HSA Advocates has hired Ravi Jain from Economic Laws Practice (ELP) as a partner in its projects, energy & infrastructure practice.
At ELP he had been an associate partner, having joined there from AZB & Partners in 2013. He is a 2003 ILS Pune graduate.
According to HSA, he has “advised Indian and foreign clients on the entire spectrum of contractual, transactional, regulatory and financing aspects”, also with a focus on M&A in the oil and gas, power, roads, resources, ports, hospitality and aviation sectors.
Founding partner Hemant Sahai commented in a press release: “He will augment our capabilities in the projects and corporate practice, as well as our team in our Mumbai office.”
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Me- Cap he is asking for 75 lakh + variable
Cap - tell him we are fine with that number.
Me - but sir….last year’s…..
Cap - We just have to say….go get me people!! I ll ensure u get paid next year…
Partners are yet to receive retainers for the month of February. People who don’t have a choice are joining and everyone else is trying to get out.
What were you expecting?
The problem with HSA is that most hires in the past 2-3 years (including the CSO) are cost centres barely covering or justifying their presence or high costs. Have a look at a former general counsel who only gets quoted in articles without any deals reported. Or the former Big 6 partner who came painting a rosy picture but has no business or billing. These people along with the redundant high cost existing lotare unable to cover their individual costs, leave alone profitability or covering their team costs.
Solution by the firm: reduce retainers of partners by 5-30% depending on the take home amount, delay variable payments accrued over the past 3 years, have a delay of more than 4-5 months in disbursing retainers. Simple. Everyone is on the lookout and will leave as and when they find something, saving money for the firm.
The so called 'hatred' you say, is most likely from disgruntled ex members who never got their dues. The CSO has lead to the fall of this firm. He's tried policies which didn't work at his former firms. Look at HSA's new website and compare it with ELP or KCO website. If content and style is to be recycled, some form of innovation helps.
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