Shardul Amarchand Mangaldas (SAM) has announced a 10% increment in the fixed retainer fee of its lawyers, with retrospective effect from April 1, 2020.

It is understood that the target for bonus pay calculation will remain unchanged despite such an increment. The target had not been increased at the beginning of the financial year, owing to the hit taken by business due to COVID-19.

As a result, SAM Associates are expected to receive bumper increases and performance bonuses even as the pandemic persists.

The firm has also made modifications to the variable fee payments due to its lawyers. These will be based on the variable component of the lawyers' Cost to Company (CTC).

The variable fee payment will be based on the target agreed at the beginning of the financial year. For the coming financial year (2021-22), the lawyers' CTC will be considered as if it has increased by 10% for both fixed and variable payments.

As was the case last year, increments and promotions at the firm will be done in due course. These will completed in the first quarter of the coming financial year, the firm has stated.

In April 2020, SAM decided against making any changes to the fixed monthly retainers of its lawyers amid a pandemic-hit year.