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1. Parties: Identification of all parties entering into the agreement, including the firm and the incoming equity partner
2. Background: Context of the agreement, including brief history of the firm and purpose of the equity partnership
3. Definitions: Definitions of key terms used throughout the agreement
4. Partnership Interest: Details of the equity stake being offered, including percentage and value
5. Capital Contribution: Specifications of initial and ongoing capital contributions required from the partner
6. Rights and Obligations: Comprehensive outline of partner's rights, voting powers, and obligations to the firm
7. Profit Sharing: Framework for profit distribution and partner's entitlement to firm earnings
8. Management Participation: Partner's role in firm management and decision-making processes
9. Restrictive Covenants: Non-compete, non-solicitation, and confidentiality obligations
10. Exit Provisions: Terms and procedures for partner retirement, withdrawal, or termination
11. Good/Bad Leaver Provisions: Consequences of leaving under different circumstances
12. Dispute Resolution: Procedures for resolving disputes between partners
13. General Provisions: Standard boilerplate clauses including governing law, notices, and amendments
1. International Practice: Required when the firm has international offices or cross-border practices
2. Intellectual Property Rights: Needed when the firm has significant IP assets or specialized practice areas
3. Professional Indemnity: Special provisions for professional liability and insurance requirements
4. Client Transition: Required when the partner is bringing existing clients to the firm
5. Special Voting Rights: Added when certain partners have enhanced voting or veto rights
6. Performance Metrics: Include when partner's equity stake is tied to performance targets
7. Training and Development: Required for firms with specific professional development requirements
8. Succession Planning: Important for senior partners or founding members
1. Schedule 1 - Capital Account Details: Detailed breakdown of capital contribution structure and timing
2. Schedule 2 - Profit Sharing Formula: Detailed calculation method for profit distribution
3. Schedule 3 - Management Structure: Organizational chart and management responsibilities
4. Schedule 4 - Partner Performance Criteria: Specific metrics and targets for partner evaluation
5. Schedule 5 - Valuation Methodology: Agreed method for valuing partnership interests
6. Schedule 6 - Insurance Requirements: Details of required professional indemnity and other insurance coverage
7. Appendix A - Partnership Policies: Key firm policies applicable to partners
8. Appendix B - Client List: List of clients and associated terms (if applicable)
9. Appendix C - Office Locations: Details of firm's offices and jurisdictions of operation
Annual Accounts
Board
Business
Business Day
Capital Account
Capital Contribution
Client
Commencement Date
Confidential Information
Default Event
Departing Partner
Equity Interest
Financial Year
Firm
Good Leaver
Bad Leaver
Intellectual Property
Management Committee
Managing Partner
Partnership
Partnership Board
Partnership Interest
Partnership Share
Profit Share
Professional Rules
Restricted Business
Retirement Date
Senior Partner
Territory
Transfer
Valuation Date
Voting Rights
Working Capital
Partnership Interest
Capital Contribution
Profit Sharing
Management Rights
Voting Rights
Financial Obligations
Partner Duties
Confidentiality
Non-Competition
Non-Solicitation
Intellectual Property
Decision Making
Board Representation
Professional Conduct
Client Relations
Partnership Meetings
Financial Records
Partner Retirement
Termination
Good Leaver Provisions
Bad Leaver Provisions
Death and Disability
Valuation
Buy-Out Rights
Dispute Resolution
Governing Law
Force Majeure
Indemnification
Insurance
Notices
Amendment
Assignment
Severability
Entire Agreement
Legal Services
Accounting Services
Management Consulting
Architecture
Engineering Services
Medical Practices
Financial Services
Professional Services
Real Estate Services
Information Technology Services
Legal
Finance
Human Resources
Compliance
Corporate Secretarial
Partnership Management
Executive Management
Risk Management
Professional Development
Operations
Managing Partner
Senior Partner
Executive Partner
Chief Executive Officer
Chief Financial Officer
Legal Director
Partnership Director
Corporate Secretary
HR Director
Finance Director
Compliance Officer
General Counsel
Practice Head
Department Head
Senior Associate
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