L&L Partners co-founder and former senior partner Mohit Saraf, who had won a Rs 77 crore-value settlement in a protracted arbitration and Delhi high court dispute and separation with fellow co-founder Rajiv Luthra, will announce the setting up of his own rival firm today, we understand according to multiple market sources.
Saraf’s firm will be called Saraf & Partners, and will include at least two of L&L’s few remaining corporate heavy-hitting long-time corporate partners, Bikash Jhawar and Vaibhav Kakkar, according to two authoritative sources. Jhawar, a 2003 NLSIU Bangalore graduate had been with the firm since 2007 after leaving ICICI Bank, while Kakkar, had worked at the firm since graduating from NLU Jodhpur in 2006.
According to our league tables, both of those names have been the highest-profile and busiest in L&L’s remaining corporate practice, with Jhawar having acted in 2019-20 on 7 deals worth $4bn, including a number of huge insolvencies; Kakkar having led on nine deals worth $208m that year, including often with the firm’s late senior corporate partner Sundeep Dudeja.
Those two have been some of the most hotly tipped and, according to some of the transcripts of internal firm discussions submitted in court, also vocal supporters of Saraf’s vision of opening up the equity of the firm in a different manner from Rajiv Luthra’s.
However, we believe that other L&L partners will also be joining, we have not been able to authoritatively at this time confirm the other names that will be part of the Saraf & Partners starting line-up, but will update this story when we hear more.
We have reached out to Saraf, Jhawar and Kakkar for comment but neither have responded.
We have also reached out to Luthra for comment.
Update 13:33: The new firm has sent out a press release, stating that the firm would have 21 partners “who have resigned from L&L” and a total of 84 lawyers (though it does not list the partners). The (nearly) full press release included below.
Update 12:41: As pointed out in the comments, Saraf and Partners also has a logo, Twitter account and registered domain (linked to from Twitter but only with a holding page now) now.
Long time coming
But for the name, the fact of Saraf & Partners starting will surprise very few people in the market, which has witnessed the break-up of the firm since we had first begun reporting bitter and very open internal fights in late 2020.
Since then, at least seven partners - including many of whom were homegrown at the firm - had quit the firm, in addition to mass departures such as nearly the entire top-rated capital markets team previously to IndusLaw.
That said, despite the heavy attrition and losses of talent that he might have hoped to entice into his new endeavour, he does start out with a warchest of Rs 52 crores in cash from Rajiv Luthra after the litigation, and a bank guarantee of Rs 25 cr from the latter pending the final outcome of the arbitration.
Luthra down in numbers but not out
During the Delhi high court dispute, Rajiv Luthra has attempted to plug some gaps with hires - somewhat complicated by the fact that the Delhi high court had imposed a moratorium on any hires, which had therefore purportedly been made unilaterally by Rajiv Luthra on his personal book rather than the firm’s.
These include the re-joining of AZB & Partners Mumbai-based banking partner Piyush Mishra into L&L’s depleted Mumbai office and insolvency team, according to Bar & Bench (the NLSIU 2002 graduate had left L&L in 2007 and 2015 after three and near-six-year stints respectively, bracketed and interposed by roles at erstwhile Amarchand Mangaldas, Allen & Overy and Cyril Amarchand after moving to AZB in 2018). Bar & Bench also reported that L&L was looking to expand its office space to entire 20th floor of an Indiabulls building, though we have not been able to confirm precise details.
Another Luthra alum, Abhishek Mathur, would also be rejoining L&L in Delhi, according to B&B. Mathur had been running ABM Law Associates his own firm since leaving Luthra & Luthra, as it was then called, in 2008 after having begun his career at Luthra’s in 2003 after graduating from NLSIU.
We also understand that in the latter stages of the dispute, at least since May 2021, Rajiv Luthra had hired the 2016 to April 2021 Trilegal chief-operating officer, Sabiana Anandaraj, as part of his personal team to help him in managing the firm.
The hire makes sense, as of course, managing the firm on an operational level had previously effectively been Saraf’s role, despite Saraf’s prior official job title having been senior partner and Luthra’s that of managing partner, which Luthra retains at the continuing L&L firm.
We have not been able to confirm Anandaraj’s official title at L&L.
The Luthra & Luthra of the future
What exactly the future structure of L&L will be, is not clear.
For one, negotiations to extricate Saraf from the separate litigation and other partnership he has a stake in, are presumably still ongoing and were not included in the Delhi high-court sanctioned settlement.
What is known, is that during the midst of the dispute, Luthra had infamously ousted Saraf and opened up a side pot of equity, appointing two partners - Delhi-based Harish Kumar and Mumbai-based Aniket Sengupta - into this new equity pot.
We understand that the exact percentage of his equity that Luthra had opened up at the time was equivalent to 0.25% of Luthra’s 66.6% profit share at the corporate partnership firm (Luthra had not responded for comment to this figure back in January 2021).
If that figure is correct, and if taking a high-point profit of Rs 43 crore at the corporate firm, according to claims that had been made by Saraf, that would equate to around Rs 7 lakh of annual equity profits available for distribution to equity partners other than Luthra (and Saraf, back then).
Presumably Luthra has been busy trying to come up with a more workable equity model since then - since it was the most public bone of contention that finally led to the fundamental disagreement between the two - though no firm announcement or commitment has yet been made internally.
Likewise, the equity structure of Saraf’s firm is not yet known either.
Saraf & Partners press release
Update 13:33: The firm has issued a press release with more information (though it’s still silent on the other partners):
Noted corporate lawyer, Mohit Saraf today announced the launch of new law Firm Saraf and Partners, an independent, full-service legal enterprise with offices at Delhi, Mumbai, and Bengaluru.
This marks the beginning of a new initiative by Mr. Saraf, who had previously been the co-founder at M/s L&L Partners (earlier Luthra & Luthra Law Offices) (“L&L”) – one of the leading corporate law Firms in India.,
Saraf and Partners shall at inception, comprise of 21 Partners and total strength of little under 100. The members of the Firm have extensive experience practising law at the highest levels with its partners all being leaders in their respective fields, Individually and collectively. The lawyers comprising the Firm have been recognized for their excellence by clients, industry bodies and their peers – and are drawn from a variety of backgrounds so as to ensure an optimal client experience.
Sharing his views about the new firm, Mr. Mohit Saraf, Founder & Managing Partner said, “The Legal industry is evolving at a tremendous pace, making it crucial for Indian law firms to reinvent, advance, and adapt themselves to these changing times. While the split from L&L was a major contributor to the inception of Saraf & Partners, one of the core values being offered by this firm is the modern ideology and inclusiveness in the management of clients and business partners. Our mantra is to build an institution where everyone feels a sense of belongingness and loyalty towards the firm. With Saraf & Partners, we are striving to transform the legal landscape with a new-age, innovation-led and vision-oriented firm which is ahead of its competition in the market. Each of the 21 partners are leaders in their areas of competency and are also the owners of the Firm, and will have a big role in managing the Firm. This is the beginning of a new era and we are excited to see where this journey leads us in future.”
The Firm intends to provide its full-service legal capabilities to its existing and potential clients and offer specialization in the areas of [mergers and acquisitions, restructuring, PE & VC investments, banking and finance, insolvency & bankruptcy, IPR & Tax. as well as corporate disputes]. The Firm will aim to bring a strategic approach to client needs combining sectoral knowledge and legal experience.
Elaborating further on the new firm, Mr. Saraf said, “What makes the Firm even more distinct is its commitment to rewarding excellence and its entrepreneurial and strategic approach to growth. At inception, only a third of the Firm’s equity shall be held by me – with another third being held by the various leading partners who shall be transitioning to join the Firm. A further third of the equity of the Firm has been earmarked for the talent acquisition process that the Firm shall soon be taking up to expand – ensuring that the best and the brightest lawyers are both incentivized to join, and feel part of, the structure of the Firm. This model of minority ownership will go hand in hand with a participative and broad based management system – giving the lawyers and counsels space to grow as professionals and incentivizing performance in a sustained structure.”
It has to be noted that L&L had been a two-partner partnership firm that had been operated by Mohit Saraf (“MS”) in collaboration with Rajiv Luthra (“RL”). Saraf and Partners came into existence after over time numerous differences had arisen between MS and RL in respect sharing of ownership of the Firm with younger partners. This resulted in RKL illegally expelling MS from the partnership and was the subject of litigation between the two partners before Hon’ble Delhi High Court. The Hon’ble Delhi High Court in January 2021 – had ruled in favour of MS. In an appeal, the parties, in the interest of all the clients, attorneys and staff associated with the practice, decided to agree to separate - on terms of settlement which were recorded by the Hon’ble Delhi High Court (Division Bench) through its orders.
Pursuant to the orders of the Hon’ble Delhi High Court, MS has now been empowered to set up his own independent law practice, including in partnership with any lawyer/ advocate who was part of L&L Partners. MS and RL are entitled to claim credit for all works done and accolades won by the L&L, as well as compete for its clients, work, advocates, and staff. Hon’ble Delhi HC order has provided choice to each and every client, lawyer and staff to either join the Firm led by Mohit Saraf or Rajiv Luthra.
The entity controlled by RL has been permitted to use the brand name L&L Partners or “Luthra & Luthra Law Offices, sybject to contractual settlement. Accordingly, a separate entity, branded Saraf And Partners has been established by MS, and a large part of the current strength of 84 includes 21 partners who have resigned from L&L Partners and are accordingly moving to Saraf and Partners.
The Firm will operate out of its new office locations starting today and may be contacted at the below coordinates:
Contact:
[Delhi:]
Mohit Saraf, Saraf And Partners, New Delhi
Saraf & Partners,
The Leela Palace,
Africa Avenue,
Diplomatic Enclave,
Chanakya Puri,
New Delhi,
Delhi- 110023.
[...]@sarafpartners.com Ph-011-44050600
[Mumbai:]
Saraf & Partners,
Unit No 4,
3rd Floor,
Adani Inspire,
G block, BKC,
Bandra Kurla Complex,
Mumbai,
Maharashtra-400051.
[...]@sarafpartners.com Ph-022-44050600
[Bangalore:]
Saraf & Partners,
14th Floor,
Skav, 909 building,
Lavelle Road,
Ashok Nagar,
Bengaluru-560025.
[...]@sarafpartners.com Ph-080-44050600
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Back when this whole drama started, MS had promised us that no partner’s name will be on the door and that we will follow a Trilegal model, and not a family run firm. Every seniorish partner will be handed out sizeable equity, and they will have an equal say. All of that was clearly hogwash.
Unfortunately, the partnership deeds already have a non-compete and a garden leave clause, so backing out is no option. One is left with no option but to suck it up and accept their fate.
I really hope that I commit a blunder on a matter and MS shows me the door so that I can consider joining another firm.
This feelz like being a part of the D company. Can get in but can’t get out.
Sorry RKL. Shouldn’t have questioned your integrity and backed you like most other sensible partners.
"I wanted to take the opportunity to share my vision for the proposed new Firm which would be a collective of Staff/Counsel/Partners, all with equal respect and regard and their own set of responsibilities towards our collective growth; it would never be a Firm which “I founded” and “allowed” you to join; it would always be a Firm “we” created and nurtured together."
And Mohit calls himself the "sole" "Founding Partner" and the name of the firm itself is ridiculously suggestive of his hypocrisy and narcissism. He's a massive hypocrite. No offence, but you should've seen it coming.
If that be the case then why the current name "Saraf & Partners". Or was it that the previous stance was taken as it was beneficial for MS. If so, how can one trust MS?
Second, Mohit has not won any amount. Atleast not as yet. It was an interim settlement which Rajiv agreed to pay pending final adjudication. This amount will be adjusted against amount which may be awarded. On the contrary if the net amount payable to Mohit is lesser, mohit will have to return the money with interest. Mohit in turn gave up his claim for reinstatement.
And anyone joining the firm below the partner level as A/SA/MA?
not Saraf & Associates
Anyone would be forgiven for making that mistake
In fact it should tell you something
I mean it is fine till everyone wants to be a part of the discussion but if such a firm offers you a competetive renumeration at these levels, won't you consider joining?
This obviously doesn't apply to people eyeing to join/reach at the Partner level.
yeh lo
L&L - Green background for logo and theme.
SarPar or SAP - Orange background for logo and theme.
Am I reading too much in to this?
My advise to you would be to see the luthra website (if they honestly update it) in a few days. The bench strength is depleted beyond belief.
And now for some clarity, none of the “cream” came from L. He was the one who was pocketing the cream through the disproportionate equity he controlled.
The “cream” was self generated by the respective teams through regular interaction with clients and through some very very high quality work delivery. So stop being a fool and living in some illusion and make-believe.
L has not generated work for corporate in over a decade. Even the celebrated London / Lux steel company was Sameen and MS.
Vivek Pareek, Abhishek Swaroop, Arjun Rajgopal, Lokoesh Shah, Nipun Vaid, Priyamvada, Rohan Shah, Sanjeev Sharma, Akshay Nagpal, Akshay Jain, Murtaza Zoomkawala,
2. Will some one tell me, why does L&L has 2 websites running at the same time, www.luthra.com and www.llpartners.com ? and why does one of them still show apurva jayant and bharat chugh as partners, when they quit almost a year ago !! Hopefully sabiana and team will have it factually updated
3. with Gayatry Roy (see B&B article) having moved, Luthra has also lost its entire IP Practice. wonder if luthra will reconsider "full service" tag with no capital markets, and no IP practice.
Indeed he believes he is "way ahead of the pack"
And if not, then you're just a regular fan-boi.
What is with the "Indian" part. Recalls the curious practice of colonial times, and still carried on in some courts, of mentioning a person's religion along with other antecedents while petitioning the court regarding any grievance (" I, so and so, son of xxx, Hindu, resident of.....").
And why should one state that their focus is on understanding their clients' business objectives. That should be a given these days as law firms everywhere are claiming to do just that.
(And since he has mentioned that his is an Indian firm, the "business objectives" of 9/10 Indian businesses is to "game the system", destroy competitors less through fair competition and more through underhand tactics, gain various advantages by buying influence, etc, etc. Once you have "understood" the objectives, the difficult and interesting part is to lend a helping hand.)
Finally, if that is meant to be a logo of an "S", what is that little thing sticking out? A ramp...to signify rapid ramp up? Sticks out like a sore thumb.
Mohit Saraf
Bikash Jhawar
Vaibhav Kakkar
Vikrant Kumar
Gayatri Roy
Lokesh Shah
Rohit Raghavan
Sahil Arora
Abir Dey
Snigdhaneel Satpathy
Sanjeev Kumar
Vivek Pareek
Abhishek Swaroop
Arjun Rajgopal
Nipun Vaid
Priyamvada
Rohan Shah
Sanjeev Sharma
Akshay Nagpal
Akshay Jain
Murtaza Zoomkawala
S&P can help mentioning practice area against each.
The nation wants to know!!
How come L&L pays 16 and S/CAM pay 13? Toppers of each college still always choose SCAM over L&L. Why is that so? Someone plz throw some light on it .
The Amarchands have historically paid slightly lesser than other firms. Apparently, their brand name makes up for it. Other firms like Trilegal, AZB, Khaitan, L&L - all pay in the 16 range.
Time will tell.
Luthra was founded 89-90, Saraf became a lawyer in 94-95, Saraf joined Luthra after working for a chamber practice for a few months at 7,000 inr PM, A0, calls himself founder of Luthra inspite of the Delhi High Court order, ordering he can't do so, 12 or 14 partners quit on sunday morning, leave same day and join SAP ( some join even before quitting) No notice, no handing over, ethics !!!! integrity??? SAD! Good Luck, really! all at Sh and P need it.
What's funny is what S&P's website claims : "We are a diverse and inclusive organization, respectful of everyone’s personal spaces and beliefs, and geared towards delivering high-quality legal services to our clients and the broader community."
Say that again S&P. What? Did you just copy paste from somewhere for some laughs? Or anything goes?
Would be an interesting exercise for Legally India to determine the gender ratio at the big Indian law firms. Diversity, especially on the gender front, is something that foreign clients pay particular emphasis to these days.
Also, the website makes a particular claim. It is a false claim right now if you don't presently have the diversity but are expecting/ hoping that it will be the case in the future
Kare toh kare kya. Bolein toh bolein kya.
My advice, go a bit light on the chaar bottles of vodka.
Anyways, all the best to both the firms.
Any ideas about other positions like PA/MA?
Also when in Luthra updating its two websites to show partners actually on its rolls. It’s been ten days of S&P announced but Luthra is still showing those 20 partners as it’s own partners and projecting inflated bench strength
That's all folks!
But just got news of one more partner quitting luthra
www.barandbench.com/news/corporate/ll-partner-akhil-anand-rejoins-shardul-amarchand-mangaldas
My point was that his leaving has been out in the open for a couple of months now. He's simply serving his notice.
Captain 'O' Captain, steerer of ships, storm killer, dancer in the rain, mighty 'O' almighty: What are you doing? We've always wanted to stay back and continue at the firm minus the defectors. You promised growth and joy. I am but a little senior associate at your firm, with no real authority to question your strategic decisions, but now, we are very concerned. Hopefully, you have the counsel of your partners and EC (wait, is there one anymore?) and not just of your newly appointed COO.
Always L&L Family / Toast to the Fam-Jam,
Cheers always!!....twirling the single malt in my glass, sniff and sip....feel good!! Miss the kebabs, though!!
On separate note heard 3 Prather exits from luthra lit.
1. Manmeet singh setting his own practice
2. Mumtaj Bhalla joining another law firm
Lots of promotions
Now, what do you cry-babies have to say? I'm looking at you - commentators at 40 and 40.2. Seriously, get a life, before pointing fingers at our management. All good things take time. @All the associates at L&L: have some faith, you guys really need to cut the management some slack after all the fighting that they've been through in the last 9 months.
- it is widely understood that partnership made as much as the corporate partnership over the last decade. Yet, the salaries were in most cases half of what corp. associates and partners made.
- over the years, many salaried partners made a lot of money for that partnership and did not ask for a share of profits. It was futile asking for it. Yet, when COVID tiggered, they were asked to give up up to 30 per cent of their existing fixed pay, which component was made variable. Same for MAs.
- no two people at the same level make the same retainer. A senior associate may be making the same as an A2.
Ultimately, speaking of these 'mighty' 30-40 per cent increments.. how much is 30 per cent of 65/75K that an associate may have been stuck with since 2019?
There are good people at L&L Lit. who should know they may not just be better paid, but also better treated elsewhere. They should cease this mentality of resigning themselves to fate, and continuing at a place with variable standards.
Alina and team ??!?!
www.barandbench.com/news/corporate/induslaw-avirup-nag-joins-ll-partners
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