Trilegal has promoted Delhi disputes counsel Jafar Alam and Ashish Bhan into its all-equity partnership, which now numbers 37.
Trilegal head of disputes Sitesh Mukherjee commented: “We are pleased to welcome Ashish and Jafar to the partnership. Over the years, both have made their mark at Trilegal through exceptional work ethic, commitment to client service and are true ambassadors of the firm’s values.
“The two new partners will help to lead the significant growth that we have witnessed in the dispute resolution practice at Trilegal, both in terms of number of matters as well as their variety. We wish them the very best in their journey hereon.”
According to Trilegal’s website, Alam specialises in commercial and regulatory litigation:
Jafar has experience in advising clients on disputes and handling litigation at various fora including the Supreme Court of India, various High Courts and Electricity Regulatory Commissions across India, the Company Law Board, Consumer Commissions, Debt Recovery Tribunals and the Board and Appellate Authority for Industrial and Financial Reconstruction. He has dealt with matters involving public law issues, issues pertaining to the Electricity Act, the Indian Companies Act, contract law, tenders, private international law, the Sick Industrial Companies Act and the Arbitration and Conciliation Act.< Alam is a 2008 graduate of Campus Law Centre of the University of Delhi, with a Masters in regulatory law from the University of Chicago.
Bhan, according to Trilegal’s website, specialises in commercial litigation and telecoms disputes:
He has been representing Indian and multinational clients in corporate and commercial disputes before various courts and tribunals in India. A substantial part of his practice has been advising and representing telecom giants on all their issues including disputes with shareholders, dispute with the regulatory and disputes with various vendors in the telecom industry. He has been managing commercial disputes for telecom companies in various forums including their arbitrations in Singapore International Arbitration Centre (SIAC). Ashish has advised clients on their bi-lateral investment disputes with the government of India. He has also advised clients on criminal and quasi criminal matters and in actions against the government. He has acted for telecom and broadcasting companies, funds and commercial banks, high net worth individuals and a wide variety of clients in several high profile Dispute Resolution. He is a member of the Supreme Court Bar Association, Delhi High Court Bar Association and the International Bar Association
Bhan is a 2008 graduate of Amity Law School Delhi, and a holder of a 2009 LLM from University College London.
Alam and Bhan are the fourth and fifth partner in Trilegal’s disputes practice.
Trilegal co-founding partner Anand Prasad has, as of 1 April, retired from the firm and gone independent for a new chapter in his career (and in the process, has also surrendered a large chunk of his top-of-lockstep equity in the firm, with his equity ‘points’ being shared by the rest of the partnership). Update 13:35: Story updated to also include promotion of Ashish Bhan.
Trilegal’s all-equity
Trilegal, which had converted to an all-equity modified-lockstep model in 2012, after a few years of flirtation with the concept of salaried partners, has by virtue of its model often promoted more cautiously into its partner ranks than its peers (which often have as many as three different partnership positions, split between a variety of equity and non-equity tiers).
In an all-equity modified lockstep, partners at the same seniority will automatically take home an equal percentage of profits every year, with their stake increasing year-by-year up to a maximum plateau, subject to meeting certain conditions.
The decision whether to allow a partner into that small pool is therefore usually a more long-term and difficult choice than elevating someone into a salaried partnership.
Last year, Trilegal had promoted three, in 2015 five, two in 2014, and none in 2013.
Comments
For the equity to sustain Trilegal will need to keep increasing its revenue by a percentage which is way higher than the country's GDP growth and that isn't easy to do. Otherwise those at the top need to be willing to make lesser money. Hobson's choice if you ask me.
First year equity is pegged at a level where it delivers a package that is higher than at counsel level. If people are taking home less in the first year, it is because they weren't paying their fair share of taxes as retainers - not a choice when you are a partner. And as equity goes up every year, people make more every year. The people who make the same amount every year are those at the top whose equity doesn't go up.
So not Hobson's choice at all.
Anyways - All the best!!