Cyril Amarchand Mangaldas has promoted a total of 77 fee-earners up its associate career ranks with Mumbai seeing the largest number of elevations, the firm has confirmed.
A total of 23 senior associates (SA) have been promoted to principal associate (PA) across the firm, of whom more than half - 12 - are based in Mumbai, the firm’s largest office.
Out of those 23 new PAs, nine of the new PAs are based in Delhi and 2 in Bangalore (see table below).
A total of 42 fee-earners were promoted to senior associate level.
Managing partner Cyril Shroff commented: “It’s business as usual at CAM as we announce our annual round of promotions.
“We have an exceptional pipeline of talent which we will appropriately recognise and reward in line with our talent first philosophy.”
Partner promotions would “occur in ordinary course in line with the firm’s annual calendar”, according to a statement from the firm. That said, the CAM partnership promotions calendar has been a flexible one historically: they are currently already a little later than last year, when the promotions had been done by the end of May, though in 2018 they had only been out by August and in 2017 they had already been announced by March.
Despite the strong associate promotions and “business as usual” statement, business is not quite usual for anyone, including CAM, of course: in April, CAM equity partners had agreed to cutting their take-home pay while senior fee-earners saw between 10 and 30% of their salaries potentially indefinitely deferred, in anticipation of more pain to come from the Covid-19 crisis.
Mumbai, corporate+ get more than 50% share also in SAs
Amongst the 42 senior associate promotions, Mumbai saw 25, with Delhi getting 12.
In terms of practice areas, the corporate vertical, which includes such diverse areas as M&A, private equity, competition, employment, real estate, private client and taxation, saw 41 of the 77 total promotions.
The disputes practice and financing (which includes projects, infrastructure, banking and IBC), each got 16 elevations.
Markets, which includes capital markets, saw four promotions this year.
Associate promotions breakdown by office
| Total | Mumbai | New Delhi | Bengaluru | Ahmedabad | Hyderabad | |
|---|---|---|---|---|---|---|
| Principal Associates | 23 | 12 | 9 | 2 | ||
| Senior Associates | 42 | 25 | 12 | 3 | 1 | 1 |
| Senior Associates Designate | 12 | 4 | 3 | 3 | 2 | |
| Aggregate | 77 | 41 | 24 | 8 | 3 | 1 |
Comments
Anything else?
[img]https://media2.giphy.com/media/3o6fJ1BM7R2EBRDnxK/200.gif[/img]
Sure.
And by the way- firms with no pay cuts/deferrals, wait for your bonus to be surprised. Being on the ventilator is not thriving.
The malai is getting rancid.
Also, Kian, the promotions were announced by random outlets several days back! What is happening to the quality of reporting at LI? And why haven't you published the names of the promotees?
Surely, despite CSS's rueful warnings against sharing information with LI, you've got t deets on this? ;)
Guess that’s what happens when one surrounds himself with yes men!
[quote]Despite the strong associate promotions and “business as usual” statement, business is not quite usual for anyone, including CAM, of course: in April, CAM equity partners had agreed to cutting their take-home pay while senior fee-earners saw between 10 and 30% of their salaries potentially indefinitely deferred, in anticipation of more pain to come from the Covid-19 crisis.[/quote]