•  •  Dark Mode

Your Interests & Preferences

I am a...

law firm lawyer
in-house company lawyer
litigation lawyer
law student
aspiring student

Website Look & Feel

 •  •  Dark Mode
Blog Layout

Save preferences

As ELP ponders HR consultants’ report, doubles equity beyond founders to 8, promotes APs

Lit chiefs: Gulati...
Lit chiefs: Gulati...
and Naresh Thacker
and Naresh Thacker
Exclusive: Economic Laws Practice (ELP) is considering implementing a bespoke report by a global human resources (HR) consultant, as the firm lifted four partners into the equity pool alongside its founding partners, while eight associate partners were promoted to non-equity partnership.

The new equity partners are Rohit Jain and Nishant Shah heading Mumbai’s tax team, and Naresh Thacker and Tarun Gulati who head litigation in Mumbai and Delhi respectively, stated a press release by the firm.

Four months ago ELP had commissioned HR consultants Aon Hewitt to prepare a report on how to restructure its partnership that was delivered this month, managing partner Rohan Shah confirmed to Legally India.

Taxmen: Rohit Jain...
Taxmen: Rohit Jain...
and Nishant Shah
and Nishant Shah
Until now, ELP’s equity was held solely by Shah and the three other founding partners - Vikram Nankani, Suhail Naithani and Sujjain Talwar.

Rohan Shah declined to confirm the content of the report but it is understood that its recommendations have not yet been implemented.

He explained that these promotions were part of the wider partnership restructuring drive, although for now the new equity partners were not part of a specific equity sharing model such as a lockstep, but were simply slotted into the existing equity pool.

The percentage of their equity share in the firm would grow as a function of their performance, he said, adding: “I seriously also anticipate many more [joining the equity pool]. We have consciously worked toward creating expertise, and everybody feels they have a fair and predictable shot at it. It is completely performance driven.”

Rohan Shah noted that all partners in the restructured equity would be evaluated on a “series of parameters”, combining “all indices in relation to everything that matters” to the firm.

In Mumbai, seven associate partners were promoted into the non-equity partnership: Pranay Bhatia in tax, Aqeel Sherazi in litigation, Darshan Upadhyay in corporate and M&A, Jeet Sengupta in banking and finance, Madhur Baya in arbitration and dispute resolution, Sanjay Notani in international trade and WTO and Yashojit Mitra in private investment.

Tax associate partner Ajit Tolani was made partner in Pune. All will carry the partner designation but do not hold any equity in the firm.

“For us the fact that all of these people have grown internally in the firm, that is what makes us proud,” commented Rohan Shah. “These are superstars we have spawned internally. For us it was really about people who were committing their careers to ELP, having as much certainty as they could in terms of their career path.”

ELP created the associate partner designation in 2010, explaining to Legally India at the time that this would be a stepping stone to equity partner.

Amarchand Mangaldas began the implementation of a report by Boston Consulting Group (BCG) in late 2010, which recommended a restructuring of the non-family equity and management of the firm.

Click to show 13 comments
at your own risk
By reading the comments you agree that they are the (often anonymous) personal views and opinions of readers, which may be biased and unreliable, and for which Legally India therefore has no liability. If you believe a comment is inappropriate, please click 'Report to LI' below the comment and we will review it as soon as practicable.