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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
If the revenue was Rs 160 Cr in 2019 then what was problem in giving hikes and bonuses to all the associates. Back then there were less than 100 fee earners in the firm.
Sorry to disturb your state of bliss.
1. Tons of client confidential data gets leaked from NDA and makes it to the agencies.
2. NMD tries to manage this leak but ends up creating more mess.
3. This gets reported in the media.
4. Some clients start deserting and revenue starts declining.
5. Panic sets among the associates and they start leaving.
6. Attrition skyrockets as lockdowns are lifted.
7. Some senior associates start their own startup law firms and start offering the same services they were providing while at NDA. Many clients finding these firms to be cheaper and with familiar faces, move over to these upstarts. Revenue decline accelerates. Many associates also move to these firms.
All this while when the negative spiral set in NDA, NMD was already in a semi-retirement mode and NDA being a sole proprietorship there was no other leader to stem the rot. For details read the Fall of Nishith Desai blog which has been written by ex-NDAite.
50-75 Crores looks too high to me. That will be 1 Crore per fee earner which is unlikely as NDA is mostly comprised of juniors with negligible PQE and who mostly write articles on drones and driverless cars. If it was this high then it would not be very hard to retain associates. I bet that the revenue is around 20 Crores unless NDA got one or two bumper deals as an aberration.