualifications, and ongoing requirements
10. Confidentiality: Obligations regarding confidential information and trade secrets
11. Intellectual Property: Ownership and rights regarding work product and innovations
12. Restrictive Covenants: Non-compete and non-solicitation provisions
13. Termination: Grounds and procedures for termination of the agreement
14. Post-Termination Obligations: Continuing obligations after the agreement ends
15. General Provisions: Standard boilerplate clauses including governing law, notices, and entire agreement
1. Equity Partnership Track: Include when there's a defined path to full equity partnership
2. International Assignments: Include for firms with international offices where partner may need to work
3. Client Development Responsibilities: Include when specific business development targets are required
4. Voting Rights: Include when salaried partners have specific voting rights in partnership matters
5. Professional Insurance: Include when partner needs to maintain separate professional insurance
6. Sabbatical Leave: Include if the firm offers sabbatical options
7. Alternative Work Arrangements: Include if flexible or remote working arrangements are permitted
8. Academic or Publishing Activities: Include for partners engaged in academic or publishing work
1. Schedule 1 - Remuneration Details: Detailed breakdown of salary, bonus structure, and benefits
2. Schedule 2 - Performance Metrics: Specific KPIs and performance evaluation criteria
3. Schedule 3 - Partnership Policies: Key firm policies applicable to salaried partners
4. Schedule 4 - Office Location and Resources: Details of work location, equipment, and support provided
5. Schedule 5 - Client Portfolio: List of assigned clients and responsibilities, if applicable
6. Appendix A - Professional Development Plan: Outline of expected professional growth and development targets
7. Appendix B - Benefits Summary: Detailed description of all benefits and entitlements
8. Appendix C - Partnership Structure: Overview of firm's partnership levels and governance structure
Authors
Relevant legal definitions
Clauses
Relevant Industries
Legal Services
Accounting and Audit
Management Consulting
Professional Services
Financial Services
Architecture
Engineering Consulting
Medical Practices
Business Advisory
Tax Consulting
Relevant Teams
Human Resources
Legal
Finance
Partnership Board
Executive Committee
Governance
Professional Standards
Compliance
Operations
Business Development
Relevant Roles
Salaried Partner
Non-Equity Partner
Junior Partner
Associate Partner
Fixed Share Partner
Senior Associate
Principal Consultant
Director
Senior Manager
Managing Associate
Department Head
Practice Leader
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