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Breaking: Luthra cap markets head Madhurima Mukherjee quits

Mukherjee
Mukherjee

Luthra & Luthra capital markets head and partner Madhurima Mukherjee has announced her resignation from the firm earlier today.

Mukherjee had joined Luthra in 2006 from Amarchand Mangaldas in Delhi, building up its capital markets practice to become one of India’s busiest.

Mukherjee said: “Mr [Rajiv] Luthra has been a great mentor. After seven great years I’ve decided to move on.”

“I have no immediate plans, will take a break for the next couple of months and then decide what to do going forward,” she said.

The Luthra capital markets practice remains with partner Manan Lahoty in Mumbai, who joined from Shearman & Sterling in 2009.

Indraneel Basu Majumdar, who joined in 2010 from Clifford Chance as a capital markets senior associate on a partnership track, joined JP Morgan in London around last year after a sabbatical to complete a master’s degree.

Mukherjee said: “I wish my team and Manan all the best and I will miss them.”

Legally India reported earlier this month that three partners - Nivedita Tiwari, Moushami Joshi and Shweta Hingorani- had left or are about to leave the firm. Delhi litigation partner Ajit Warrier had joined Amarchand in May.

Luthra promoted two lawyers to partner on 3 August, saying it was launching a strategic initiative to focus on higher-margin work after profits at the firm took a dive.

Luthra managing partner Rajiv Luthra and senior partner Mohit Saraf were not reachable for comment at the time of going to press.

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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.
A 166-word comment posted 8 years ago was not published. [Appeal decision]
7.1.1.1...
Like+1 Object-2 Guest 8 years ago
Quoting bogus:
Quoting Guest:
Quoting bogus:
Quoting anon:
Ya! I heard she stopped working on deals. Only marketing.
ya! maybe she stopped working on deals because she had no deals to work on. How many big ticket IPOs has luthra done in the past couple of years?
clearly someone who has no idea about the market or the practice.....check out any of the large deals (DLF, Bharti Infratel) and Madhurima was on those


and in which year was DLF IPO exactly?


How many 'big ticket' IPOs have happened my friend ? With a practice team which is 1/3rd of largest competitor, if she managed to do 50% of the work in market, that is commendable !
ReplyReport to LI
7.1.1.1...
Like+0 Object-0 Guest 8 years ago
and you just answered comment no. 14 below
ReplyReport to LI
7.1.1.1...
Like+5 Object-0 Anon 8 years ago  interesting
and in which year was DLF IPO exactly?

to refresh your memory reference here is to DLF IPP and not DLF IPO. clearly, this shows your level of awareness in cap mkt space.
ReplyReport to LI
7.1.1.2
Like+2 Object-2 L&L 8 years ago
Coal India ! Isn't that big enough ?
ReplyReport to LI
7.1.1.2...
Like+7 Object-2 @ L&L 8 years ago  interesting
The fee was Re. 1.
ReplyReport to LI
7.1.1.2...
Like+5 Object-0 Guest 8 years ago  interesting
Quoting fraud:
hey, how many big ticket IPOs has happened in the last two years?
Quoting @ L&L:
The fee was Re. 1.

Umm, this is what comes from half baked knowledge. Re. 1 was the fee of merchant banks. ET never published the fee of legal counsel, so you would not know.
ReplyReport to LI
7.1.1.2...
Like+1 Object-0 kianganz 8 years ago
This might be interesting:
www.legallyindia.com/201006251026/Analysis/anatomy-of-the-new-disinvestments-tenders-near-zero-fees-for-lawyers-or-boon-for-competition

I don't remember what the Luthra fee for coal was, but for Engineers India's disinvestment they and DLA won with a joint bid of Rs 136 lakh. I think Coal may have been slightly less?

But that's what happens in government L1 contracts, I believe...
ReplyReport to LI
7.1.1.3
Like+0 Object-0 fraud 8 years ago
hey, how many big ticket IPOs has happened in the last two years?
ReplyReport to LI
7.1.2
Like+5 Object-9 Smartass 8 years ago  controversial
Quoting anon:
Ya! I heard she stopped working on deals. Only marketing.
Don't listen to hearsay, idiot. Do you even know what and who you're talking about? If she was only marketing, your daddy was taking the calls? Or do you expect her to do a trainee's work and unhappy cos she's moved on in life to a bigger role while you're still an idiot?
ReplyReport to LI
7.1.2.4
Like+10 Object-4 your daddy! 8 years ago  interesting
Why so bitter? Just lost your job? Or has someone who recently lost it contracted you to counter every comment?
ReplyReport to LI
8
Like+14 Object-2 Guest 8 years ago  interesting  top rated
In its corporate practice Luthra has lost 4 partners in the last one year and about 2 managing associates, 10 senior associates, and 20 associates.....there is an undeniable trend here....mass exodus....
ReplyReport to LI
8.1
Like+15 Object-1 Guest with a View 8 years ago  interesting  top rated
You haven't scratched anywhere close to the surface if you're suggesting the total number across all ranks in the corporate practice is 36.
ReplyReport to LI
8.1.1
Like+24 Object-4 Farewell 8 years ago  interesting  top rated
Quoting Guest with a View:
You haven't scratched anywhere close to the surface if you're suggesting the total number across all ranks in the corporate practice is 36.

Instead of the weekly/ monthly birthday celebrations... there are weekly/ monthly FAREWELL parties.
ReplyReport to LI
9
Like+3 Object-4 Intern 8 years ago
I had an opportunity to work with her team during my internship. Kaushik, Raghvendra, Theresa and Ashima are great people to work with! Wish them luck!
ReplyReport to LI
9.1
Like+7 Object-1 Guest 8 years ago  interesting
of the 4 mentioned...one has already left...
ReplyReport to LI
10
Like+6 Object-0 gossip 8 years ago  interesting
KCO beware!
ReplyReport to LI
A 2-word comment posted 8 years ago was not published. [Appeal decision]
A 2-word comment posted 8 years ago was not published. [Appeal decision]
11
Like+22 Object-2 Pft 8 years ago  interesting  top rated
Well now that 4 partners have left (and luthra does not have to pay 4 people)....the poor souls at luthra can hope for their increment which is overdue by like half an year
ReplyReport to LI
11.1
Like+14 Object-8 Insider 8 years ago  interesting  controversial
A BIG Loss to Luthra. Madhurima is one of the most well respected names in Capital Markets. She is a wonderful person to work with.

Sadly Luthra has decided to get rid of all the good people- rainmakers in the name of the new strategy.

This is but the beginning of the end for this firm.
Quoting Pft:
Well now that 4 partners have left (and luthra does not have to pay 4 people)....the poor souls at luthra can hope for their increment which is overdue by like half an year

You are not getting it! Dream on. And if you complain- they will throw the bond in your face and chain you down.
ReplyReport to LI
11.1.1
Like+4 Object-7 Guest 8 years ago
Quoting Pft:
Well now that 4 partners have left (and luthra does not have to pay 4 people)....the poor souls at luthra can hope for their increment which is overdue by like half an year

Even without increment, associates in luthra make more money than in most other law firms in India. So shut up!
ReplyReport to LI
11.1.1.1
Like+6 Object-4 realitycheck 8 years ago
If you're going to compare apples with oranges - yes. Luthra pays more than most other law firms in India. Most of these law firms will also expect you to:

1. be from a Tier III law school,
2. not know the law,
3. be spoon fed by your partner all the way,
4. commit 5 drastic bloopers in as many hours,
5. not work weekends and to leave office at 6pm,
6. create work product that can be charged out at Rs 2,000/ hour,
7. ...

When you've ruled out the 99% of the 'law firms' in the country and talk about only the mainstream ones with expectations, workload, and required credentials of lawyers, you realize the disparity between what Luthra pays and what other comparable firms pay.
ReplyReport to LI
11.1.1.1...
Like+2 Object-2 Counsel 8 years ago
Quoting realitycheck:
If you're going to compare apples with oranges - yes. Luthra pays more than most other law firms in India. Most of these law firms will also expect you to:

1. be from a Tier III law school,
2. not know the law,
3. be spoon fed by your partner all the way,
4. commit 5 drastic bloopers in as many hours,
5. not work weekends and to leave office at 6pm,
6. create work product that can be charged out at Rs 2,000/ hour,
7. ...

When you've ruled out the 99% of the 'law firms' in the country and talk about only the mainstream ones with expectations, workload, and required credentials of lawyers, you realize the disparity between what Luthra pays and what other comparable firms pay.


Oh, wow! Since when did junior associates at law firms (any firm for that matter) start working on law? I always knew that all of you were quite good at looking for punctuation errors on a microsoft word document. So, knowing or not knowking the law hardly matters. And, work hours? Most of you indeed have a lot of time to comment on LI/BB.
ReplyReport to LI
11.1.1.1...
Like+5 Object-2 Counsellor 8 years ago
Is that why they told you to wait 2 extra years at Jr Assoc. level at your Tier 3 firm.. because your expertise in catching punctuation errors were so essential? I'll break it to you. They lied.

At my Tier 1 firm, @ ~20L per annum at my Jr Assoc. level, it doesn't work out very economical for them. So they keep sending all this legal work my way and hire someone like you at minimum wage and parade them as paralegals or interns.

PS. Pl do give me details of your firm. Here they make me work on a lot of law. It started on the first day of my job here, and it hasn't stopped since. Your job sounds like easy money. My team's paralegal is looking for a change of office for better pay. He would love to apply.

PPS. The quip about the work hours.. It's late Sunday night and I finally get the time to reply to your comment.. the less said the better. Then there's also the case of the kettle calling the pot black. Whatever you do and wherever you do it - it gave you time to write on this wall much before I did.
ReplyReport to LI
11.2
Like+3 Object-3 Smartass 8 years ago
And of course salaries increase when you lose rainmakers. Fool's paradise!
ReplyReport to LI
12
Like+9 Object-3 Funny 8 years ago  interesting
Why havent the powers that be at Luthra....Rajiv and Mohit....cared to comment? Is this a suggestion that the exit is also a part of Mohit's strategy of internal restructuring?
ReplyReport to LI
12.1
Like+10 Object-1 Inside 8 years ago  interesting
Quoting Funny:
Why havent the powers that be at Luthra....Rajiv and Mohit....cared to comment? Is this a suggestion that the exit is also a part of Mohit's strategy of internal restructuring?

They don't care.
ReplyReport to LI
13
Like+10 Object-5 india watcher 8 years ago  interesting  controversial
Big loss as she is a top name in the market. She would be a good fit for senior equity partner for a focussed firm. Waiting to see how this plays out. Would have thought LL would have figured something out to stop this
ReplyReport to LI
A 6-word comment posted 8 years ago was not published. [Appeal decision]
14
Like+19 Object-8 Cap Martkets 8 years ago  interesting  controversial
Is it surprising that at the current state of the Indian capital markets, Cap markets specialists will find themselves without a job? After all, if a product does not exist, what point is having partners for that?
ReplyReport to LI
15
Like+16 Object-2 Beginning of the End 8 years ago  interesting  top rated
Madhurima's shift from AMSS marked a rise for Luthra as a genuine challenger to AMSS- this will mark the beginning of the end- like them or not- you must admire the tenacity of the Shroffs, not to mention the immense efforts of Yash Ashar who handled a floundering practice once Guptan left ...
ReplyReport to LI
16
Like+10 Object-0 Guest 8 years ago  interesting
She has had two exits. One from AMSS and now Luthra and both the exits are quite dramatic. Wonder why??
ReplyReport to LI
16.1
Like+9 Object-12 Huh? 8 years ago  controversial
Because she matters? Its never dramatic with a no body???
ReplyReport to LI
16.1.1
Like+5 Object-0 drama queen 8 years ago  interesting
Quoting Huh?:
Because she matters? Its never dramatic with a no body???
Why is this exit dramatic? what is the drama about this exit? someone please enlighten me
ReplyReport to LI
16.1.2
Like+8 Object-1 anon 8 years ago  interesting
Anyone else thinks a lot of these defensively offensive comments are from same person or a small bunch?
ReplyReport to LI
17
Like+16 Object-10 Guest 8 years ago  interesting  controversial
Luthra has Manan who is equally good and they have a good bunch of lawyers in Delhi.
ReplyReport to LI
A 25-word comment posted 8 years ago was not published. [Appeal decision]
17.1
Like+8 Object-10 Smartass 8 years ago  controversial
Quoting Guest:
Luthra has Manan who is equally good and they have a good bunch of lawyers in Delhi.
Yes, but for how long? They have a long history together. MM has nurtured ML and under her guidance, he has flourished.
ReplyReport to LI
17.1.1
Like+8 Object-4 Guest 8 years ago
what does that mean exactly? Every senipr nurtures his/her junior. so? We all flourish under our seniors' guidance. that's how the profession works
ReplyReport to LI
17.1.1.1
Like+5 Object-5 Anon 8 years ago  controversial
Smartass is contracted to bullshit, or ass-shit! But u need to have been fired to know that.
ReplyReport to LI
18
Like+6 Object-1 No name 8 years ago  interesting
Save for project finance, we don't see luthra amongst the top in any of the league tables for other practice areas. They started off as a project finance firm, expanded to cap markets, PE M&A, IPR, WTO etc., and now it seems that they are consolidating back to their core strength, losing so many partners from other practice areas.
ReplyReport to LI
A 30-word comment posted 8 years ago was not published. [Appeal decision]
19
Like+9 Object-4 IBLJ Reader 8 years ago  interesting
Madhurima is a senior practitioner but Luthra & Luthra is going to manage just fine - the process of re-building if done properly by Luthra can actually change the firm for the best in the long run. Wish Madhu and the firm the very best!
ReplyReport to LI
20
Like+16 Object-3 Anon 8 years ago  interesting  top rated
why will someone leave a practice which is made with her own sweat...heard the exit is propelled by internal conflict with senior management.
ReplyReport to LI
21
Like+14 Object-3 anon 8 years ago  interesting
Why will someone leave a practice which is nurtured with your own sweat. Heard its because of the conflict between her and senior management. If that being so, clearly this questions the capability of senior management to retain its people.
ReplyReport to LI
22
Like+5 Object-0 btw 8 years ago  interesting
Why there are no comments from Mr. Luthra or Mohit regarding her departure? Did they decline to comment?
ReplyReport to LI
23
Like+10 Object-4 anon 8 years ago  interesting
Big big loss.
ReplyReport to LI
24
Like+24 Object-3 Anon 8 years ago  interesting  top rated
What was the Mad-hurry-ma?
ReplyReport to LI
25
Like+16 Object-2 insider 8 years ago  interesting  top rated
There has been no email from within the firm about her departure, and we get to know from legallyindia. Appears so very strange.
ReplyReport to LI
25.1
Like+8 Object-1 IBLJ Reader 8 years ago  interesting
Quoting insider:
There has been no email from within the firm about her departure, and we get to know from legallyindia. Appears so very strange.
The exit seems really sudden - LI should investigate.
ReplyReport to LI
25.2
Like+6 Object-0 Outsider 8 years ago  interesting
There must have been some immediate cause. Let us know what exactly happened when you get to know?
ReplyReport to LI
25.3
Like+1 Object-4 Exploring Possibilities 8 years ago
Thinking out loud here, Temasek recently said it followed the advice of its Indian legal advisors in not make a filing that resulted in a 50 lacs penalty by the CCI(see:http://www.temasek.com.sg/mediacentre/medialetters?detailid=20088). Luthra has typically been advising Temasek (see: www.luthra.com/what-we-do-private-equity-pe3.asp). Could there be a connection here, given that Madhurima is a cap marks and (quite probably) PE lawyer?
ReplyReport to LI
25.3.1
Like+0 Object-1 dude 8 years ago
Temasek uses several law firms in India. Luthra is not the only law firm
ReplyReport to LI
25.3.2
Like+4 Object-0 Beamers 8 years ago
Quoting Exploring Possibilities:
Thinking out loud here, Temasek recently said it followed the advice of its Indian legal advisors in not make a filing that resulted in a 50 lacs penalty by the CCI(see:http://www.temasek.com.sg/mediacentre/medialetters?detailid=20088). Luthra has typically been advising Temasek (see: www.luthra.com/what-we-do-private-equity-pe3.asp). Could there be a connection here, given that Madhurima is a cap marks and (quite probably) PE lawyer?

Hilarious.... Do you know the difference between Cap Marks and PE Lawyer. just because some one is a Cap market lawyer, how is it probable that she will be a PE Lawyer. anyway, the legal advisor in question to Temasek was not L&L... it was an esteemed Mumbai based firm
ReplyReport to LI
25.3.3
Like+12 Object-2 Smartass 8 years ago  interesting
Little knowledge is a dangerous thing. Temasek is not a LL client and never has been. A few stray deals doesn't make LL Temasek's advisor. The CCI advise came from none other than the stalwarts DD and AMSS. Get your facts straight and if you want conspiracy theories, spot an UFO or something, idiot.
ReplyReport to LI
25.3.3.1
Like+3 Object-2 Guest 8 years ago
Well, if Temasek's never been a client then LL's been lying about the deals it does on its fancy website.
ReplyReport to LI
25.3.3.2
Like+1 Object-0 Truth 8 years ago
I believe it was AZB who advised on the CCI aspects in the deal
ReplyReport to LI
25.3.3.2...
Like+0 Object-0 Guest 8 years ago
It doesn't really matter who advised Temasek. I've read the CCI order in the matter. While Temasek tried to pass the buck to their legal counsel, the CCI says “… it seems however that notwithstanding the legal advice Temasek did not comply with the regulatory mandate… all the above factors signify that the Acquirers did not show any sense of urgency or seriousness on the issue of regulatory compliance pertaining to Indian competition law and were slow in response to the advice of their counsels at different points in time… Having carefully considered all relevant factors, the Commission decides that the submission of the Acquirers for not levying any penalty… is not agreed to.” So there!
ReplyReport to LI
25.3.4
Like+1 Object-1 anonymous 8 years ago
competition law and capital markets are diff practice areas. I dont think Madhurima would have advised Temasek on a CCI matter
ReplyReport to LI
25.3.5
Like+7 Object-4 Guest 8 years ago
are you an idiot? or a non-lawyer?
ReplyReport to LI
25.3.5.3
Like+1 Object-0 Scooter 8 years ago
just say non-lawyer
ReplyReport to LI
26
Like+6 Object-4 G Hazri 8 years ago
It was very sudden. Her BMW went 0 to 120 in 60 secs. No time for internal announcements. So, bottomline, BMW bet misfired for L&L...
ReplyReport to LI
26.1
Like+12 Object-0 Beamers 8 years ago  interesting  top rated
Quoting G Hazri:
It was very sudden. Her BMW went 0 to 120 in 60 secs. No time for internal announcements. So, bottomline, BMW bet misfired for L&L...

Btw, from what we hear, she did not even take the BMW from the firm
ReplyReport to LI
26.1.1
Like+13 Object-6 smartass 8 years ago  interesting  controversial
That's cos she wanted an audi. Her hubby gave her that ;-)
ReplyReport to LI
26.1.1.1
Like+6 Object-6 Self respect 8 years ago  controversial
Quoting smartass:
That's cos she wanted an audi. Her hubby gave her that ;-)

As a woman, I take strong objection to that. These comments are offensive to say the least!
ReplyReport to LI
26.1.1.1...
Like+7 Object-5 SS... 8 years ago  controversial
Quoting Self respect:
Quoting smartass:
That's cos she wanted an audi. Her hubby gave her that ;-)
As a woman, I take strong objection to that. These comments are offensive to say the least!


Pls stop being over-sensitive to the point of being ridiculous...
ReplyReport to LI
26.1.1.2
Like+5 Object-1 kianganz 8 years ago
I agree, the comment is somewhat offensive but I originally thought it was a feeble attempt at humour.

As far as I know from the grapevine, it's true that Mukherjee already has an Audi and declined to take the BMW, Audi or Mercedes options offered by the firm (see this report, here: www.legallyindia.com/201208283067/Law-firms/luthra-promotes-3-corp-3-lit-partners-and-raft-of-assocs-but-no-beemers-equity-this-year )

However, as far as I know, not that it matters, she bought the car herself. Will check with her and find out.

Not that it should really matter - surely a spouse can buy a gift or their spouse? Particularly if they are both high-earners, which is obvious. I assume this kind of stuff happens on both sides in marriage :)
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27
Like+9 Object-0 @ B&B 8 years ago  interesting
Infact Bar & Bench reports "Luthra & Luthra Capital Markets Partner Madhurima Mukherjee has resigned from the firm. It was her last working day today"

Departure and resignation seems to have happened within a day.

Kian time for some investigative journalism.

Who is next...Mr. Luthra himself.
ReplyReport to LI
27.1
Like+6 Object-0 kianganz 8 years ago  interesting
FYI, from what I understand, negotiations between Mukherjee and management were going on for several weeks but it became official yesterday...
ReplyReport to LI
27.1.1
Like+2 Object-0 Scooty 8 years ago
Kian: how about some more info on the negotiations?
ReplyReport to LI
27.1.2
Like+2 Object-4 Guest 8 years ago
Quoting kianganz:
FYI, from what I understand, negotiations between Mukherjee and management were going on for several weeks but it became official yesterday...

Ha, negotiations? in this down market for cap marks? Were they negotiating on downward pay revisions?
ReplyReport to LI
27.2
Like+7 Object-1 White washed 8 years ago  interesting
Quoting @ B&B:
Infact Bar & Bench reports "Luthra & Luthra Capital Markets Partner Madhurima Mukherjee has resigned from the firm. It was her last working day today"

Departure and resignation seems to have happened within a day.

Kian time for some investigative journalism.

Who is next...Mr. Luthra himself.


Resignations and departures is part of the new LL strategy.
Feel bad for Mr. Luthra... his edifice seems to be going through some tumultuous times
ReplyReport to LI
28
Like+14 Object-2 flex 8 years ago  interesting  top rated
How flexible an approach...on one hand associated are forced to served three months notice by the same management which within a day of concluding the negotiations called it as her "last day". Shows how much firm cares about its resources!
ReplyReport to LI
29
Like+0 Object-2 Coal Miner 8 years ago
Quoting kianganz:
This might be interesting:
www.legallyindia.com/201006251026/Analysis/anatomy-of-the-new-disinvestments-tenders-near-zero-fees-for-lawyers-or-boon-for-competition

I don't remember what the Luthra fee for coal was, but for Engineers India's disinvestment they and DLA won with a joint bid of Rs 136 lakh. I think Coal may have been slightly less?

But that's what happens in government L1 contracts, I believe...


Coal India was 90 lakhs.
ReplyReport to LI
30
Like+6 Object-3 Moses 8 years ago
This news of Madhu leaving L & L has been around since April - May of this year. I little birdie..tells me she may be joining..Khaitan & Co (why ???)....
ReplyReport to LI
31
Like+6 Object-0 Silk 8 years ago  interesting
Any news where she is going?? Have heard rumours that she is joining Khaitan.
ReplyReport to LI
32
Like+8 Object-4 observer 8 years ago
If Madhurima indeed joins KCO, it would be a gr8 gain for KCO CM team after hiring Sudhir Bassi... !
ReplyReport to LI
33
Like+11 Object-1 SS... 8 years ago  interesting
Madhurima joining Khaitan & Co. Confirmed from little birdie inside.
ReplyReport to LI
34
Like+10 Object-2 MM @ stare at stairs 8 years ago  interesting
If she is actually joining KCO, then she would also be literally climbing the ladder (read elevator)...in the same building on daily basis (10 floors to be precise) quite a jump.
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35
Like+13 Object-3 anon 8 years ago  interesting
People leave and ppl move on. It happens in the best of corporates
And banks. Its a fact of life. Madhu is a great person and has done a lot for luthra. What she has done is awe inspiring. Having said that an institution goes on. Even the person goes on. Both amicably. There is a void but its not insurmountable for either party. Its a part of life. Its called moving on.

Why are you ppl politicising the issue ? Read the news move on. Wish them both luck and happiness.

Luthra as a firm will survive and madhu will to. Both are made of stronger stuff. Why malign them by creating stories that are not true
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35.1
Like+12 Object-1 canon 8 years ago  interesting
That's over simplifying things.

Question is - are so many departures across all ranks, the new strategy, admittedly low profit margins, announced promotions, mass exodus, absence of salary revisions, beaten market reputation, disgruntled and vocal employees/ ex employees, etc all merely a coincidence?

It should be obvious that there's a bigger issue with the management. Opining on that is hardly politicising any issue. Comments here are inside scoops, market rumors or speculations.
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36
Like+10 Object-7 Honeyrima 8 years ago  controversial
So, all those commenting on the great laurels of madhurima. Spare a thought, obviously mohit and Rajiv luthra are not idiots to let a rainmaker go (no managing partner will be so naiive) There may have been other reasons.
In case any smart managing partner would want to save money by sacking partners, they would probably follow last-in-first-out policy. And they would probably get rid of non performing partners first. Did any commenter on this article ever think that why Madhurima had to quit when there are 30 other partners?
Kian, some people have commented that she has an offer from Khaitan. Can you get a confirmation/denial from Khaitan.
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36.1
Like+15 Object-6 Obvious 8 years ago  interesting  controversial
Why are people forgetting the obvious? Why is it a mystery she would quit? Where is the equity announced a couple of years ago? in open forums it is said there is no money in the firm! other firms like amss, azb, kco, snr, jsa have career tracks and senior rainmakers are rewarded. Are you naive? why wouldn't she quit? what does luthra have to offer? what is the status of a partner in luthra?
ReplyReport to LI
36.1.1
Like+5 Object-6 Guest 8 years ago  controversial
Quoting Obvious:
Why are people forgetting the obvious? Why is it a mystery she would quit? Where is the equity announced a couple of years ago? in open forums it is said there is no money in the firm! other firms like amss, azb, kco, snr, jsa have career tracks and senior rainmakers are rewarded. Are you naive? why wouldn't she quit? what does luthra have to offer? what is the status of a partner in luthra?

With the way people are reacting, it appears things are hunky dory in rest of the world and LL has such issues that it is the next Greece. If you think so, I am convinced that you are not a corporate lawyer and have no idea about the market. Things are BAD everywhere. That is a function of the market, and is not LL's problem alone.

@Kian Btw the comments section in LI has become the wall of a public loo, where every urchin comes and dumps their verbal trash. I am certain that LI is not visited by 10 times the number of people who visit B&B, but the comments are. And the quality of comments, less said the better.
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36.1.1.1
Like+16 Object-0 kianganz 8 years ago  interesting  top rated
I think the number is around 4 or 5 times...

In terms of loowall, we are but a mirror to the profession. And the worst comments, which are truly fit for a loo wall, we haven't even published. And all the comments I've seen on any other sites are not of a higher quality either.

Which should give pause for thought about the profession / urchins... :)
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36.1.1.1...
Like+9 Object-0 anon 8 years ago  interesting
I agree with kian. Its a mirror to the profession.
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36.1.1.1...
Like+0 Object-1 Surprised 8 years ago
Kian - does B&B have a larger readership than LI? Thats quite surprising to me!
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36.1.1.1...
Like+1 Object-1 kianganz 8 years ago
LI has between 1.15 and 1.35 lakh unique visitors per month over the last 3 months, and around 500,000 hits per month.

I believe that's around 3 to 4 times more than B&B, extrapolating from independent anlytics and anecdotally, but I don't think they've published their figures ever, so I don't know exactly.

If someone knows for certain, please do share, would be interested.
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36.1.1.1...
Like+0 Object-0 Suprised 8 years ago
Ok. the earlier comments seemed to suggest that BB had more hits! would be nice to know the official BB figures.
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36.1.1.2
Like+6 Object-3 Guest 8 years ago
Quote:
With the way people are reacting, it appears things are hunky dory in rest of the world and LL has such issues that it is the next Greece. If you think so, I am convinced that you are not a corporate lawyer and have no idea about the market. Things are BAD everywhere. That is a function of the market, and is not LL's problem alone.
Dear Guest,

Clearly, you're clueless. Seeing as how you sound so ignorant & defensive.. you are with or close to the Luthra management, aren't you? Markets were BAD everywhere, yet not every economy sank the way Greece did. Even politicians at Greece blamed everyone else and the BAD global markets as Greece steadily sank instead of addressing/ admitting their own problems. Strikes a chord?

If you say every firm of Luthra's size in the same time period in the market has had such mass exodus in similar conditions or for similar reasons I'm convinced you're not a corporate lawyer who knows the market. Attrition many times the market average is not a function of the market but LL's problem alone.

Why blame Kian or LI? He let an urchin (i.e. you) post his vitriolic trash in a comment of questionable quality.
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A 148-word comment posted 8 years ago was not published. [Appeal decision]
37
Like+16 Object-15 Dazed 8 years ago  controversial
Manan is a great capital markets lawyer. He built the Bombay practice at LL. No reason why he can't handle the Delhi practice too. Can't see the fuss. Madhurima is good but not in the league of a Sandip Bhagat, Somasekhar or Yash.

Let's be objective. LL lost four partners - one who got married and moved to the US, one who moved to a smaller firm and a third who decide to cut back on active corporate practice. Madhurima took a sabbatical a few months ago and even before that has been taking it easy for the last two years. So no real impact. If LL lost a Sameen, Vijaya, Manan or Bikash it would bleed. Not this.
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37.1
Like+7 Object-6 Dazzled 8 years ago  controversial
Dear Friend of L&L:

Lets be objective. You have obviously not read Who's Who Legal, Chambers and such like on status of capital markets lawyers. Only time will tell the real impact. If you are one of those people "not taking it easy" ...posting pro-Luthra comments, assessing the real impact of this... in the middle of the night, I am sure you will continue to do brilliantly. Especially in L&L.
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37.2
Like+10 Object-3 Thinking about the future 8 years ago  interesting
Quoting Dazed:
Manan is a great capital markets lawyer. He built the Bombay practice at LL. No reason why he can't handle the Delhi practice too. Can't see the fuss. Madhurima is good but not in the league of a Sandip Bhagat, Somasekhar or Yash.

Let's be objective. LL lost four partners - one who got married and moved to the US, one who moved to a smaller firm and a third who decide to cut back on active corporate practice. Madhurima took a sabbatical a few months ago and even before that has been taking it easy for the last two years. So no real impact. If LL lost a Sameen, Vijaya, Manan or Bikash it would bleed. Not this.


Maybe the time to bleed is coming near!
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A 254-word comment posted 8 years ago was not published. [Appeal decision]
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Like+17 Object-2 darwin 8 years ago  interesting  top rated
Noone lawyer who is silly enough to judge lawyers by publications inc chambers, and esp who's who shouild be allowed to walk the street. It is the last resort of those who do not know or need to know the real market.
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39
Like+17 Object-7 train wreck 8 years ago  interesting  controversial
Pl remember the platform given by Luthra to her. A lot of clients seen as hers were actually old clients of the firm which R Luthra and Saraf managed to use her skills to cross-sell these into cap markets. Giver her credit but she didn't generate all clients of the cap markets practice out of thin air. And it takes heart and money to fund DoD deals (Coal India exception) which the equity partners of the firm did-a lot of her fancy deads are won in bidding wars by prices and a large team both financed from equity partners and not from her revenues past or present. Her role is commendable but has to be viewed in context. She wasn't partner at a tiny firm which suddenly got the DLF IPO, GMR was already a client, etc.etc.
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39.1
Like+9 Object-6 Rightly said 8 years ago  controversial
Quoting train wreck:
Pl remember the platform given by Luthra to her. A lot of clients seen as hers were actually old clients of the firm which R Luthra and Saraf managed to use her skills to cross-sell these into cap markets. Giver her credit but she didn't generate all clients of the cap markets practice out of thin air. And it takes heart and money to fund DoD deals (Coal India exception) which the equity partners of the firm did-a lot of her fancy deads are won in bidding wars by prices and a large team both financed from equity partners and not from her revenues past or present. Her role is commendable but has to be viewed in context. She wasn't partner at a tiny firm which suddenly got the DLF IPO, GMR was already a client, etc.etc.


If Luthra gave her a platform then she also gave them results. She also pulled in the dough. Takes two to tango and you dont break up a perfect tango team!
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40
Like+23 Object-22 Dazed and Comatose 8 years ago  controversial
I am flabbergasted that someone has the audacity to compare [...] and [...] with Madhurima. That is like comparing a auto diver / taxi driver with a Formula 1 driver. Madhurima is of impeccable pedigree and came to LL after already establishing a formidable reputation at Amarchand. The other two were pretty much jettisoned [...]. Madhurima had an outstanding academic record at Law School, [...]. These are not rumours and anyone can verify it from the registrar's office. Madhurima is nothing if not gentle with her juniors whereas [...] arrogant style of work is an occupational hazard anyone in LL [...] have to deal with. And last, Madhurima had many blue chips as her clients at least in LL if not in AMSS, sadly cant say the same about [...] who only executes the stuff Mohit Saraf gets. Having worked at LL for 3 yrs, this is just unf[...]ingbelievable.
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40.1
Like+7 Object-6 Tall claim 8 years ago  controversial
Madhurima does a very limited portion of capital markets work (ie listings only)- she may even be is good at that (tho All of us lawyers know its not difficult to do an ipo)-

as for non nls and amss- pls note that the whole of luthra (including madhurima and other nls alumni) consults with pple like Sameen and Sandeep on complex legal issues (not just icdr) - so not sure if being from amss automatically means that you are better than the rest.
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40.1.1
Like+7 Object-7 Below_the_belt 8 years ago  controversial
Taking below the belt shots at partners like this, especially the very respected partners who have built their reputation with years of toil, is uncalled for. These were not the guys behind the policies or the strategies that you're critical of. They probably had very little to do with Madhurima leaving. It's ok to analyze strategy or criticize policy. But comments like those by Dazed and Comatose are entirely personal and are extremely distasteful.

I can tell you that many who know these gentlemen, even those at LL, could participate in discussions on broader policy or strategy matters, but none would come out on a public forum to pass such sweeping personal statements.
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A 205-word comment posted 8 years ago was not published. [Appeal decision]
A 73-word comment posted 8 years ago was not published. [Appeal decision]
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Like+4 Object-0 Anonymous 8 years ago
Quoting kianganz:
I think the number is around 4 or 5 times...

In terms of loowall, we are but a mirror to the profession. And the worst comments, which are truly fit for a loo wall, we haven't even published. And all the comments I've seen on any other sites are not of a higher quality either.

Which should give pause for thought about the profession / urchins... :)


Very well said Kian!
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41.1
Like+7 Object-1 Why???? 8 years ago  interesting
Quoting Anonymous:
Quoting kianganz:
I think the number is around 4 or 5 times...
In terms of loowall, we are but a mirror to the profession. And the worst comments, which are truly fit for a loo wall, we haven't even published. And all the comments I've seen on any other sites are not of a higher quality either.

Which should give pause for thought about the profession / urchins... :)


Very well said Kian!


Kian- If the comments don't border on the obscene, why censor them? It is good to report ....

All this so call "loo wall stuff" is nothing but the fraternity, industry commenting on the news article and of course- some LL insiders venting their feelings of exasperated desperation- a cry for help from deep within the well of sorts.

Truth be asked for-
Why is it that every LL article, of late, attracts so much negativity?
Why is it that people are leaving this Firm..that too people at the higher level- Rainmakers?
Why are dissatisfaction and attrition levels so high all of a sudden?
Why is it that their profits are taking hits?
Why are they not doing everything in their power to retain talent, rather just letting it go?
Are they making promises that they cant keep? or are they making promises that they dont want to keep?

Is it Complacency? Arrogance? Bad Management? Politics??

These are questions that people need answers to.. clients need answers to... Freshers considering the firm need light on...people no longer get impressed by hot air and faff!!

Surprisingly, no other firm has attracted so much negative publicity (nay venom spewed)over its actions .... .
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A 331-word comment posted 8 years ago was not published. [Appeal decision]
41.1.1
Like+7 Object-4 Silk 8 years ago
Quoting Why????:
Quoting Anonymous:
Quoting kianganz:
I think the number is around 4 or 5 times...
In terms of loowall, we are but a mirror to the profession. And the worst comments, which are truly fit for a loo wall, we haven't even published. And all the comments I've seen on any other sites are not of a higher quality either.

Which should give pause for thought about the profession / urchins... :)


Very well said Kian!


Kian- If the comments don't border on the obscene, why censor them? It is good to report ....

All this so call "loo wall stuff" is nothing but the fraternity, industry commenting on the news article and of course- some LL insiders venting their feelings of exasperated desperation- a cry for help from deep within the well of sorts.

Truth be asked for-
Why is it that every LL article, of late, attracts so much negativity?
Why is it that people are leaving this Firm..that too people at the higher level- Rainmakers?
Why are dissatisfaction and attrition levels so high all of a sudden?
Why is it that their profits are taking hits?
Why are they not doing everything in their power to retain talent, rather just letting it go?
Are they making promises that they cant keep? or are they making promises that they dont want to keep?

Is it Complacency? Arrogance? Bad Management? Politics??

These are questions that people need answers to.. clients need answers to... Freshers considering the firm need light on...people no longer get impressed by hot air and faff!!

Surprisingly, no other firm has attracted so much negative publicity (nay venom spewed)over its actions .... .



@ Why?? "These are questions that people need answers to..." I think buddy you are watching too much of Arnab Goswami. Really no one except the present employees of Luthra are concerned with whether the present attrition rate is due to "Complacency? Arrogance? Bad Management? Politics??". Meanwhile, you can leave the people to do their own business.
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A 42-word comment posted 8 years ago was not published. [Appeal decision]
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Like+23 Object-16 Honest Insiders 8 years ago  interesting  controversial
In the interest of telling the truth, some of us at Luthra thought it to be important to tell you all this.....yesterday a meeting of partners and managing associates was called to battle these attacks on the Firm on LI...that meeting started around 4:30pm and ended at about 8pm......if you look at the comments wall....all the positive comments/defensive comments for Luthra have been posted after that.....we who participated in the meeting were told in no uncertain terms that we are to set-up a counter-attack......some of us dont subscribe to that mentality.....so lets just keep this real.
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42.1
Like+6 Object-2 Used well 8 years ago
Quoting Honest Insiders:
In the interest of telling the truth, some of us at Luthra thought it to be important to tell you all this.....yesterday a meeting of partners and managing associates was called to battle these attacks on the Firm on LI...that meeting started around 4:30pm and ended at about 8pm......if you look at the comments wall....all the positive comments/defensive comments for Luthra have been posted after that.....we who participated in the meeting were told in no uncertain terms that we are to set-up a counter-attack......some of us dont subscribe to that mentality.....so lets just keep this real.

That makes sense why all the pro-luthra anti-madhurima comments started coming. Hmmm...
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42.2
Like+9 Object-6 anon 8 years ago  controversial
Whoever u are stop lying. Counter attack was never agreed. What was agreed infact is that LI is loowall.
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42.3
Like+11 Object-7 Honest outsider 8 years ago  controversial
brilliant! time to be completely honest. we at madhu campaign met after your meeting. we countered every attack of yours. look at time when we posted them. we used a few names to post them, but drafting style was same.

hello Kian, can anyone claim to be insider and write this sort of stuff? to make your website more popular, you are ok? is this something the lawyer - for instance - would permit?
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42.3.1
Like+8 Object-6 kianganz 8 years ago  controversial
It seems you've never read The Lawyer or any proper international legal publications, have you? Nor apparently, for that matter, many other stories about other firms that attracted a similar quantity and tenor of comments on Legally India in the past?

As I've said before. The editorial section is (mostly) ours, the comments (mostly) belong to readers, as it should be. What readers wish to do with that space and platform is largely up to them, within the limits of the law of course.

Best wishes,
Kian
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42.4
Like+27 Object-0 Guest 8 years ago  interesting  top rated
Quoting Honest Insiders:
yesterday a meeting of partners and managing associates was called to battle these attacks on the Firm on LI..that meeting started around 4:30pm and ended at about 8pm

Not that I believe your claim, but if it is indeed true that 40 of the most senior people at LL could afford to waste 4 hours on discussing comments posted on an an LI article, then LL is in bigger trouble that what people here reckon.
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43
Like+9 Object-2 Regular Reader 8 years ago  interesting
Luthra seems to have taken Trilegal's top-spot as "favourite firm for bashing on LI wall". For those in doubt, refer to any major posts about Trilegal! :D
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A 30-word comment posted 8 years ago was not published. [Appeal decision]
44
Like+0 Object-3 Question 8 years ago
Any idea how much the associates and Partners at Luthra and other Tier I Law Firms make in a year ?
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45
Like+3 Object-2 Shivam 8 years ago
Well, I just managed to read all the comments on the articles on Luthra promotions and Madhurima Mukherjees exits and I am astonished to see LI’s discretion in censoring the comments.
I have been a regular reader of LI and have at times have noticed that personal comments have often been censored, for instance the article in connection with Ms.Dhanda and the NALSAR, which had also stirred up controversy of a similar magnitude.

However, in this case the names of partners have been published almost in every case, for instance, none of those disparaging comments about Madhurimas and her policies in the article on the Luthra promotions. Seems like LI is random when it comes to exercising its moderation discretion. A policy which seems arbitrary and unfair.
For an outsider like me, I think it’s a pretty safe assumption to make that LI and Luthra don’t get along well and articles like these were a medium of venting one’s frustration and getting back at the firm for god knows what reason
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45.1
Like+5 Object-0 kianganz 8 years ago  interesting
Hi,

As I've said before, all we do is receive the comments and weed out the ones that are defamatory or highly personal.

If insiders choose to share grievances on a public forum, and if some of those are a little vitriolic, that is entirely their prerogative (and in fact, I'd assume, useful feedback sometimes for law firm managers).

However, I don't see how that can be our fault. Imagine this: we're regularly damned for censoring comments or not reporting aggressively enough, accusing us of bias in favour of any of a number of law firms or people; likewise we're sometimes accused of bias for reporting news stories aggressively or ensuing comments that are a little pointed.

No win :(
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46
Like+6 Object-0 L&L 8 years ago  interesting
Wow ! Has any article on LI ever seen so many comments ? Way to go Madhurima ! :D
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46.1
Like+0 Object-0 kianganz 8 years ago
I think one or two stories may have, but together with unpublished comments this one gets close.

Talking of - for stories with long comment threads it can get a bit confusing - you can click this to see only the latest comments:
www.legallyindia.com/index.php?option=com_jcomments&task=rss&object_id=3929&object_group=com_content&format=raw

(link is at the top of all the comments - where there is also the 'interestingness' filter button that weeds out low-rated comments, so you can read the reader-determined 'highlights' only)

We're looking to implement a more elegant solution in future.
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46.1.1
Like+3 Object-2 Anonymous No. 525 8 years ago
Would you consider just removing anonymity altogether? The conversation will be much more civilized and i doubt you would have to intervene to moderate at all. That way no censorship issues will arise at all. You will yourself see how many people will just simply stop hiding behind being anons
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47
Like+4 Object-0 Last comment 8 years ago
Okay enough said. Now go and start filling your time sheets. Kian, don't publish any more comment after this. :P
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47.1
Like+1 Object-4 I own you 8 years ago
Quoting Last comment:
Okay enough said. Now go and start filling your time sheets. Kian, don't publish any more comment after this. :P


Yes go work... I need to buy another set of BMW's for my Partners.
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48
Like+0 Object-3 hmmm....backkkkk 8 years ago
wow, a partner has just quit and so many raised issues/demands/disputes and blah blah..if this is a way, any law firm works on personal agenda, if this is the way some of the lawyers/partners of the law firms who write comments (the way above posts have been written by some of them), I wonder today that any big law firm going to do or achieve its goal, in a long run.
I am happy I am a corporate lawyer and we do have issues but making personal comments and eye brows on other success is a damn kiddish and stating about who is married to whom and which client is going to which firm (with reference and direct jack), I am sorry to say, it shows wrong image of law firms which are running currently and better that lawyers like me who are in corporate are away from these unwanted written comments on just 1 quit..
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49
Like+2 Object-1 Hi 8 years ago
KCO is killing it.. Predatory hiring. Take all the partners, sr ppl from other law firms (AMSS, NDA etc.) and be the best in the market. they really know how to make it happen!
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50
Like+5 Object-2 Ex Partner 8 years ago
Madhu's leaving is certainly not conducive for a firm wanting to pitch it's so-called break out strategy. At the end of the day an army of many ge
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A 140-word comment posted 8 years ago was not published. [Appeal decision]
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Like+9 Object-0 Anonymous 8 years ago  interesting
Quoting Anonymous No. 525:
Would you consider just removing anonymity altogether? The conversation will be much more civilized and i doubt you would have to intervene to moderate at all. That way no censorship issues will arise at all. You will yourself see how many people will just simply stop hiding behind being anons

What prevents people from opening fake email accounts and post exactly the same type of comments under the name of others? Now don't tell me L.I. should insist on using ADHAAR cards!
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51.1
Like+3 Object-0 Scooter 8 years ago
Read somewhere on anonymity,.."Give a man a mask and he will show you his true face".

True for all LI readers. does not exclude me)
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51.2
Like+0 Object-0 Guest 8 years ago
That much effort just to post gossie nasty comments on one website?? seriously aren't you now just curious to see how many such people are out there??
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Like+3 Object-1 rockur 8 years ago
Miss you from our company
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53
Like+3 Object-1 rockur 8 years ago
We want you back
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A 8-word comment posted 8 years ago was not published. [Appeal decision]
A 42-word comment posted 8 years ago was not published. [Appeal decision]
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Like+1 Object-0 Reader 8 years ago
Whats the largest number of comments till date on an LI article? :D
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55
Like+9 Object-2 L&L 8 years ago  interesting
I don't want to know why you left or Mohit Saraf's version why he asked you to leave. Just wish you the best for your future endeavours!
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56
Like+2 Object-1 Anon 8 years ago
Kian, any update on where Madhu joined? To me this move doesn't make sense..... one hand Luthra declares it will do high end work... on the other hand one of the fewest partners in any firm experienced and capable of providing such high value work jumps ship... This could not have been an amicable parting of ways... I also heard there have been other big departures (even more partners and MAs) at Luthra after Madhu... will LI get the scoops for us? LI should have weekly questionnaires sent to Luthra for them to list out all departures...!
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A 112-word comment posted 8 years ago was not published. [Appeal decision]

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