L&L Partners corporate transactional advisory partnership has paid out bonuses to fee-earners just a little behind schedule last week, though it notified its 44 fresh campus recruits that they would not be able to join the firm before 2021 as opposed to around this month (though a few of these have since joined - see update below).
The firm said in a statement confirmed that the joining date had been postponed to 2021: “Our offices have been closed since 16th March and we are unlikely to open [until the] Covid situation improves in India. In that situation it does not make sense to risk new joinees to Covid.”
In addition, since many of the new joinees were not from Delhi and Mumbai, starting work early would force them to look for a place to live in the cities during the pandemic, which would add additional hardship, according to the statement.
Update 22:37: We understand that the timetable may have been accelerated slightly. Two freshers have since joined L&L (remotely), another two are set to join in September, with another three freshers now scheduled to join in the first week of October. More may join before January, providing teams are able to adapt to onboarding and training the new recruits remotely, a firm source shared.
While not explicitly mentioned, the move will also no doubt save the firm some cash, and follows in the footsteps of Cyril Amarchand Mangaldas (CAM), which twice postponed fresher start dates to now also be no earlier than January.
Unlike CAM, which told freshers about the postponements in emails, we understand that someone from L&L personally called each future joinee on the phone to tell them about the deferral last month.
Bonus on time
By contrast, bonus payments to L&L fee-earners have not been indefinitely postponed unlike at many other major firms.
Correction 9 September 2020: The initially published story stated that bonuses were paid on time, however, they are normally paid in July. The error is ours and regretted. L&L said in a statement: “July bonus is always paid on completion of 1-1 review of every associate and every partner. This year on account of lock down, review was delayed and was completed only in August, and immediately thereafter bonus was paid out.”
Partners and managing associates at L&L are paid bonuses four times a year, while other associates get paid bonuses twice per year.
It is understood that the amount of bonuses for each fee-earner are fixed at the start of the year at L&L, depending on performance calculated by a formula.
Those bonuses were paid out in full as calculated at the beginning of the financial year, on 1 April 2020.
The bonus component calculation also includes a 360 degree evaluation of teams and the fee-earner (in June and July of each year). So-called 360 degree evaluations usually consist of taking anonymous feedback of everyone that someone has worked with, including those above and below them in the food chain (of command).
Update 9 September 2020: The firm said in a statement that this year the average bonus percentage was much higher than in the last two years.
L&L corporate’s decision to pay out bonuses on schedule, as well as being one of the few firms not to have announced salary cuts or deferrals), is also in contrast to L&L’s own separate litigation partnership, which had retroactively imposed four months' of salary cuts-cum-deferrals by 15-35% in July.
Photo by Antonio Kless.
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Yes there have been no talks of increments or promotions but there have also been no pay cuts or deferments.
Yes, I was the one ranting on the KCO shifting bit news on bonus delays but all things considered, this could have been a lot worse.
I am grateful and I think we should all keep a gratitude jar on our desks (okay the last bit may have been in jest).
As to delay, I agree there has been about a 30-45 day delay. Normally this is expected by July mid to end, never in June. But with Mr Luthra being unwell, again people in the firm were expecting the delay and were understanding.
Please stop being an uninformed troll. You can do better. Aspire to be better.
Shri Kian ji Ganz need to have freedom for whatever he want to do. Leftists should not take that freedom.
Hope the above makes sense to your dehati mind. All I meant to say is that Guest should not try forcing Kian to change editorial freedom by holding subscriptions as a carrot.
If not average, then what were the lowest and highest percentage?
The savior bit (there is no doubt that the reference is to Mr. Saraf) is a bit unclear, given someone a few comments ago hinted Bonuses have been leached. Mr. Saraf wouldn't be much of a savior and would be inefficient in "luring" people as a savior if he has docked bonuses. So go back to your troll hole and confer with brother / sister trolls and decide, have bonuses been docked or is he trying to be a savior and is luring people. Both cannot coexist.
Think Corporate which actually has atleast 3 real superstars with the above initials.
RKL and Mr Saraf creates transparency and empowerment, better money. Created structures.
Empowerment of teams has resulted in better work quality, better client retentions and therefore reasonably high work flow. Better talent pool also, though whether that lasts long enough given myopia now setting in at Corp is anyone’s guess.
Peace of mind for associates was something Corp management (especially Mr Saraf with his constant pursuit of teams on invoicing, recoveries and work generation) had assured to the partnership pool and they have till date delivered.
Litigation just doesn’t care it seems. They are happy being totally full of their own awesomeness and that reflects on their discomfort about the future and hence the pay cuts (deferral!!!)
Insider info- The attrition rate at L&L is still very high despite Covid times. L&L should introspect of why are people still continuing to leave the firm! heard that a certain team in corp has 3 associates leaving in together and another corp team has 2 associates leaving with 2 more set to leave soon.
That aside, let’s keep it factual. Yes, that partner has lost two resources (out of three) mid COVID and will probably lose the balance. But, please don’t try and target the corp practice at large for no rhyme or no reason. This attrition has nothing to do with them and is not applicable to the rest.
Also, before you blame the “toxic” culture of L&L, please note that the partner in question is not a home grown partner. Ironically, they come from a very “cultured” firm.
Kian, please do publish this - the truth, is the truth, and it’s best to let it have its day. Else, this will become another troll bait and a vessel for spreading falsehood.
LI you could think of an alternative business model where the comments section acts as a grievances redressal platform for law firms.
All this despite the fact that the business is booming now (no kidding!). I mean there was a dip in the period April - July. But its not that you let us live then. Then too it was constant work and cribbing - as if we are vacationing and not in lockdown. Dont get me wrong JSA, I love my work and the pressure that comes with it (and I am one of the reliable/ productive ones). But I know my billings, recoveries, etc. (shout out to Jyoti for making JSA transparent!), and I seriously feel an increment and full bonus payouts are warranted immediately. I mean make provisions for supporting lit. team and for any other estimated COVID impact - but release the rest of the damn bonus and increments now.
On increments, if you were giving me a 50k raise then give me a 35k raise. And I know for a fact the COVID dip has not been worse than that (30%). In the name of provisioning, dont effectively stunt my growth, even when you are taking all your emoluments in full (and I know for a fact that you are).
Why L&L? Why RKL? Why?
RKL was our guardian in litigation. But now I am not sure. He announced the giving up of managing partnership but now it seems all of that was just drama, he continues to be a managing partner. Our salaries continue to be eaten by him and his cronies. The so-called reversal and incentive policy is dead on arrival.
Life is a circle and someday these 4 especially RKL would need us and then lets see. Ashamed of my position and helplessness. Today I need to work here, but times are a changing and legal economy is getting robust.
They just want to take more from the pockets of those who toil for them and put the money in their own equity kitty- well thats just following what the ruling dispensation is also doing. All this talk about claw back of pay cuts, deferral of bonus/ increments etc because of covid is hogwash. THEY JUST DONT WANT TO PAY YOU FOR GOOD WORK.
Oh well....someone else will for sure.
Please guide us on why we have been treated like this. We also joined Luthra of Rajiv Luthra and not a different firm relative to our colleagues in corporate. Why do you discriminate against us. Why are we lesser children. What wrong did we do?
Why did our monies get cut. Why did we not have benefit of your benevolence or fairness. Why is it that corporate colleagues, who I like and am not grudging, got more than 100% bonus and I had to cry and thereafter borrow from my brother to meet bank installments.
I feel betrayed today.
Ask Bobby, Sudhir, Vijay what they're up to (they're to blame).
Losers. Come to SAM. Big Daddy loves everyone equally.
We all saw how he behaved at the Litigation townhall. The modern day Dhritarashtra at best and an active conniver at worst. He did not speak a word when the ridiculous bombshell of retrospective salary deduction was being discussed. In fact most of us felt he actually supported it. As the 'Managing Partner' he is absolutely responsible for what happened with the litigation.
Not to suggest that he treats litigation as his step child. If he could he would have done the same with Corporate. The only difference being, in Litigation his sidekicks S,V, and B went along with his plan. Grapevine has it that the Corporate Senior Management and EC did not allow this. There was no intention of a differential treatment, it is just that he couldn't rule his roost over the Corporate side :). I have no resentment towards my corporate colleagues, I just am sad about my luck!!
Ik din bik jaayega maati ke mol
Jag men rah jaayenge, pyaare tere bol
Duje ke honthhon ko dekar apane git
Koi nishaani chhod, fir duniya se dol
Ik din bik jaayega ...
What is the average/estimated percentage of annual increments and bonus at these law firms for tier 1 like Kco, azb, SAM, CAM or tier 2 like juris corps, Nishith desai ,Wadia ghandy etc?
If you did 4 DDs in the previous year, you will do 6 in the next one. Also, if you were spending 10 hours / day working, then that was just 'breaking the horse'. Next you spend 15/ day. :D
Whatttttt
Is this confirmed or just faff?
What was the average percentage this year? What was the lowest and highest percentage awarded?
Rajiv appears to have allowed some partners at litigation take advantage of him and has in a way enabled the sorry state at litigation. Trust deficit is very high amongst the counsels. Pay cut, broken promises, randomness of behavior by seniors at litigation is all turning up against RKL and at RKL's doorsteps.
Just wanted to clarify that in my view RKL seems to be a victim of circumstances but within the firm he is perceived as being a dilettante and even worse a Trojan. Maybe they all need to sit and close things.
My understanding of the most senior levels at the firm indicate that corporate teams feel that litigation including seniors there don’t do the heavy lifting in client management or business generation but still reserve and demand a seat at the high table. The free lunch is getting to be a pain.
RKL would rather let things lie as he entrenches his position. It’s a tactical issue for him and some unhappiness or adversity is a price he may be willing to pay. In my view his being tactical is foolish and is what is creating the crisis.
Appropriate for a lot of senior management in law firms and seems especially true in the object of LI’s commentariat’s affection.
To dock non-market salaries of associates With retrospective effect requires a particularly special kind [...]. This when all across the last 2 decades they have all solely enjoyed the benefit of equity. Churchill would be proud of the London City Board Member. In a good year the farmer gives lagaan, in a bad year The farmer gives lagaan and life.
The Big Man is all we need. Tusi kaun?
Ask any headhunter and CVs are flooded in the market at senior levels with team moves being a major incentive.
@luthra, please aap bhi kardo ye. We had our appraisal interview so many days ago. Ye tranches mein kyu dete ho yaar cheesein?
Looks like Trilegal does care about its lawyers . Increments + Bonus bhi
Man believes he alone is of any consequence so why be surprised by the leadership roles Kay he wishes to showcase for the world. Of course we all know what he has ever done as a leader other than passing the buck and hemming and hawing in meetings. A bloody disgrace.
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