Founder and Managing Partner of L&L Partners Rajiv Luthra yesterday announced to the firm that he has formed a three-member committee to prepare a report on the criteria for inducting partners into the firm's equity.

The three-member committee comprises Adil Zainulbhai, former Chairman of McKinsey; Valerie Bowles, Managing Partner, Silk Legal Consulting; and Ashish Nanda, Senior Professor, Harvard Business School.

The Committee has already had several rounds of discussion and will be interacting with the the firm's partners over the course of the next few weeks.

It is understood that Rajiv Luthra will be diluting his equity and inducting partners into equity based on this report, which is expected to be announced sometime in April this year.

In October 2020, Rajiv Luthra had unilaterally diluted his equity to make two new Equity Partners - Aniket Sengupta and Harish Kumar.

The two senior-most partners at L&L Partners, Rajiv Luthra and Mohit Saraf, have been embroiled in a tiff over the dilution of the firm's equity for months now.

After Luthra made two equity partners, Saraf wrote to the corporate partners stating that he had accepted Luthra's earlier offer to retire and withdraw from the firm. He also alleged that there were "material breaches of the partnership deed" by Luthra.

In response, Luthra not only denied retiring from the law firm, but also terminated Saraf's partnership on account of the latter's "clumsy strategy" on equity dilution.

Thereafter, in October, Senior Partner Mohit Saraf moved the Delhi High Court against Rajiv Luthra contending that he cannot be summarily thrown out of the firm using strong-arm tactics.

After hearing lengthy arguments from both sides, the Delhi High Court had reserved its order on December 9.