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Salaried Partner Agreement for Hong Kong

Salaried Partner Agreement Template for Hong Kong

A comprehensive agreement governed by Hong Kong law that establishes the terms and conditions of a salaried partner's appointment within a professional services firm. This document outlines the partner's rights, responsibilities, remuneration structure, and obligations while maintaining compliance with Hong Kong employment and partnership laws. It addresses key aspects such as profit sharing, decision-making authority, client relationships, confidentiality obligations, and post-termination restrictions, all within the context of Hong Kong's legal and regulatory framework.

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Salaried Partner Agreement

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What is a Salaried Partner Agreement?

The Salaried Partner Agreement is a crucial document used when appointing senior professionals to partner positions without full equity participation in Hong Kong-based professional services firms. It bridges the gap between employee and full equity partner status, providing a structured framework for career progression while protecting the firm's interests. This document addresses the complex relationship between the firm and salaried partner, covering aspects such as remuneration, voting rights, client relationships, and partnership obligations, all while ensuring compliance with Hong Kong's employment, partnership, and regulatory requirements. The agreement is particularly important in professional services firms where a tiered partnership structure is maintained and serves as a stepping stone to full equity partnership.

What sections should be included in a Salaried Partner Agreement?

1. Parties: Identification of the law firm/partnership and the incoming salaried partner

2. Background: Context of the appointment and brief description of the arrangement

3. Definitions: Key terms used throughout the agreement

4. Appointment and Term: Formal appointment as salaried partner and duration of the appointment

5. Status and Duties: Clarification of position as salaried partner and scope of responsibilities

6. Time Commitment: Expected working hours and commitment to the firm

7. Remuneration: Base salary, profit share arrangements, and payment terms

8. Benefits: Standard benefits package including leaves, insurance, and other entitlements

9. Expenses: Policy on business expenses and reimbursement

10. Restrictions During Employment: Limitations on outside activities and conflicts of interest

11. Confidentiality: Obligations regarding firm and client confidential information

12. Intellectual Property: Ownership of work product and intellectual property

13. Data Protection: Compliance with privacy laws and data handling

14. Post-Termination Restrictions: Non-compete and non-solicitation provisions

15. Termination: Grounds and procedures for termination

16. Garden Leave: Firm's right to place partner on garden leave

17. Return of Property: Obligations upon termination regarding firm property

18. Governing Law and Jurisdiction: Hong Kong law as governing law and jurisdiction for disputes

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

1. Equity Partnership Track: Include when there's a defined path to equity partnership

2. International Assignments: Include for firms with international offices where partner may be required to work

3. Client Development Obligations: Include when specific business development targets are required

4. Management Responsibilities: Include when partner will have specific management duties

5. Regulatory Compliance: Include when partner needs specific regulatory licenses or compliance obligations

6. Profit Sharing Mechanics: Include when complex profit sharing arrangements exist

7. Sabbatical Rights: Include if firm offers sabbatical program

8. Retirement Benefits: Include if special retirement arrangements are offered

9. Alternative Dispute Resolution: Include if firm prefers mediation/arbitration over litigation

What schedules should be included in a Salaried Partner Agreement?

1. Schedule 1 - Remuneration Details: Detailed breakdown of compensation structure and calculations

2. Schedule 2 - Benefits Package: Comprehensive list of benefits and entitlements

3. Schedule 3 - Post-Termination Restrictions: Detailed terms of restrictive covenants

4. Schedule 4 - Firm Policies: Key firm policies applicable to salaried partners

5. Schedule 5 - Performance Metrics: Expected performance targets and evaluation criteria

6. Appendix A - Position Description: Detailed description of roles and responsibilities

7. Appendix B - Regulatory Requirements: Specific regulatory obligations and required licenses

8. Appendix C - Office Locations: List of firm offices where partner may be required to work

Authors

Alex Denne

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

Jurisdiction

Hong Kong

Publisher

Ƶ

Cost

Free to use
Relevant legal definitions












































Clauses









































Relevant Industries

Legal Services

Professional Services

Accounting

Consulting

Architecture

Engineering

Financial Services

Tax Advisory

Management Consulting

Corporate Services

Relevant Teams

Human Resources

Legal

Finance

Partnership Board

Executive Committee

Compliance

Risk Management

Professional Development

Operations

Business Development

Relevant Roles

Salaried Partner

Non-Equity Partner

Junior Partner

Fixed Share Partner

Managing Partner

Senior Associate

Director

Principal

Department Head

Practice Group Leader

Industries










Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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