Eminent corporate lawyer and L&L Partners Co-Founder Mohit Saraf on Monday announced the creation of a new law firm - Saraf and Partners. The law firm would an independent, full-service legal enterprise with offices in Delhi, Mumbai, and Bengaluru.
Saraf has announced the launch of the new firm after a contentious split from L&L Partners following a legal dispute with Co-Founder Rajiv Luthra. "Saraf and Partners came into existence after over time numerous differences had arisen between MS (Mohit Saraf) and RL (Rajiv Luthra) in respect sharing of ownership of the Firm with younger partners," noted a statement issued by Saraf. This had resulted in Luthra illegally expelling Saraf from the partnership and was the subject of litigation between the two partners before Delhi High Court. According to Saraf, the court ruled in his favour. The legal dispute ended in a separation following an order from the Delhi High Court.
According to the Delhi High Court ruling, Saraf was allowed to set up his own firm including in partnership with any lawyer or advocate who was part of L&L Partners. Saraf and Luthra were 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, as per a statement issued by Saraf. Twenty-one partners who have resigned from L&L Partners and are accordingly moving to Saraf and Partners, as per the statement.
Saraf and Partners at the time of its inception will have 21 Partners on board and a total strength of a little less than 100.
Commenting on the launch of his new firm, 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." he added.
Saraf and Partners plans to offer its full-service legal capabilities to its existing and potential clients. The firm will offer specialisation in areas of mergers and acquisitions, restructuring, PE & VC investments, banking and finance, insolvency & bankruptcy, IPR & Tax as well as corporate disputes. The firm intends to bring a strategic approach to the needs of its clients by combining sectoral knowledge and legal experience.
Saraf said at the time of inception, only a third of the firm's equity will be held by him, with another third being held by the various leading partners, who will be transitioning to join the firm. A further third of the equity of the firm has been earmarked for the talent acquisition process. "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 incentivising performance in a sustained structure." said Saraf.
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