Managing Partner Agreement Template for England and Wales

A Managing Partner Agreement is a comprehensive legal document governed by English and Welsh law that establishes the terms, conditions, and responsibilities of a managing partner within a partnership structure. It outlines the scope of authority, decision-making powers, remuneration arrangements, and performance expectations. The agreement ensures compliance with the Partnership Act 1890 and other relevant legislation while providing clear governance framework and protecting the interests of all parties involved.

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What is a Managing Partner Agreement?

The Managing Partner Agreement is a crucial document used when appointing or formalizing the position of a managing partner in professional partnerships operating under English and Welsh law. It serves as the primary contract governing the relationship between the managing partner and the partnership, detailing responsibilities, authority limits, compensation structure, and performance expectations. This agreement is essential for establishing clear leadership roles, ensuring smooth operations, and providing mechanisms for dispute resolution. It must comply with the Partnership Act 1890, Limited Liability Partnerships Act 2000 (if applicable), and other relevant legislation while addressing specific needs of the partnership structure.

What sections should be included in a Managing Partner Agreement?

1. Parties: Identification and details of all partners and the partnership entity

2. Background: Context of the agreement and partnership structure

3. Definitions: Key terms used throughout the agreement

4. Appointment and Term: Terms of appointment as managing partner and duration

5. Duties and Responsibilities: Specific roles and obligations of the managing partner

6. Remuneration: Compensation structure including profit share

7. Decision Making Authority: Scope of managing partner's authority and limitations

8. Termination: Circumstances and procedures for ending the agreement

What sections are optional to include in a Managing Partner Agreement?

1. Non-Compete Provisions: Restrictions on competition post-termination, used when protecting business interests is crucial

2. Intellectual Property: IP rights and ownership provisions, used when IP is significant to the business

3. International Operations: Cross-border responsibilities and obligations, used for partnerships with international presence

4. Insurance Requirements: Specific insurance obligations and coverage requirements, used when additional coverage is needed

What schedules should be included in a Managing Partner Agreement?

1. Schedule 1: Partner Details: Complete information about all partners

2. Schedule 2: Remuneration Structure: Detailed breakdown of compensation arrangements

3. Schedule 3: KPIs and Performance Metrics: Specific performance indicators and targets

4. Schedule 4: Partnership Assets: List of key partnership assets and ownership details

5. Appendix A: Governance Procedures: Detailed operational and management procedures

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents

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What is a Managing Partner Agreement?

What sections should be included in a Managing Partner Agreement?

What sections are optional to include in a Managing Partner Agreement?

What schedules should be included in a Managing Partner Agreement?

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Alex Denne

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