L&L Partners has paid an unexpected additional bonus of 7% of annual 2020-21 financial year fixed remuneration of non-fresher and non-litigation associates.
While the amount is described as an increment to base remuneration, a spokesperson confirmed that this was only retrospective and would be paid in a one-off lump sum but would not apply to future remuneration, such as in the current 2021-22 financial year.
The firm spokesperson also confirmed that the increment-cum-bonus would only apply to “Eligible Associates, senior associates and managing associates”.
That specifically excludes freshers who have just joined the firm in the last 12 months and “is applicable from the date of completion of one year in firm”.
This one-time payment also applies only to fee-earners working in the corporate, tax and intellectual property partnerships of L&L Partners.
The litigation partnership of L&L is separate entity and its fee-earners would not be getting the same payment (the litigation partnership had in July 2020 controversially temporarily deferred fee-earner salaries, while the corporate partnership had announced any salary cuts or deferrals and had paid out bonuses by September 2020.
L&L had issued a press release about the bonus yesterday, stating:
The Firm is pleased to share that a 7% ad-hoc increase in the fixed compensation component of all eligible counsel has been delivered. This increase is for the appraised previous financial year.
Given the current situation, owing to the pandemic, an in-depth analysis of each individual’s contribution and entitlement is likely to take time, however, despite all circumstances, the Firm is adhering to its routine of, annual retainer fee increments, as an acknowledgment and in appreciation of counsels’ efforts, despite all their hardships during the on-going pandemic.
The Firm and its Partners, will explore the possibility of rolling out increments for FY 2020-21 post completion of the Annual Appraisal cycle.
That statement was not entirely clear so we had asked for clarification about what this means from feuding co-founding partners Rajiv Luthra and Mohit Saraf, and a spokesperson.
The firm had, as many others, frozen the normally annual increments that come with an increase in post-qualification experience (PQE) level of associates.
The firm spokesperson confirmed that those usually-par-for-the-course automatic increments (in non-pandemic times) would be “most likely” to be rolled out this year after appraisals of fee-earners had concluded.
L&L’s special ‘Covid’ bonus therefore partly makes up for the lack of earlier increments and is also not dissimilar and only slightly lower than Trilegal’s unexpected one month bonus payment in March (approximately working out to 8.3% of annual pay).
Around the same time as Trilegal, Shardul Amarchand Mangaldas and J Sagar Associates (JSA) had also retroactively unfrozen their PQE increments (though Trilegal was one of the few firms to have announced increments during Covid as normal).
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The increment was 7%, but not effective from March, from July. Also, appraisal forms were collected last May, so what's the wait buddy? Litigation keeping you busy?
You've been lying to us all along, at least show some courage while facing the public. Oh wait, just like lawyers and credibility, looks like you have none of those left either.
One more of your cheap lies, and you'll lose another dorzen lawyers. Stop it, just stop it.
Do you think it’s is a good time to join Luthra?
Can some veterans throw some light on what it was like when SCAM broke up? Must have ugly then, but they went on to become 2 big firms. Is there a possibility the same will happen with Luthra?
Amongst the options you have shared - your choice would depend on what you want.
1. Large firm with lot of internal issues = no one is going to focus on you. Most people are pre-occupied with the internal debates and discussions. Each one needs to secure his/her interest. Very few people are able to focus on work. Plus this Covid. You will get the money, but learning is doubtful. Non optimum learning in initial years = one of the most dangerous things in professional career.
2. Newer/ smaller firms = a bit less money but you will get to hone your skills and apply them. Easier access to seniors in the firm. They want to grow - will make you also work hard. New ideas/ suggestions are generally more acceptable - just in case you are creative.
Luthra can be a risky choice - considering the current situation. Veritas and LinkLegal are equivalents for you.
What's mentioned above is also subject to the team you would be joining.
A good mentor in the initial years is worth taking all the risk. Good mentor = one who trains you and gives the freedom to execute the training. Basically allows you operate on your own with a vigil from the mentor's end. [So gather info about the team you want to join.]
Try to balance your decision on - learning opportunity, team quality, professional freedom and money.
*I have worked with a small (but very good) firm, then went solo and now in a large firm and can tell you the journey was all worth it. Money is tertiary in most circumstances as if after 5-8 yrs you do not even have the interest to practice law what are you going to do with the money? You grow beyond the practice of law - is something different.
All the best!
Again B&B has beaten you to Roshan story. Whats going on? The "Latest Conversation"bit in the website has taken over the main website. This is a message board and a glorified whatsapp group where anyone can post anything with you as the admin. LI is losing it fast. Trying too many things and losing the focus of the website itself. Recent deals, B&B. Recent news B&B. Court news, Livelaw. You are playing catch up and its not working.
Well wisher
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