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This article, like many others, was first published exclusively for long-term supporters, 72 hours before everyone else got to read it.

Revealed: Law firm Khaitan & Co revenues top Rs 600 crores in 2018-19

This is up from more than Rs 500 crores the previous year and Rs 11 crores in 2002.

Revenues per fee-earner would exceed around Rs 1 crore
Revenues per fee-earner would exceed around Rs 1 crore

Khaitan & Co has bumped up its revenues in the 2018-19 financial year by 20 to 25% to cross Rs 600 crores, according to several authoritative sources with knowledge of the figures.

We understand from sources that total revenues were between Rs 610 and 620 crores ($87m to $89m), in the financial year ending 31 March 2019.

In March 2018, Fortune magazine had reported that the firm had revenues “north of Rs 500 crore”, in its profile of managing partner Haigreve Khaitan, having ballooned from revenues of only Rs 11 crore in 2002.

Haigreve Khaitan declined to comment or confirm the figure when contacted.

As of 11 April 2018, Khaitan’s total partnership strength was 127, including 91 equity partners, which at Rs 615 crore revenues would translate to roughly:

  • average revenues per partner of Rs 4.8 crores (around $685,000),
  • average revenues per equity partner of Rs 6.8 crores (around $970,000),
  • average revenues per fee-earner of Rs 1.1 crores (around $160,000).

These ratios are, of course, averages, so revenues earned by each partner and their team would vary.

Meanwhile, for equity partners, take-home profit distributions would vary year-by-year primarily on the basis of performance and amounts paid by way of retainer are primarily dependent on seniority.

At most large law firms, the majority of revenues would be spent on salaries paid to fee-earners (including equity partners), with an additional chunk going into fixed infrastructure costs and other expenses.

After the most recent partnership promotions, in April 2019, Khaitan’s total partnership headcount had increased to 152; however, the number of equity partners had remained steady at 91, after no equity elevations were made, unlike in previous years).

For a long time, Indian law firm revenue figures been closely guarded trade secrets, though several firms are now quite transparent internally within the partnership about their financials.

Globally, revenues of most firms are disclosed and reported, with the largest international law firms with dozens of global offices having revenues of more than $2bn in 2017-18, according to The Lawyer magazine.

If you know of any other Indian law firm revenue figures, please Contact Us and let us know, in strict confidence.

Photo by Sohel Patel

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