JSA promotes six to partner but equity full at statutory limit

ladder_by_Mzelle_biscotte
ladder_by_Mzelle_biscotte

Exclusive: J Sagar Associates (JSA) has made up six new retained partners and 13 new senior associates across its offices, matching last year’s promotion record.

Gurgaon’s new partners are Trisheet Chatterjee and Manvinder Singh in the corporate commercial teams.

In Mumbai Manisha Kumar specialising in M&A, private equity, capital markets and securities, and Anirudh Goyal in M&A, private equity and corporate commercial were given the nod to partnership.

In Bangalore Tony Varghese and Raj Ramachandran became retained partners, with both specialising in corporate commercial while Varghese also deals with dispute resolution and employment issues.

Retained partners are the equivalent to salaried or non-equity partners at other firms.

JSA now has 28 retained partners but has no further space at present to promote equity partners, having hit the 20 partner limit imposed by Indian statute, explained Mumbai partner Dina Wadia.

Jyoti Sagar added in a statement: “We as a firm continue to remain committed to extending equal opportunities to our attorneys for progress within the firm – a truly collegial professional institution which belongs to all of us and without being a preserve of any of us.”

A total of 13 lawyers were promoted to the senior associate rung. Mumbai led with five new senior associates, followed by Bangalore with three, Gurgaon and Delhi each welcomed two and Hyderabad one.

This year’s promotions put JSA just behind Khaitan & Co’s internal promotions in March that added seven to the firm’s partnership tally.

In April of last year JSA also made up a total of six, with one equity partner and five retained partners, while in July 2009 a total of nine retained partners and two equity partners were promoted at JSA.

Photo by Mzelle biscotte

Comments

VIbha 4 May 2011, 15:14
+1 -1
How is this exclusive news??? JSA has issued a press release which is available with everyone and leading Indian legal website - BB has carried the same news?
kianganz 4 May 2011, 16:03
+5 -2
Thanks for your comment, let me explain.

It was an exclusive because we had been chasing the news for two days to get the details and a quote.

When we did, we published the news at 14:22, roughly two hours before a press release was ever issued. We later added Mr Sagar's quote from the press release to the story.

If other websites, leading or otherwise, published the press release, I am sure that it was later in the day (in fact, having just checked, it appears Bar & Bench published roughly 4 hours after we did and I can not find any other websites that have published the news so far).

Therefore, in every way at the time we published the story it was an exclusive.

Best wishes
Kian
Anono 5 May 2011, 04:53
+1 -2
Agree with kian, I got to read this news on legallyindia first. At that point of time, it was not carried by barandbench.
anonymous123 5 May 2011, 08:25
+2 -1
who cares ? hahahahahahaha
kianganz 5 May 2011, 09:11
+4 -3
Agree, most readers probably don't (but journalists do) :)
xcxc 5 May 2011, 09:05
+0 -1
Hi,

I may be wrong but I do not think that the Partnership Act lays down any restriction on the number of partners. The restriction, I think, comes from Section 11 of the Companies Act. Happy to be corrected.

Kian - you may want to change paragraph 6 of the report above, unless, obviously, you are quoting fully what have been told to you.

Thanks.
kianganz 5 May 2011, 09:10
+0 -1
Thanks - you are absolutely correct, apologies for the error which was entirely mine: It is the Companies Act and not the Partnership Act that imposes a limit on the size of partnerships.
Time to kill 5 May 2011, 11:23
+0 -1
Just to be strictly anal in a non demented way, to my mind, the Companies Act does not impose a limit on the number, but mentions that an association of more than 20 persons, if unregistered as a company, is an illegal association and consequences of such non registration flows. Hence, a partnership firm is constrained to keep the numbers of its partners to 20, unless of course it wants to be be transformed into a company.

Enactment of the LLP Act mitigates the requirement above at the same time have the basic qualities of a partnership.

Zzzzz
Hk lawyer 5 May 2011, 12:43
+3 -1
So basically when jsa says that they have hit the equity partner limit - it means in a subtle way for the rest of the firm that no hopes of becoming equity partner. Join the party by becoming a paid partner. How unattractive and tactless to make that statement
Anono 5 May 2011, 13:56
+1 -1
Many other Indian law firms have more than 20 equity partners. They have floated parallel firms for this sole purpose. At the same time, for outsiders it is just one firm that gets projected. Cant JSA too do the same and make more than 20 deserving equity partners?!
Lon lawyer 5 May 2011, 14:27
+2 -1
Could not agree more with Hk lawyer (#5). Indeed the statement is nothing short of a signboard sayiong dont expect to become an equity partner until one of the existing ones leaves or departs to the other world...

Sounds like JSA is moving towards the model followed by old Bombay firms that refused to grow theri partnership (or generally grow!). I hope I am wrong as i have always held JSA in high esteem for their professionalism.
Respect 5 May 2011, 15:39
+1 -1
I heard JSA wants to restructure or turn into LLP and if any firm can do I'd trust JSA to do it most. But I dont understand why they dont just do the 2 partnership firm thing like everyone else?
The Insider 6 May 2011, 03:51
+2 -1
Khaitan & Co turned LLP more than a year back. JSA could have followed the suit if it had honesty of purpose!
Anonymous guest 6 May 2011, 12:10
+0 -3
LLP is an unproven model and not even permitted for lawyers. It would be irresponsible for a major firm to convert to LLP without knowing the consequences.
LLP 6 May 2011, 12:57
+1 -1
Not permitted for lawyers? LLP?
Are you a lawyer?
anonymous counsel 11 May 2011, 10:53
+0 -0
Kian, any news of revisions in retainer fee paid to entry level associates at JSA?