After a near-hiatus for almost one year the IPO pipeline has finally filled up this July. No company wants to be left behind by the cheap cash-for-equity gravy train, the gold rush now appears to be self-sustaining – at least for the time being.

The distribution of spoils among Indian law firms is likely to be less even-handed.

Late salary payments are nothing new for some lawyers.

"It's a regular feature at some firms and the reason is that the managing partner might not feel like signing cheques on some days," muses one Delhi partner.

Read a sumary of the last week's news, featuring comment on the taxed lawyers, LLP conversions, deals and more. To receive the next newsletter straight to your inbox for free, sign up below:

The 2009-10 Union Budget received a frosty reaction from the business community this week: investors reacted by selling and lawyers reacted by doing what they do best: threatening to file law suits and, err, going on strike.

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AZB's best friend Clifford Chance officially ceased being the world's largest law firm this week, falling several places behind Freshfields, Skaddens and Baker & McKenzie. And Linklaters is still to announce its results today.

For better or worse, law firm turnover competitions do not take place in public in India despite Clifford Chance blaming AZB a tiny bit for its turnover drop. Things could be changing though.

Our fourth newsletter has details on JSA's South India strategy as well as stories on lots of other legal entrepreneurs. Enter your email name and email address below to receive the next issue straight to your inbox:

Much of India is suffering under the delayed monsoon so badly that many economists are talking of revising growth forecasts downwards...

This week's email newsletter is all about friendship and we ask, can someone be your best friend if you are embarrassed to be seen together?

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In our second newsletter we summarised the top events of the week, which saw IPOs, M&A, politics and family-ties. Click below to read on and enter your details here to get the next one straight to your inbox:

12 June 2009 - Mumbai monsoon has been postponed by a week, said the Met Office...

The Bar Council of India (BCI) has a new chairman.

Unusually, this time the BCI did not select someone from amongst their elected midst but opted for ex-officio BCI member and solicitor general Gopal Subramaniam. The SG has ambitious plans such as the introduction of an Indian bar exam.

But for foreign firms hoping for a change in breeze with a new administration, the forecast remains uncomfortable. Much like Delhi and Mumbai's heat at the moment.

Convention has it that the start of the financial year is an exciting time for senior associates.

With no good reason to break with convention, Amarchand Mangaldas, Khaitan & Co and Luthra & Luthra gave the nod to three lawyers each to join the partnerships.

Only little Foolishness at the start of this financial year.

Khaitan & Co hired a total of three specialist lateral partners: banking & finance from White & Case, infrastructure from JSA and absorbing a TMT boutique. The firm has also promoted three of its associates to partnership (see LegallyIndia.com on Monday for the full story).

It’s just not cricket, folks. Or is it? With the Indian Premier League (IPL) in full swing lawyers have been busy getting in on the action (and that does not just mean enjoying live cricket games with clients).

Luthra & Luthra and Titus & Co chalked up tournament batting and fielding records in the Delhi SILF law firm mini-IPL. (Hotly debated at 50 comments and counting - a century beckons again with finals this weekend!)

As the end of the accounting year draws near, money begins to increasingly matter.

Amarchand Mangaldas is already sure of a record turnover year and has paid fee-earners solid bonuses. But it is not the only one.

This week's newspaper headlines were dominated by the passage of the 14 year-old Women's Reservation Bill, which finally cleared its first hurdle shortly after International Women's Day.

Students may complain about the fees of some private law schools but in reality even national law schools are not the most socially representative places either.

The Common Law Admissions Test (CLAT) rewards cramming and paid preparation courses with a place in India's legal ivy leagues. Those from less well-off backgrounds or rural areas often struggle to clear that hurdle.

This was an exciting week not just for India's business media but also for tax lawyers, who will no doubt spend the long and colourful Holi weekend getting to grips with the changes in the 2010-11 Budget.

Lawyers and corporates have generally welcomed the Budget's safe smorgasbord of changes, which could increase lawyers' work, despite heavy lobbying efforts having given no respite to law firms on service tax. But it is also very unlikely there will be a repeat of last year when litigators went on strike over the service tax imposed on their law firm brothers and sisters.

Ashurst has decided to shut its Delhi liaison office, which in all honesty will not be a shock to anyone who's read the Lawyers Collective judgment.

To find out what this means for Ashurst's India practice (if anything) read our interview with the firm's India head Richard Gubbins. We have asked him lots of questions but we have not been able to confirm what will happen to Ashurst's shiny India ball.