Law Firm Partnership Agreement Template for Nigeria

1. Parties: Identification of all initial partners entering into the partnership agreement

2. Background: Context of the partnership formation, including any existing practice being continued or merged

3. Definitions: Detailed definitions of key terms used throughout the agreement

4. Partnership Formation: Establishment of the partnership, its name, and commencement date

5. Nature of Business: Scope of legal practice and permitted activities of the firm

6. Partnership Capital: Initial capital contributions, capital accounts, and additional capital requirements

7. Profit and Loss Sharing: Distribution of profits and allocation of losses among partners

8. Management and Decision Making: Governance structure, voting rights, and decision-making processes

9. Partners' Duties and Obligations: Partners' responsibilities, commitments, and ethical obligations

10. Financial Management: Banking, accounting, audit requirements, and financial reporting

11. New Partners: Process for admitting new partners and associated requirements

12. Retirement and Exit: Procedures for partner retirement, resignation, and buy-out terms

13. Expulsion: Grounds and process for expulsion of partners

14. Dissolution: Circumstances and procedures for partnership dissolution

15. Dispute Resolution: Mechanisms for resolving disputes between partners

16. General Provisions: Miscellaneous legal provisions including notices, amendments, and governing law

1. Schedule 1: Initial Partners: List of founding partners with their respective capital contributions and profit shares

2. Schedule 2: Partnership Capital: Detailed breakdown of initial capital contributions and valuation methods

3. Schedule 3: Profit Sharing Formula: Detailed methodology for calculating profit shares and bonuses

4. Schedule 4: Management Structure: Organizational chart and management positions

5. Schedule 5: Financial Procedures: Detailed financial management and accounting procedures

6. Schedule 6: Insurance Details: Professional indemnity and other insurance specifications

7. Appendix A: Partner Performance Metrics: Performance evaluation criteria and targets

8. Appendix B: Office Locations: List of office locations and jurisdictions of practice

9. Appendix C: Compliance Procedures: Anti-money laundering and regulatory compliance procedures