Cyril Amarchand Mangaldas (CAM) general corporate partner designate Prerak Ved will join AZB & Partners as a counsel in Mumbai, we have confirmed from authoritative sources.
It is understood that Ved had recently resigned the firm was part of the team of partner Shishir Vayttaden, who had joined Amarchand from Luthra & Luthra in 2014.
Ved, a qualified lawyer and Level III Chartered Financial Analyst (CFA), began his career at Juris Corp in 2003, joined Crawford Bayley from 2004 to 2010, moving to erstwhile Amarchand Mangaldas in 2010, where he was elevated to principal associate in 2013.
Ved was lifted to the partner designate position from principal associate only two months ago with one principal associate and three elevations to partner, according to a CAM press release at the time.
Bar & Bench first reported that he would be leaving to join AZB
The CAM Mumbai corporate practice has suffered the defection of Ashwath Rau and partners Ganesh Rao, Dhruv Singhal and Anu Tiwari to AZB, in addition to competition partner Nisha Kaur Uberoi, who joined AZB yesterday.
CAM Mumbai corporate partner Himanshu Dodeja had joined Blackstone in April of this year as its first India general counsel (GC).
We have reached out to AZB Mumbai managing partner Zia Mody, CAM managing partner Cyril Shroff and Ved for comment.
Comments
Cam continues to crumble. More exits to follow.
Wise Prerak to choose a profitable secure future in AZB over uncertainty.
Prerak with more than 10 years of experience still hasn't made partner. May be a conspiracy theory but it's rather obvious to me that the motivate of brining Prerak over to AZB is to teach Shishir a lesson. Cause certainly if AZB wanted talent the market has a lot to offer in terms of 10+ years experienced professionals that are already partners, including at other Tier 1 firms.
Will be very interesting if the rest of Shishir's team also moves to AZB.
Lots at stake for Shishir, having already lost his team once a year back! Will the CSVS office have to intervene? Is Shishir's equity now at stake?
This will be better than any episode of Game of Thrones!!!!
Am trying best to keep things civil here without censoring too broadly, and I am trying hard to stop comments on any individuals personally to be published (but there are sometimes borderline cases where things seem to be expressed in a more subtle and general manner than others, that leave things open to interpretation, or they expressly make it clear that they are merely opinions..).
1. chhole kulcha
2. aaloo parothe
3. dahi bhalla
4. aaloo chaat (tava)
5. amritsari naan
For the avoidance of doubt, it is hereby clarified that notwithstanding anything to the contrary contained hereinabove, aaloo paratha (including, without limitation, a large glass with extra butter) is the best.
Regards,
Ram Bharose Halwai Team
2. SAM
3. Khaitan
4. AZB Delhi
5. CAM Mumbai
6. Trilegal
7. JSA
Majority of partners are salaried partners, which can arguably make them, in many ways, principal associates but with a partner tag in their designation.
So the question is whether a partner designate is more a partner or more a PA. I don't think there's an obvious answer. As far as I remember the AMSS system, on business cards I believe they are still PAs, but in press releases and internally for pay, etc purposes, they are partner designates...
So, is it a junior salaried partner or a senior principal associate? Hard to say... :)
1. If clickbait, it clearly worked, since you clicked :)
2. The headline is more fun this way and similarly accurate.
3. It's also a subtle commentary on partnership. One of the persistently frustrating things we haven't been able to get under our belt yet consistently, is finding a way to compare partnership at different firms, like with like-style. One firm's partner is another's salary partner, is another's principal associate. Would be nice if we could develop some consistent language for describing various partnership levels.
I kind of made an attempt at definition here, but it's still horribly inconsistent:
Luthra's "new “partners” (senior non-equity partners), “partner designates” (more junior salaried partners)"
http://www.legallyindia.com/law-firms/analysis-luthra-promotes-57-shares-full-breakdown-of-senior-and-principal-associate-promotions-on-facebook
Maybe we should make a table some time?
It's clearly a senior principal associate and not a junior partner..
But semantically, if it's just a senior principal associate, rather than a junior partner, why does the designation contain the word 'partner'?
Either partner designate literally means nothing, or it has de-facto become the first step on the run to partnership.
Another honest question, at places like CAM, etc, what is the difference between principal associate and salaried partner, other than more salary and the job title partner? You get to be part of a special partners-only email list? Do you have more appraisals to do of your team than a PA? Are you entitled to more revenue share from your team? I honestly don't know, but would love to have some light shed...
Can you throw some light into this as this will be the biggest IPO in India.