Fill and Sign the 045 Sample Agreement with New Partner for Compensation Based on Generating Form

5.04[5] Sample Agreement with New Partner for Compensation Based on Generating New Business This is to confirm the agreement reached as of the date set forth above between ______________________, L.L.P. (the "Firm") and you with respect to you becoming a partner in the Firm, effective ______ __, 20__.(1) You will become a partner in the Firm effective ______ __, 20__. In that capacity you will render such services to the Firm as you and we may mutually agree. (2) As a partner, your compensation from the Firm shall be at the rate of $______ per annum, payable in equal bi-monthly installments. In addition, you will receive a sum equal to ______ (__%) percent of all fees generated from client matters initiated by you and referred to the Firm in excess of $______ in fees for services rendered subsequent to ______ __, 20__ ("__________ Matters"). It is understood that all fees earned directly or indirectly by you in the practice of law since ______ __, 20__ shall belong to the Firm including but not limited to director's, executor's and trustee's fees. Furthermore, you hereby agree that if the Firm does not receive the sum of at least $______ in fees with respect to legal services rendered with respect to Matters, you will not be entitled to receive __% of any fees relating to __________ Matters for services rendered subsequent to ______ __, 20__ until the Firm actually receives the sum of $______. You have represented to us that your practice consists of annual fee collections of between $______ and $______ per annum and that you do not experience in your practice inordinate unbilled time or billed but uncollectable accounts receivable. You recognize that your compensation arrangement is based upon these representations. (3) You will be furnished secretarial assistance and office space chosen by us. Furthermore, the Firm will pay your moving expenses and cost of announcements and mailing. (4) For any matter on which you work at the request of the Firm, we will pay you at the rate of 50% of the hourly rate we charge the client for your services. (5) We will arrange for you to be covered by our Major Medical, Medicare, Blue Cross/Blue Shield Plans, Life Insurance and Malpractice Insurance as carried by Members of our Firm. (6) If your death occurs or if you should retire or become disabled during the term of this agreement, you, your Estate or beneficiaries, as the case may be, subject to paragraph 2, will be entitled to receive payments equal to: (a) __% of the fees received from your clients with respect to services performed prior to your retirement, disability or death; and (b) __% of the fees received from your clients with respect to services performed thereafter, for the two-year period commencing with the date of your death, retirement or onset of your disability, as the case may be. (7) This arrangement shall continue for a period of one (1) year, expiring ______ __, 20__, subject to extension or renewal by mutual agreement. In the event this arrangement is terminated, all fees paid after termination in respect of services performed prior to termination shall belong to the Firm, subject to your receiving __________ (__%) percent of any fees, after the Firm has received any and all fees to which it is entitled as provided in paragraph 2. As to work performed both prior and subsequent to termination, fees shall be allocated in the order in which the services were performed.(8) You agree to continue to indemnify and hold the Firm harmless from any claims of your former partners or claims of your clients or in respect of matters worked on prior to ______ __, 20__. This paragraph shall survive the termination of this Agreement.