Source: http://www.lawyer-coach.com/index.php/2012/05/
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Sample Partnership Agreement Provisions Respecting Compensation – Appendix A (Part 7 of 7)
This is the Appendix A mentioned in the previous seven articles discussing structures that law firms tend to adopt for partner compensation. In Part 1 we discussed the Monarch structure, in Part 2 the Parity structure, in Part 3 the Executive Committee Monarchy, in Part 4 the regular Lock Step, in Part 5 the Modified Lock Step, and in part Part 6 the Eat What You Kill structure. Appendix A provides an example of some partnership agreement language in a Modified Lock Step compensation system.
to Partnership Compensation Plans
Selected Provisions Of
Agreement Of Limited Liability Partnership
A & B, L.L.P.
[Not Intended As A Complete Partnership Agreement]
This AGREEMENT OF LIMITED LIABILITY PARTNERSHIP of A & B, L.L.P. is entered into to be effective as of the __ day of ___, 200_,
by and among A (“A”) and B (“B”) (collectively, the “Partners”) pursuant to the provisions of the [State] [Partnership Law], and according to the terms and conditions set forth herein.
NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: Read more «Sample Partnership Agreement Provisions Respecting Compensation – Appendix A (Part 7 of 7)»
Filed Under Articles by Debra L. Bruce, Law Practice Management, Partner Compensation, Raising the Bar, Reduce Conflict in Law Practice | 2 Comments
Partner Compensation Plans – The Eat What You Kill, EWYK (Part 6 of 7)
This is the 6th article in a series of 7 discussing structures that law firms tend to adopt for partner compensation. In Part 1 we discussed the Monarch structure, in Part 2 the Parity structure, in Part 3 the Executive Committee Monarchy, in Part 4 the regular Lock Step, and in Part 5 the Modified Lock Step.
This system may be the only system that Read more «Partner Compensation Plans – The Eat What You Kill, EWYK (Part 6 of 7)»
Post Date: May 21, 2012
Filed Under Articles by Debra L. Bruce, Law Practice Management, Partner Compensation, Raising the Bar, Reduce Conflict in Law Practice | 1 Comment
Partner Compensation Plans – The Modified Lock Step (Part 5 of 7)
When It Works Well Read more «Partner Compensation Plans – The Modified Lock Step (Part 5 of 7)»
Partner Compensation Plans – Lock Step (Part 4 of 7)
This is the 4th article in a series of 7 discussing structures that law firms tend to adopt for partner compensation. In Part 1 we discussed the Monarch structure, in Part 2 the Parity structure, and in Part 3 the Executive Committee Monarchy.
This model is used mainly in large, stable, well-established firms that have a lot of institutional clients. It rewards seniority. Usually, all of the lawyers who become partners in the same year are a class, and make the same compensation. The class as a whole receives an increase in points, which are the basis of allocating profit distributions, when they are elevated to the next level. Typically, the spread between the salary of the highest paid partners and the lowest paid partners is not that large – 3 or 4 to 1 is not uncommon.
When It Works Well Read more «Partner Compensation Plans – Lock Step (Part 4 of 7)»
Post Date: May 17, 2012
Filed Under Articles by Debra L. Bruce, Law Practice Management, Partner Compensation, Raising the Bar, Reduce Conflict in Law Practice | 3 Comments