Luthra scoops FoxMandal's corporate head

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LuthraLuthra-Vineet_Aneja_th
Luthra & Luthra has hired FoxMandal Little corporate partner Vineet Aneja in Delhi.

Aneja (pictured) will re-join Luthra & Luthra as a partner next month focusing primarily on corporate transactional and advisory work.

Luthra & Luthra senior partner Mohit Saraf said: “Vineet used to work at Luthra as a senior associate few years back and then he left and joined FoxMandal as a partner.

“In a conflict situation I had recommended Vineet as a lawyer and was impressed with his quality. So when he approached, we were more than glad to welcome him back.”

FoxMandal managing partner Som Mandal told Legally India that he regretted Aneja’s departure but that the move was a good opportunity for him.

Mandal added that the firm would not look to replace Aneja at present, having around seven other corporate partners in Delhi.

He also noted that FoxMandal had lost less than 5 per cent of staff over the past four years.

Aneja declined to comment when contacted.

Mandal also explained that the Delhi office was expecting to finally cure its working capital problems within the next three weeks.

Constricted cash flows had caused the firm being unable to pay staff and partners for several months in July, although staff were paid part of their back salaries in August.

However, partners have still not been paid and some salary payment delays were continuing, admitted Mandal, but he hoped that this would be settled soon.

Comments

kiafa 24 Sept 2009, 03:00
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tbh, I admire the openess and candour displayed by Som Mandal on the issue of non-payment of salaries. I can't imagine others who would be so transparent. Inspires confidence.
Guest 24 Sept 2009, 08:53
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Good Move Mr. Aneja, after all nobody will work for free [...].
Anan 2 24 Sept 2009, 13:07
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dear Ananymous, please note the comment of #1. There are many who are agreeable to work for free because they are so proud of Mr. Mandal's candour and openness that he does not want to pay people their salaries.
Lawyer 25 Sept 2009, 05:51
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Congrats Mr. Aneja. Having seen your work from very close quaters, I can confidently say that this move would be very beneficial to both you and Luthra and Luthra. All the best!
anonymous 25 Sept 2009, 07:35
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Congrats Mr. Aneja. I am sure that the move will benefit both you and L&L immensely.
RS 25 Sept 2009, 11:32
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I would say its not just the payment problem, can anyone imagine working in an environment that is so full of negativity and where all that is discussed all day is how to manage finances and whether or not will they be paid. As professionals we might not be wise at arm twisting tactics to recover our money and its not very becoming of our profession either.
Nan 25 Sept 2009, 12:03
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@1 and @3 - [...] People will obviously not leave FML as the firm owes them lakhs of rupees and if they leave the firm the chance of recovering is abysmal. It's like someone choosing to breach his contractual obligations and continuing to admit it. Wow!! [...] Have you heard of any of the bigger firms doing this? They manage their expenses properly [...]
Anan 2 26 Sept 2009, 05:47
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Whatever..... this is.....really seems to be a great business model.... I mean - getting people to work hard for you..pocket all revenues...then dont pay to your people but promise them to pay ..so that they stick around for some more time.. and generate more revenue...finally ask them to go if they ask their money - they lose if they go - they equally lose if they stick around.............and it is working too.......deserves inclusion as a case study in Harvard Business School !!
ANON 26 Sept 2009, 12:31
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There is a third party who is laughing to the bank !
?? 26 Sept 2009, 19:41
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I think we have all seen a great deal of comments and a lot of facts come to light when the first article of FM not paying salaries came out. That sure was a happening day at FM. But the ground reality is that people in FM or those who have left FM are still not sure as to when and "IF" they will ever get paid.
ABCD 26 Sept 2009, 19:54
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Well done Mr. Aneja. I have seen your work on a few occasions and you surely are an excellent lawyer. You deserve much better. No doubt about it that L&L will surely benefit a lot from you. Wish you all the best.