Economic Laws Practice (ELP) has promoted associate partner Nishant Shah to partner after one year, four senior associates were made up to associate partner level and ELP has created a new career step of “associate managers” to mirror accounting firms’ structures.

Tax partner Nishant Shah, who was an associate partner at the firm since last year, now has the partner designation since the 1 April promotion round. This is one step above associate partner but outside the full equity partnership, which consists of four partners.

The following senior associates have been promoted to associate partner level: Madhur Baya in international dispute resolution, Yashojit Mitra in corporate, Ramya Mohan in infrastructure and private equity and Naresh Thacker in tax litigation.

ELP managing partner Rohan Shah explained that the associate partner rung was seen as a temporary stage before becoming equity partner, in which a variety of factors would have to be satisfied before moving up to the equity.

Nishant Shah was promoted after only one year as an associate partner, said Rohan Shah, adding that so far every year one associate partner had fast-tracked the promotion although this only happened in exceptional cases.

All partner promotions were made in Mumbai.

The firm’s managing partner commented: “We have struck lucky and have some very, very good [new partners].”

At the same time the firm also created the position of “associate managers”, which slots in before senior associate in terms of seniority. Three associates have been promoted into the position.

“It is a typical accountancy firm qualification,” said Rohan Shah and listed chartered accountants’ career ladder: “junior assistant, assistant manager, manager, partner – that is part of our positioning.”

The firm consists of a total of 78 lawyers, of which 58 are based in Mumbai, explained Shah. Around 14 to 15 of the fee-earners are partners or associate partners.

[Correction: The original version of this story erroneously stated that Nishant Shah was promoted to the equity partnership. In fact he has been promoted to ‘partner’ status, which does not include equity. We regret the misunderstanding. -Ed]