This document is a clause which can be inserted into a partnership agreement.
Where the partnership is made up of a professional consultancy business, such as a firm of lawyers and accountants, the partners often agree the basis on which certain professional services will be provided to members of each partner’s family.
The point of doing this up front, is to ensure that there can be no conflict at a later stage about the provision of professional services to members of family.
Of course, it is up to each partnership to determine what is appropriate for the business in these circumstances. This precedent clause provides an example of the type of arrangements that can be agreed.
Using this precedent
This clause can be added to the separate precedent “Partnership agreement (short form, general)”, or can be inserted into any partnership agreement as required.
When inserting this optional clause into an agreement, care must be taken to ensure that the agreement remains consistent. Cross-references, definitions and schedules should all be checked.
This document has been authored for Lexis Nexis by Michael Heraghty, Partner, TressCox Lawyers, Rosemarie Ryan, Barrister and Elise Margow, Principal, Legally Speaking.
This document is repared with the assistance of Specialist Editor Stephen Newman, Executive Counsel, Ponte Earle.