PDS Legal, the law firm closely allied to Big Four consultancy Ernst & Young (E&Y), is set to boost its M&A practice with the arrival of Desai & Diwanji Mumbai partners Monika Deshmukh and Vihang Virkar.
Deshmukh confirmed that she and Virkar would leave but declined to comment further.
Deshmukh started her career at Desai & Diwanji in 2001 as an associate after a Mumbai BCom and an LLB from New Law College, becoming associate partner in 2007 and partner in 2010.
Virkar also began his career there in 2001 after graduating from GLC Mumbai.
It is understood that while their departure has been announced internally, a date has not yet been fixed.
Desai & Diwanji managing partner Vishwang Desai was not reachable for comment since yesterday and did not respond to a message.
Deshmukh and Virkar are the latest partners to leave the Mumbai-headquartered firm, following capital markets partner Srishti Ojha setting up Veritas Law Offices late last year, Delhi head Sumes Dewan who started up his own firm Lex Favios, and Delhi partner Amit Khansaheb joining BMR Legal, allied to management consultancy BMR Advisors, in 2013.
In 2013 PDS poached a team of 11 from Economic Laws Practice (ELP) headed by partner Tarun Gulati in Delhi.
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I will not be surprised if this was the case. I have heard that they have drastically reduced fresher salaries. The increment is really not worth even speaking of. Small companies pay higher than D&D.. What is the use of working in that firm and what is the use of billing so high if you do not even give a decent increment? Some have got 10-15% increment.. That is cheap. Not to forget the pressure that you have to take at that place. It is a pressure cooker with no rewards.
AMSS charges around 70 lacs to 90 lacs for QIP and 1 Cr. to 1.25 Cr. for IPO, however CB charges 7 to 10 lacs for QIP and 15 to 20 lacs for IPO.
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