The Non-Equity Partner Agreement is essential for professional services firms in India seeking to expand their partnership structure without diluting equity ownership. This document is typically used when promoting senior professionals to partnership status while maintaining the firm's existing equity structure. It complies with Indian partnership laws, particularly the Indian Partnership Act, 1932, and addresses crucial aspects such as partner compensation, voting rights, client responsibility, and professional liability. The agreement is particularly relevant for law firms, accounting practices, and consulting firms operating under Indian jurisdiction, where non-equity partnership models have become increasingly common as a means of talent retention and career progression.
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1. Parties: Identification of the partnership firm and the incoming non-equity partner
2. Background: Context of the agreement and brief history of the firm and partner relationship
3. Definitions: Key terms used throughout the agreement
4. Appointment and Term: Terms of appointment as non-equity partner and duration
5. Role and Responsibilities: Detailed description of partner's duties, authority, and expectations
6. Compensation and Benefits: Structure of remuneration, bonus schemes, and benefits package
7. Performance Metrics: Key performance indicators and evaluation criteria
8. Non-Competition and Non-Solicitation: Restrictions on competitive activities during and after partnership
9. Confidentiality: Protection of firm's confidential information and client data
10. Intellectual Property: Ownership and rights over work product and firm IP
11. Professional Liability: Scope of professional liability and indemnification obligations
12. Termination: Grounds and process for termination of the agreement
13. Post-Termination Obligations: Continuing obligations after agreement ends
14. Dispute Resolution: Process for resolving disputes including arbitration provisions
15. Governing Law: Specification of Indian law as governing law and jurisdiction
1. Path to Equity Partnership: Include when there's a potential route to equity partnership, outlining criteria and process
2. International Practice: Include for firms with international offices or cross-border practice
3. Client Development Responsibilities: Include when partner has specific business development targets
4. Teaching and Academic Commitments: Include for partners with academic or teaching obligations
5. Sabbatical Rights: Include if firm offers sabbatical options to partners
6. Retirement Benefits: Include if firm offers specific retirement benefits to non-equity partners
7. Professional Development: Include specific provisions for continued education and development
1. Schedule 1 - Compensation Structure: Detailed breakdown of base compensation, bonus structure, and benefits
2. Schedule 2 - Performance Metrics: Specific KPIs, targets, and evaluation criteria
3. Schedule 3 - Firm Policies: Key firm policies applicable to non-equity partners
4. Schedule 4 - Insurance Coverage: Details of professional indemnity and other insurance coverage
5. Schedule 5 - Office Facilities: Details of office space, support staff, and resources provided
6. Appendix A - Current Client Portfolio: List of clients and matters under partner's responsibility
7. Appendix B - Professional Credentials: Partner's qualifications, certifications, and specializations
Relevant legal definitions
Agreement
Appointment Date
Annual Compensation
Board
Business Day
Cause
Client
Commencement Date
Compensation Year
Confidential Information
Effective Date
Equity Partners
Executive Committee
Firm
Firm Assets
Firm Policies
Financial Year
Good Standing
Gross Revenue
Intellectual Property Rights
Key Performance Indicators
Managing Partner
Material Breach
Net Profits
Non-Equity Partner
Notice
Partnership
Partnership Deed
Partnership Committee
Performance Metrics
Practice Area
Professional Services
Prohibited Activities
Restricted Period
Senior Partner
Service Credit
Term
Territory
Termination Date
Variable Compensation
Appointment Date
Annual Compensation
Board
Business Day
Cause
Client
Commencement Date
Compensation Year
Confidential Information
Effective Date
Equity Partners
Executive Committee
Firm
Firm Assets
Firm Policies
Financial Year
Good Standing
Gross Revenue
Intellectual Property Rights
Key Performance Indicators
Managing Partner
Material Breach
Net Profits
Non-Equity Partner
Notice
Partnership
Partnership Deed
Partnership Committee
Performance Metrics
Practice Area
Professional Services
Prohibited Activities
Restricted Period
Senior Partner
Service Credit
Term
Territory
Termination Date
Variable Compensation
Clauses
Appointment
Term and Duration
Duties and Responsibilities
Authority and Limitations
Compensation and Benefits
Performance Requirements
Partnership Meetings
Voting Rights
Client Relations
Professional Standards
Confidentiality
Non-Competition
Non-Solicitation
Intellectual Property
Professional Indemnity
Insurance
Work Standards
Leave and Absence
Professional Development
Business Development
Record Keeping
Office Facilities
Support Services
Financial Obligations
Tax Matters
Termination
Post-Termination Obligations
Dispute Resolution
Governing Law
Force Majeure
Notices
Amendment
Severability
Entire Agreement
Assignment
Term and Duration
Duties and Responsibilities
Authority and Limitations
Compensation and Benefits
Performance Requirements
Partnership Meetings
Voting Rights
Client Relations
Professional Standards
Confidentiality
Non-Competition
Non-Solicitation
Intellectual Property
Professional Indemnity
Insurance
Work Standards
Leave and Absence
Professional Development
Business Development
Record Keeping
Office Facilities
Support Services
Financial Obligations
Tax Matters
Termination
Post-Termination Obligations
Dispute Resolution
Governing Law
Force Majeure
Notices
Amendment
Severability
Entire Agreement
Assignment
Relevant Industries
Legal Services
Accounting and Audit
Management Consulting
Financial Services
Architecture
Medical Practice
Engineering Consulting
Tax Advisory
Business Advisory
Professional Services
Relevant Teams
Legal
Human Resources
Professional Development
Executive Committee
Partnership Board
Compliance
Finance
Operations
Risk Management
Professional Standards
Business Development
Relevant Roles
Managing Partner
Senior Partner
Non-Equity Partner
Practice Head
Department Director
Senior Associate
Principal Consultant
Director
Senior Manager
Executive Committee Member
Professional Practice Leader
Regional Practice Head
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