Cyril Amarchand Mangaldas has announced some variations in the salaries of its lawyers because of COVID-19 pandemic. The firm has decided against effecting job cuts and salary cuts. The firm has tweaked the ratio of fixed to variable compensation, moving some amount of fixed compensation to variable for some category of lawyers.
Managing Partner Cyril Shroff said,
“ We are in survival mindset and unafraid to take bold decisions. The partnership is solidly behind me. We believe that moving more into variable pay is both pragmatic and humane. As we are currently not doing job or pay cuts…I am very proud of my firm and the maturity it has shown.”
Equity Partners of the firm have voluntarily decided not to draw any salaries for this financial year. About 20-30% of the fixed compensation of the salaried partners is being moved to variable compensation for this financial year. For Principal Associates/Senior Associates, it would be around 10-15%.
There will be no change in the compensation structure for lawyers with an annual package of Rs. 25 lakh and below.
The decision of the firm will be again reviewed in June in accordance