Cyril Amarchand Mangaldas has promoted 10 to salaried partner level, as first reported Bar & Bench.
Managing partner Cyril Shroff said in a press release: “While COVID-19 continues to create uncertainties and challenges, we remain focused on taking steps to navigate its impact while looking at the future and promoting partners is an important part of this.”
While 60% of the new promotees are women, the promotions this time have been announced around two months later and the total number is nearly half the number that had been promoted in May 2019, when 19 were elevated, reflecting CAM’s so-far hyper-cautious outlook towards the ballooning Covid-19 crisis.
Albeit in June projecting “business as usual” in its other fee-earner promotions, CAM has taken aggressive steps to shore up its bottom line, such as deferring fresher start dates until 2021 and cuts-cum-deferrals of fee-earner and partner retainers.
In general corporate + employment:
- Abe Abraham: employment (Bengaluru), ILS Pune (2001)
- Aditi Singhvi: general corporate (Mumbai), NLU Jodhpur (2011)
- Mudit Shah: general corporate/real estate (Ahmedabad), GNLU Gandhinagar (2009)
- S Harish: general corporate (Bengaluru), GNLU Gandhinagar (2011)
In banking, finance and/or projects:
- Abhishek Sridhar: banking and finance (Mumbai), Nalsar Hyderabad (2008)
- Aditi Misra: projects and project finance (New Delhi), ILS Pune (2011)
- Mallika Chopra: banking and finance (Mumbai), Symbiosis (2008)
- Shukti Trivedi: banking and finance (Mumbai), NLIU Bhopal (2006)
In dispute resolution:
- Radhika Dubey: disputes (New Delhi), IP University (2007)
- Shikha Tandon: disputes (New Delhi), Amity Law School (2006)
The firm has also promoted Mumbai-based financial regulatory lawyer Gazal Rawal to partner designate, which is a pre-salaried partner rung in CAM’s career progression.
Practice focus
The firm has promoted four each within the wider corporate and finance umbrellas, and two in dispute resolution.
In a press release, the firm’s chair of finance, projects & insolvency, L Viswanathan, said that the promotions would “foster a culture of performance enabled growth”, adding: “The finance practice at CAM continues to grow at a steady pace and is uniquely positioned in the market. The additions to the banking and finance and projects streams will help maintain and strengthen CAM’s market leading position in these areas.”
Reeba Chacko, national head of corporate, said in the release: “As a firm, we have considered a very high individual performance threshold in addition to our practice requirements such as a special sector or product focus over and above the broad-based practice of each of them.”
Mumbai saw four new partners, followed by three in Delhi, two in Bengaluru and one in its Ahmedabad office.
Does size matter?
These promotions grow
While largest number of partners in an Indian law firm is a somewhat arbitrary metric (though a virtual prize that firms have understandably long publicised and tried to aim for), if the roles had been reversed and Khaitan had promoted nine to partner and CAM 16, CAM would now have the largest number of partners again.
Khaitan’s total number of partners, despite promoting a greater number than last year, only increased by one from 152, as at the promotion round in April 2019, suggesting significant attrition or departures at Khaitan over the last 12 months.
CAM’s partnership tally in May 2019 stood at 132.
CAM senior partner Vandana Shroff said in the press release: “I am also very proud to see an increasing number of women partners in the partnership.”
Law schools
The spread between alma mater law schools, for those readers interested, is fairly evenly split in this promotion round at CAM, with no law schools except GNLU Gandhinagar and ILS Pune having produced more than one partners.
Other LLB colleges are NLU Jodhpur, Nalsar Hyderabad, SLS Pune, NLIU Bhopal and IP University and Amity Law School.
Comments
How come less men got promotions in this law firm?
In terms of comp, potential for growth, uncertainty etc.......
Potential for growth plateaus 8-10 years into the profession, because even a full equity partner cannot rake in the amount of money that a halfway successful litigator can. One must also take into account that unaccounted-for cash income forms a substantial part of "real" litigator take-home, in some cases nearly 80%.
However, I don't think most litigators earn more than a law firm partner. Most law firm partners make much more than their litigation batchmates.
2. How do these two paths compare: a) working in a lit team of a large firm for 10-12 yrs (becoming a partner) and then directly going independent & b) working in a firm for 2-3 yrs, joining a seniors chamber for a few years and then going independent?
I've heard firm lit people struggle to handle volumes / have less breadth of knowledge compared to a hardcore litigator.
Thoughts?
2. Option a is very very common. In a law firm you can only take home a portion of what you make, whereas as an independent counsel you can take home the whole amount and pay far less in taxes. Option b isn't considered ideal because you're kind of in a limbo without adequate experience in either sphere.
[quote]I've heard firm lit people struggle to handle volumes / have less breadth of knowledge compared to a hardcore litigator.[/quote]
Well, that's a generalisation, but law firm litigators are obviously used to a slightly more cushy work ethic than on-the-ground litigators.
Counsel practice is the most dynamic and exciting field of litigation. If you are interested and can see yourself willing to put in the time, it is a perfect career option. It requires immense dedication and focus on a consistent basis. Weekends will typically be spent working or in conferences.
Firm litigation is also a very exciting field. While you will not be arguing before the Court, there is an ocean of thought, ideas, research, drafting and strategy, apart from what transpires in Court. In time, you will realise that as the AOR, you control the the destiny and direction of your matter. You will realise that you must guide the Senior Advocate / arguing counsel. The very best of Senior Advocates rely on AORs for guidance and direction. And the relationship and rapport that you, as the instructing attorney, would develop with arguing counsels, is truly special and one of my favourite elements of the practice.
Leave the economics aside my young friend. Analyse yourself and know yourself, and accordingly take a decision. This is a very rewarding field at a personal level - with integrity and dedication, sky is the limit.
"Counsel practice is the most dynamic and exciting field of litigation."
"Please can I get some objective guidance, sir?"
"Objective? I suggest you leave objectivity out of the equation."
"No, sir. Can I get some facts and figures please?"
"Leave the economics aside, my yound friend."
"Sir please sir, my whole family is waiting for me to start earning. Can I please get some real guidance instead of hot air in cheap prose"
"What? Didn't I mention this is a very rewarding field at a personal level? "
Because most of us already have some broad idea about economics of a firm career
Now we will soon start having partners from Himachal Pradesh national law school, Assam National law school, Sikkim national law school and jabalpur law school
Not to diss those who work in firms, it's still one of the most lucrative and most respected options out there, but if that's all your imagination can contemplate, then I do feel sorry for you.
If one has the option to be meneka guruswamy or a lawfirm partner (Clerk/peon/ghonchu/), who would one choose?
People argue that lawfirm pays the bills. But why have those bills in the first place? Why does one have to take expensive vacations, or live in a big flat? Or go to high end restaurants?
Wouldn't one be happier if one helps a underprivileged person fight for his or her legal rights?
2019: 7 NLS graduates. (https://www.legallyindia.com/lawfirms/cyril-amarchand-promotes-19-to-partner-4-to-partner-designate-20190531-10564)
2018 - 2 NLS graduates. (https://www.legallyindia.com/lawfirms/breaking-cyril-amarchand-promotes-12-partner-5-in-corporate-20180820-9492)
2017 - 3 NLS graduates (https://www.legallyindia.com/law-firms/cyril-amarchand-promotes-21-to-partner-20170328-8377)
can’t pay poor incoming associates till Jan......but promote partners
All to try and show clients that everything is great
Truly bad situation
You seem ignorant of demand and supply. Please understand that no firm is doing a favour to a law graduate by hiring him/her. Please also rid yourself of any 'entitlement' to a job.
If you can't understand the plight of students with student loans and families to support, and the nature of promises, and honestly, just empathy, then there's so much wrong that I can't say or do anything that'll sway you.
Also, if someone made partner, likely that some SA also made PA who replaces the earlier PAs job.
Nobody makes 60Lakhs in their first year as salaried partner. The pay increases 10% or 15% to Rs 3.5 lakh p.m. (which is on the higher side). Altogether about 40 lakhs fixed with about 10/20 lakhs variable (average 12-14).
60-90 is more appropriate for those after 3-4 years of being a partner
No partner makes less than 80 lakhs
By your path breaking logic all Tier 1 partners should be begging the Tier 4 law firms for partnership.
But I can assure you most of the Tier 1 tribe doesn't even know the names of Tier 4. We don't dive that deep
At best may know the names of some Tier 3 firms
Tier 4 is like Tis Hazari lawyers. Those who lock and chain their chairs to the desk at the end of the day! And work for 200 rupees
The word 'tier' refers to hierachy. Of course, tier 4 could be the supreme with the smartest brains and the most amount of money. Maybe I need to re-educate myself.
Back to pay. Tier 4 firms are pretty conservative, induct barely a partner a year and are content to do plenty of work for a few clients who trust them with everything. These clients dont do big-ass M&A so no need for the Zias and [...] Brothers. They may not pay their associates much and certainly slave-drive them as much as the next firm but oh boy do they take home the green every payday.
In contrast the big firms have massive staffing and overhead costs and in their model partners in the
2. Is the y-o-y growth similar?
3. How much does a new disputes partner make at CAM?
Much love,
S
Thanks Abhishek Bhaiya, way to go!
Excellent human being and a better lawyer and believe me I am not saying this just because I had a crush on him in college :-)
1. NLS/NALSAR
2. NLS/NALSAR
3. NLUD
4. NLUJ
5. GNLU
6. NLIU
7. NUJS
8. RGNUL
9. NLUO
10. RMNLU
The rest don't matter
It's great if NLS grads get into think tanks and litigation. Guys, if you have done law, then you must be passionate towards social work. Don't throw away your life doing DDs.
If salary was so important to you, you should have not done law.