SAM & Co. announces no pay cuts, defers variable compensation payment
Apr 30, 2020
New Delhi [India], April 30 (ANI/NewsVoir): As we navigate these challenging times, our focus remains on the wellbeing of our people, securing the business of the firm, strong financial management, and providing as much certainty as we can to our stakeholders.
The management board of the firm has had extensive deliberations and have taken the following decisions for FY 20-21 for our lawyers:
As matters stand, there will be no cut in the 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, as always.
Any adverse impact of the firm's performance would be largely borne and absorbed by the equity partnership of the Firm. Although we are aware of the tough and unprecedented time the firm, the country and the world are going through, we have borne the interests of all in mind as we brace ourselves for a challenging time ahead, with prudence and vigilance. We are confident that we will emerge from these times as a stronger and more evolved firm.
As always, we remain committed to serving our clients and are proud that the Firm has had a great start to this Financial Year with headline deals, even in the present climate.
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