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COVID-19 Impact: Shardul Amarchand Mangaldas Bucks Trend, Announces No Pay Cuts

Its peers Cyril Amarchand Mangaldas and Khaitan and Co had earlier announced that their equity partners and executive directors will be taking pay cuts.

Apr 29, 2020 / 08:45 PM IST

As business firms across the world try to grapple with the economic fallout of the COVID-19 outbreak, the one constant narrative that that is playing out has been related to jobs cuts and slashing of wage bills.

But some firms are trying to eke out a way out of this crisis and country's leading law firm Shardul Amarchand Mangaldas has decided that it won't cut the monthly retainers given to its lawyers. Rather, it is going to defer the variable compensation payout.

Its peers Cyril Amarchand Mangaldas and Khaitan and Co had earlier announced that their equity partners and executive directors will be taking pay cuts.

In a statement issued on April 29, the firm said: "As matters stand, there will be no cut in fixed monthly retainer and the fixed retainer would be same as that of last year. In addition, where lawyers are eligible to variable compensation, it shall be calculated taking into account the performance of the Firm and be paid in equal tranches, in March 2021 and the first half of FY 2021-22. Also, the balance of the past FY’s variable compensation shall be paid out by the firm."

Follow our full coverage of the coronavirus outbreak here
Moneycontrol News
first published: Apr 29, 2020 08:45 pm

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