Talwar Thakore & Associates (TTA) has frozen its fee-earner salaries at current levels without increments, while partners have said they would be reducing their drawings.
According to a statement from the firm we had requested: “The partners have taken a number of prudent protective measures given the current market situation.
“While partners have agreed to cut their drawings, for the rest of the firm salaries have not been increased, while the annual bonus has been paid in full.”
The firm had last month announced counsel and associate promotions and two partnership promotions
Comments
Don't roll your eyes like that.
1. It's fixed component is already low as compared to many other firms as it has a concept of profit sharing. So attorneys will in any case get a huge hit as the recoveries will be low this year and so will be the profit sharing component;
2. JSA's increment only takes place on the fixed component every year so even if you get 10 % increment, it means only 7% on your over all take home;
3. Other firms like SAM, CAM, Luthra etc have already given bonus for FY 2019 -2020 in March 2020 (when lock down started) without any substantial deduction. JSA normally gives bonus for the previous year in the month of August / September. So no deduction should take place as it's not comparable.
4. JSA's 19-20 year went well. So why should there be any reduction in bonus for 19-20. If they reduce, then technically attorney's will get penalized in June 2020 and in June 2021 also - as next year all firm's will not pay good bonus stating that recoveries in 2020 -2021 is not good.
Retreat also won’t happen this year. Might as well just give some extra bonus from the retreat budget.
https://www.legallyindia.com/lawfirms/nishith-desai-revenues-stagnate-prompts-firm-to-freeze-salaries-at-pqe-level-delays-bonuses-in-bid-to-hopefully-increase-bonuses-20190612-10622
Go Indus. This is your time.
However, when a law firm like TTA, which most likely has less than 50 lawyers at any point of time, has high quality clientele, charges ridiculous amounts AND is backed by a magic circle law firm such as Linklaters, it makes [i][b]no sense[/b][/i] whatsoever to freeze salaries or reduce bonus amounts. To say that TTA has a strong safety net and possibly huge cash reserves, is more than just an educated guess. Which is why it is surprising to see this move. This would have dented solidarity at TTA. That is how I would have felt if I were a part of TTA.
[img]https://media0.giphy.com/media/h4Z6RfuQycdiM/200.gif[/img]
Also, ever heard of prudence? It comes as a part of the 'sense' package.
If it was true then basically every person who tries to prepare hard to get into top colleges is being stupid. Just work enough to get into the firm no matter where you study.
Defies rationality for me. All coaching centres should shut down. People should enjoy all their life and somehow get internships at firms then. What's the point of going to NLU or Harvard?