Cyril Amarchand Mangaldas (CAM) is expected to become the latest Indian law firm to set foot in Singapore from 12 February 2021 with a representative office in Singapore, which in recent years had fallen out of favour with firms in terms of having boots on the ground.
The announcement is scheduled to be made on 12 February 2021, on the auspicious day of the Chinese New Year (which will begin the Year of the Ox), according to an apparently early leak of a video from the firm.
We have reached out to CAM for comment and will update this story when we hear from them.
While we have not been able to authoritatively confirm any more information as of now, such as whether there will be any full-time partners or lawyers based there and who, if anyone, will be heading it up, a brief (presumably leaked) video of the firm announcing the launch has been making the rounds, and it very much appears authentic.
Check it out in full here or below.
Singapore has late last year renewed the licences of nine international (non-Indian) firms to practice some local law.
A representative office, by contrast, does not allow the practice of law but is intended to function primarily as a business development location (or an useful base to advise local or domestic clients on Indian laws in situ).
Come to Singapore, they said
For a while it was de rigeur for Indian firms to open in Singapore but there has been a bit of a lull in more recent years and a lot of those offices have now closed.
Firms such as Kochhar & Co still maintain representative offices in Singapore, according to its websites.
Correction: Private equity boutique Lexygen had opened there in 2009 and operates a foreign law practice (FLP) with a licence to practice Indian law.
Correction 28 January, 12:49: We have been informed by and Nishith Desai Associates (NDA) that it does not merely have a representative office, as previously reported, but actually holds a “foreign law practice with a license to practice Indian law” in Singapore. The firm has been there since 2005, and its office is headed by Vivek Kathpalia who is based there and also heads the firm’s East Asia business, including Japan and South Korea.
In 2014, SNG & Partners opened in Singapore (though it is not listed on its website anymore).
Wadia Ghandy had opened there in 2011, but then closed its Singapore office in 2014, after the commercials did not quite “click”, according to the firm at the time.
Dua Associates opened there in 2010, but its website also does not list a Singapore presence anymore.
It is also not the first time that Amarchand Mangaldas, as it once was, had flirted with Singapore. Shardul Shroff, the then Delhi-based managing partner of CAM legacy firm Amarchand Mangaldas (now chairman of CAM-rival Shardul Amarchand Mangaldas), had said in 2014 that the firm was eyeing a future office in the financial hub.
Of course, that never happened and the two halves of the firm broke up a short while later.
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CAM associates are paid significantly lesser than their peers at other tier 1 law firms
Get your facts right dude
I have been compiling salary figures from people who joined as A0s or from earlier LI comments. The following are the figures, to the best of my knowledge. If there have been any updates/errors, would be glad to correct it. For Luthra, AZB N, Trilegal, I am confident of the figures. Other firms, I think I am correct, but there is a decent chance that I am wrong by a lakh or so.
KCo - 14.4 (no bonus last year due to covid) +1.2(bonus in a normal year)
Tri - 15.4 (incl. bonus)
SnR - 18 (if you get max bonus). While the exact figure might be wrong, I think they pay the highest in the market.
SAM - 15 (no bonus)
CAM - 13.5 (no bonus, I think). Disc: I could be really wrong about CAM. I remember this figure, but I can't recall who/where I got these numbers from.
AZB Noida - 13.8 + 2.3
Luthra - 15.6 incl. bonus
TTA - 17 (if you get max bonus. This figure is kinda sus though)
Indus - 13.5 (I think this is all inclusive)
JSA is apparently 10 LPA to Junior Associates and becomes 13 +1.2 once you become an associate (this is from an earlier LI comment, and I have not verified it).
NDA - as we saw in the other LI article, is 17.4ish, but is a salary as against the retainership model of other firms. as a comment had stated in that article, this brings down the take home figures for an NDA A0 substantially.
Any idea how much does Khaitan, AZB and Luthra pay?
One particular EP (a good one) had a very bad year and several ppl left from his/ her team this year. If you are from his/ her team then I understand you had low work flow.
See, I dont work for a good guy/ girl. He/ she is also typical sadist equity partner. I got paid well last year and decently this year. Any day better than CAM.
@ Mere baki bhaiyon asking me to divulge - Dont you think if I divulge too much it will be very easy for JSA ppl to identify me?
Suppose you made 500,000 as 8% for an FY. That means you made the firm 5 lacs / 0.08 = 62.5 lacs in that FY. By the 3x rule, your salary should be justified till 20.83 lacs (62.5 divided by 3). Suppose you are an SA. You got 24 lacs as salary, 5 lacs as 8%. Thats 31 lacs (well above 20.83 lacs). That means you had a bad year and the year end bonus you get will be getting will be on your partner's discretion and on how well the team did.
Another example - suppose you made 10lacs as 8% for an FY. That means you made the firm 10 lacs / 0.08 = 1.25 cr in that FY. By the 3x rule, your salary should be justified for atleast 41.6 lacs (1.25 cr divided by 3). Suppose you are an SA. You got 24 lacs as salary, 10 lacs as 8%. Thats 34 lacs (still below 41.6 lacs). That means you are (at the very least) ENTITLED to a 7.6 lacs year end bonus.
There are some stupid caps above which you total salary cannot go, even if you billed a million dollars. And thats the reason why I will leave one day. But notwithstanding my cribbing, thats broadly how things work at JSA - super transparent, provided you can do a bit of maths.
1. If I am an SA with 24 LPA, and I bill 72 lacs - my total cost to the firm is 5.76 (8% of 72) + 24 + year end bonus of 2-4 lacs = ~33-34 lacs. That does breach the 3x rule. But assuming you are correct - thats how the maths/policy on payouts at JSA runs.
2. What is your source/ where did you verify your assumptions? I spoke to 2 RPs and 2-3 PAs (over a period of time). If your source is an EP, then I concede.
Thats a good thing then! Other firms make sure that you do at least 2.75x or 3x of your total take home. JSA, its lesser than 2.5x.
I know a lot of seniors of my college who received day zero offers from both Trilegal and CAM, almost everyone picked CAM over trilegal.
Why? Could somone please tell?
1. At fresher level, SAM CAM do pay well. But the increments go from bad to worse. You will be stuck between 15-20 lacs bracket for years,
2. SAM/ CAM collectively hire more number of ppl due to size - hence more accommodative (and visible).
3. SAM/ CAM are good training grounds (not that others are bad). Suggestion: Join SAM/ CAM for 1st 4 years, then move.
4. Brand value of having worked at SAM/ CAM is actually a lot (and real). Because they train you like that. After 2-5 years at SAM/ CAM, you can pretty much get into any place that does law.
5. I have noticed (my personal observation) that SAM/ CAM are more amenable to hire freshers, as a matter of policy, and then train them. Where as other firms prefer to hire pre-trained laterals (saves cost).
These are the reasons I feel people (including me 5-6 years back) prefer for SAM/ CAM over others. Others feel free to add yours.
Some say its 13 LPA, others ay its 15 LPA and some others claim it to be 17 LPA. How much is the exact amount, if someone could kindly confirm, Thanks
Cam a lil less
SAM -15 (ofc will cut your exp and make you an A0 if you join from lower ranked firms)
Does all this naatak
And then claims it doesn’t have the money to do a proper hiring for 2021 batch
Claims it doesn’t have the money to make 2020 batch start before jan
Waah guru
That will then make foreign firms lobby Indian Govt. to allow foreign firms in India.
Will be more jobs for Indian lawyers and more importantly jobs were work culture is better.
but for the lack of clarity on the billings in the months to come, firms would not have withheld bonuses... watch pixar's soul and unwind...
Besides..has your team even met its cost?
Congratulations to CSS!!! Great move
Is it this one? www.maxtowers.com/
Oh and that language... wow
Truth will be known on salary day (EOD today)
Law school fees has certainly more than doubled since then for no better education!
.......from the rear seat of a brand new Maybach!
And then I wonder that I got no locus to cry foul at the ills of capitalism - making more than at least 90% Indians/drawing compensation at least 4-5x the normative pay in the legal industry.
Idk do associates get fired?
It’s barely been 4-5 months since I joined
But like everything I do they revise and they don’t even give me so much work
Half the days I don’t have work
It’s not like anyone really has said anything rude to me or whatever but like why would someone keep me around if I’m free most of the time and only get very random shit work or work which they don’t explain and just make me do to “try it out”
Look forward!
Comprende ?
How long does one have to be a Junior Associate for? And what’s the salary for an Associate after that and how does it progress?
I avoid / dislike anti-BJP and pro-BJP discussions at every other party, family gathering, etc. that I attend. But when I see these 4-5 discussions on Legally India, I suddenly feel those anti-BJP and pro-BJP discussions are way better.
@Kian - Yaar comments section ko do parts me divide kar do. These 4-5 topics in one part and every other topic in the other part.
It would be really helpful if you could create a post on the current packages at Tier 1 and Tier 2 firms. This would prevent salary discussions being done on comment threads which are irrelevant to the original post. If you could at least indicate that you are working such a salary post to be posted in the near future, that would really help.
Thanks
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