Argus Partners revamps equity partnership structure; partners to be compensated on merit and performance in lockstep model

Argus Partners has modified its equity partnership structure into a 'modified lockstep' model with a view to fostering transparency, fairness and clarity in the firm's progression..According to a press release issued by the firm, the rationale behind adopting the lockstep model is to permit its partners to "accelerate their career progression while ensuring adequate support to their respective professional objectives."Partners will be compensated based on merit and performance. The structure also aims to be empathetic towards situations beyond the control of the partner or personal exigencies and other circumstances like maternity and childcare..Speaking on the new model, Managing Partner Krishnava Dutt said,“The Firm has grown at a good pace over the last couple of years and has reached a position where, we collectively as a Firm, consider it to be the best way to take the Firm to the next level. The modified lockstep model complements the Firm’s goal to attract, retain and develop the best lawyers in the country while providing the Firm with more flexibility to propel forward with its ambitious strategic growth.”.Senior Partner R Sudhinder added,“Argus believes in transparency and fair opportunities to all. The Lockstep is a progressive step in that direction and a significant milestone in the journey of the Firm!”.Aastha, who was elevated to the firm's partnership in March this year, said,“Having been with the Firm since its inception and having witnessed its remarkable growth, I am delighted that we have chosen this lockstep model which is a testament to our commitment to meritocracy and inclusivity. I am confident that it will continue to help us to build on our success and reach even greater heights.”.Adity Chaudhury, who was also elevated in March, said,“The lockstep is another milestone for the Firm and a step in the right direction as the Firm enters its next stage of expansion. It reflects the Firm's culture which nurtures and rewards talent, and is fair, inclusive, accommodative, and based on meritocracy. Argus is already one of the fastest growing law firms in Asia doing marquee deals and I am confident that this new structure will propel it to become one of the largest.”.The firm had appointed Sudhinder and Abeezar Faizullabhoy to its Executive Committee in May this year.The firm has 24 partners out of which 11 are equity partners..Follow Bar and Bench channel on WhatsAppDownload the Bar and Bench Mobile app for instant access to the latest legal news.