L&L Partners capital markets lateral partner hire Jitesh Shahani has put in his resignation; meanwhile, the firm’s ex-capital markets partner Geeta Dhania, who had left the firm two months ago, is slated to return.
2005 Nalsar Hyderabad-graduate Shahani had joined L&L in November 2019 from international firm Allen & Overy in Singapore, after practice head Manan Lahoty had left with four other capital markets partners for IndusLaw.
2004 NLSIU Bangalore graduate Dhania had reportedly quit in October 2020, though that now appears to have turned into a de facto sabbatical from the firm.
We have reached out to Shahani and Dhania for comment.
We have also reached out to managing partner Raijv Luthra for comment, who is embroiled in a bitter dispute with senior partner and the partnership’s co-founder Mohit Saraf.
The Delhi high court’s judgment was reserved on 9 December and remains awaited with a decision about whether Saraf can get interim relief after having been literally virtually ousted and physically barred from L&L without notice by Luthra.
Rajiv Luthra to firm up new equity
Last week Bar & Bench had reported that Rajiv Luthra had instituted a committee of three to set up a proper equity partnership. Luthra had in October announced a unilateral dilution of his equity to two partners, Harish Kumar and Aniket Sengupta.
The new committee advising Luthra consists of ex-McKinsey chairman Adil Zainulbhai, Silk Legal Consulting managing partner Valerie Bowles (who was chief operating officer (COO) of the erstwhile Amarchand Mangaldas from 2009 to 2014), and senior professor of Harvard Business School, Ashish Nanda).
According to B&B:
The Committee has already had several rounds of discussion and will be interacting with the the firm’s partners over the course of the next few weeks.
It is understood that Rajiv Luthra will be diluting his equity and inducting partners into equity based on this report, which is expected to be announced sometime in April this year.
We understand from several sources and from some of the internal communications between Luthra and Saraf, that since 2009 McKinsey, Bowles and Nanda had all separately been instructed by Luthra at various times to advise on how to create an equity partnership (unsuccessfully, to date).
Comments
Koi aye, koi jaye,
Mere lakh duayei paye.
What a sad sad state of affairs.
But, a good lesson also here: getting dissed in tge past in whatsapp chats (between the two promoters) hardly matters - to the person being dissed and the person who was part of the dissing.
Although, now that the whole market has read the lurid details of the whatsapp chats - not so sure if the market will be so ambivalent.
Yeh bhi theek hai.
I thought, he was being uncharitable. Then, I met a cap mkts lawyer, who couldn't explain the difference between a common law and a civil law country and I changed my view about the GC's comment.
[img]https://media2.giphy.com/media/Lcn0yF1RcLANG/200.gif[/img][img]https://media2.giphy.com/media/EdkRsK9ioZNrq/200.gif[/img]
Aur rahi baat GC sahab/ sahiba ki - the odds on this observation being plagiarised and not original are very very good - bahut GCs dekh liye, the overwhelming majority are very general in their views (read hawa hawa aur thodi si aur hawa mein baatein karte hain) and do not offer much counsel.