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Majmudar drops Co, becomes Majmudar & Partners with one equity promo

Sabeshan: One of Majmudar Partners
Sabeshan: One of Majmudar Partners

Majmudar & Co has rebranded as Majmudar & Partners after promoting February lateral hire Prashanth Sabeshan into its equity partnership, which now stands at six partners.

In the last financial year (2011-12) Majmudar & Co added lateral partner Sabeshan in February, who was formerly a counsel at Norton Rose and partner at Amarchand Mangaldas and has signed up to Majmudar’s equity partnership deed from 1 April.

The firm had promoted salaried partner Neerav Merchant to equity in April 2011 as another equity partner left the firm, and hired Rukshad Davar from Bharucha & Partners into its equity in January 2011

In 2010 the firm had added Abdul Rasheed to its Bangalore office as an associate partner.

“Equity is the only way to grow”, said managing partner Akil Hirani, explaining the move to the ‘Majmudar & Partners’ brand. “Equity allocations have been made on the basis of various parameters and metrics including, work handled, client management, business development initiatives, and public speaking. This is the first allocation, which will accrete year-on-year as in any partnership.”

The equity was not a lockstep, noted Hirani, but a “meritocratic partnership where if the parameters and metrics outlined are met, partners will rise in their equity share”.

Davar said: “It was always a quasi-equity structure which has now been finalised into an equity structure. This is a very formal equity structure, with a view of branding.

Akil Hirani: Managing partners
Akil Hirani: Managing partners

The compensation earlier was a percentage of the billings now it is a share in the entire profit of the firm.”

Majmudar now has 50 lawyers and seven partners, while another 40 lawyers and eight partners were part of “integrated network offices” in Delhi, Hyderabad and Chennai, said Hirani.

The fee-earner compensation structure had also been revamped, explained Davar.

“Our salaries were always on par with other firms, but now with different bands put in place within the compensation structure, people as per their meritorious performance would be slotted into that, rather than arbitrary and random compensation moulds.”

Last year Majmudar & Co recruited seven freshers across NLSIU Bangalore, Nalsar Hyderabad, NLU Jodhpur and NUJS Kolkata, on a base renumeration of Rs 8.43 lakh per year on average in its Mumbai office and between Rs 4.3 lakh and Rs 6 lakh in Bangalore.

Davar told Legally India that the firm was looking to strengthen its banking and finance and corporate practices.

The major clients of the firm’s corporate practice last year included MF Global, CIGNA Corporation, H&R Block, IMS Health, The Capita Group, German company KS Gleitlager GmbH and Danish company William Demant Holding AS, according to a statement from the firm.

Axis Bank, Bank of India, Bank of Baroda and Barclays were among its banking and finance clients, while the tax team acted for KPMG. The litigation team represented Wockhardt, Amaprop, Armstrong, SKS Ispat and Arthrocare, among others.

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