This is a great way to protect yourself from the older partner, which is both unproductive and risky, while high-value lawyers can work at the firm`s discretion beyond the mandatory retirement age. Some of the most common reasons why partners can dissolve a partnership are: it preserves the quality of the firm and prevents cousins. Imagine that one of the original partners simply wants to bring his new lawyer. That cannot happen with this agreement. However, if a partner brings a great benefit to your business, you should also insert a clause that will allow you to make available to people who exceed the mandatory retirement age on a case-by-case basis. 6.03. Participation in income and losses. The executive committee is appointed. for each exercise (i) the distribution share allocated to each participating partner and whether that partner remains as such or if it becomes a wage partner and (ii) the salary of each paid partner, and lead to these findings being identified and distributed to the partners by a supplement to this agreement as an appendix A for this purpose. Each participating partner participates in the net revenues or net losses of the partnership for each fiscal year, in accordance with its applicable participation law, unless this agreement expressly provides for it. In this context, the partnership`s revenues and expenses, which are attributable to contributions on behalf of partners to eligible pension plans, the share attributable to the partners` parking costs (or the portion of rental costs attributable to the Board of Directors), the share of accident and dismemberment insurance premiums, health insurance premiums and life insurance premiums attributable to partners , as well as income from loans related to the retirement program of the partner to whom these positions are attributable. Be considered by the Executive Committee as “or” (or, in the case of a paid partner, as part of his or her annual salary).
In the exercise of its judgment on the allocation of distribution shares, the Board of Directors assesses in the most accurate way possible the contribution of each partner to the success and position of the partnership, taking into account the seniority of that partner (i) of sovereignty, (ii) reputation and position at the bar and in its community; iii) the development of new business activities for the company. (iv) the breadth and quality of the work done in the field of law economics and v) the contribution to the internal unity and general well-being of the partnership and its collaborators. in accordance with the objectives of Point 1.02. The order of this listing does not indicate that a counterparty takes on a greater weight than any other.