Orbit Law Services has promoted four of its partners into equity, following the retirement of co-founding partner PV Rao and a corresponding widening and redistribution of equity.

The following four partners have been elevated to equity partner level:

• current senior partner Ashok Kamble,
• associate partner Vinita Hombalkar,
• associate partner Trisha Kulkarni,
• associate partner Meghana Joshi.

We understand that the minority equity stake available to the new partners consists of the stake of retiring co-founder PV Rao.

Co-founding partner Ishtiaq Ali has also formally been appointed as managing partner from now on.

He said that the changes were intended to be a “completely transparent and open structure both in the terms of financial and administrative management”.

Remuneration for equity partners would consist of around 40% profit share, with a 60% variable remuneration component based on performance.

The equity and partnership model would be further developed in future, said Ali. The management at the firm would now be handled by a committee of partners (CoP) of three members, together holding 66.66% of the equity. Currently, those were Ali, co-founding partner Damodara Rao and Ashok Kamble.

“The CoP is the supreme body [and] will take all major decisions in running the firm,” explained Ali. “In addition to that we have formed Board of Advisors comprising ex-founder PV Rao and two more persons. This Board would be functional from January 2021.”

The CoP would also operate in consultation with the wider partnership.

Orbit Law Services now has 6 out of a total of 15 partners, including salaried partners. In total, there are around 30 fee-earners at the firm.