The management of Cyril Amarchand Mangaldas is revising retainer bands for lawyers across all levels by 30-40%, according to two reliable sources.

With this increase in retainer bands, lawyers who get promoted to higher levels will effectively see a hike in pay amounting to 40-60%. Therefore, owing to the cumulative effect of the increase in retainer bands and upward movement, lawyers will get an even greater windfall.

Confirming the increase in pay across levels, Cyril Amarchand Mangaldas Managing Partner Cyril Shroff said,

“The foundation of this revision was laid last December, when we were reimagining our talent strategy. We had set a bold ambition to be the best paymaster for the best talent, and told the firm about this even then. We are delivering on this ambition."

However, he did not comment upon the exact amounts by which the retainer bands have been increased.

Sources revealed that freshers (A0 level) who are joining the firm will all start at ₹16 lakh per annum.

The compensation for A1 level has gone up to ₹21 lakh, and for A2 level, it has been raised to to ₹26 lakh. Salaries of lawyers at the A3 level have gone up to ₹33 lakh per year.

At Senior Associate level one, the compensation has gone up to ₹42 lakh, while level two Senior Associates will get up to ₹50 lakh per annum.

For Principal Associates, the retainer varies from ₹60-80 lakh based on the respective levels.

For Partners across levels, the band has been increased by around 30%.

The annual pay bands include a variable component based on performance of the lawyer.

Recently, Trilegal announced a hike in retainer bands across all levels, resulting in lawyers getting increments over and above the normal increments.

[Watch our October 2020 interview with Cyril Shroff]

-- -- --

If you would like your Deals, Columns, Press Releases to be published on Bar & Bench, please fill in the form available here.