The Law Firm Partnership Agreement serves as the foundational document for establishing and operating a law firm partnership in Malaysia. This document is essential when forming a new law firm partnership, admitting new partners, or updating an existing partnership structure. It must comply with Malaysian legislation, particularly the Legal Profession Act 1976 and Partnership Act 1961, while addressing practical aspects of law firm management including capital contributions, profit sharing, governance, professional obligations, and dispute resolution. The agreement typically includes detailed provisions for partner duties, decision-making processes, financial arrangements, and exit mechanisms, ensuring smooth operation of the firm while protecting all partners' interests.
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1. Parties: Identification of all partners entering into the agreement
2. Background: Context of the partnership formation or amendment, including any history of previous partnerships
3. Definitions: Definitions of key terms used throughout the agreement
4. Partnership Name and Business: Specification of the firm name and nature of legal practice
5. Commencement and Term: Start date and duration of the partnership
6. Capital Contributions: Details of initial and ongoing capital contributions by partners
7. Profit Sharing and Drawings: Formula and procedures for distributing profits and partner drawings
8. Management and Decision Making: Governance structure, voting rights, and decision-making processes
9. Meetings: Requirements and procedures for partner meetings
10. Partners' Duties and Obligations: Core responsibilities and commitments of partners
11. Professional Indemnity Insurance: Requirements for maintaining professional insurance coverage
12. Client Money and Trust Accounts: Management of client funds and trust accounts
13. Restrictive Covenants: Non-compete and non-solicitation provisions
14. Retirement and Exit: Procedures for partner retirement and voluntary exit
15. Expulsion: Grounds and procedures for forced partner removal
16. Death or Permanent Disability: Procedures following death or permanent incapacity of a partner
17. Dissolution: Circumstances and procedures for partnership dissolution
18. Dispute Resolution: Procedures for resolving internal disputes
19. Governing Law: Specification of Malaysian law as governing law
1. Goodwill: Valuation and treatment of goodwill, if the firm recognizes goodwill as an asset
2. Intellectual Property: Ownership and use of firm IP, particularly relevant for firms with significant branded content
3. International Practice: Provisions for international operations, needed if firm has overseas offices or international practice
4. Special Partners: Provisions for partners with special status or roles, such as founding partners or senior partners
5. Technology and Data Protection: Specific provisions for technology use and data protection, especially important for tech-focused firms
6. Pro Bono Work: Guidelines for pro bono commitments and how they affect partner evaluations
7. Alternative Fee Arrangements: Provisions for handling alternative billing arrangements, relevant for firms moving away from traditional billing
8. Sabbatical Leave: Terms for extended leave arrangements, if offered by the firm
1. Schedule 1: Current Partners: List of all current partners and their respective partnership shares
2. Schedule 2: Capital Contributions: Detailed breakdown of each partner's capital contributions
3. Schedule 3: Profit Sharing Formula: Detailed calculation method for profit distribution
4. Schedule 4: Management Structure: Current management committees and their members
5. Schedule 5: Insurance Details: Current professional indemnity insurance specifics
6. Schedule 6: Office Locations: List of firm offices and jurisdictions of practice
7. Schedule 7: Partner Performance Metrics: Criteria and metrics for partner performance evaluation
8. Appendix A: Partnership Policies: Key firm policies including HR, IT, and compliance procedures
9. Appendix B: Account Management Procedures: Procedures for managing firm and client accounts
10. Appendix C: Retirement Points System: Detailed explanation of retirement benefits calculation
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