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Both Cyril Amarchand Mangaldas and Khaitan & Co have rescheduled the joining dates for all fresh hires to October 2020.
According to sources, Cyril Amarchand Mangaldas has pushed the joining date of all the 78 freshers to October 5.
It is understood that one of the main reasons for postponing the joining date of freshers is the difficulty in inducting and bringing them into the firm in a 'work from home' environment.
CAM will most likely plan for virtual training and remote induction of freshers from September, according to a reliable source.
Meanwhile, Khaitan & Co has pushed the joining date of 48 fresh hires from 18 law colleges to October 20 with a commitment to honour every campus offer that has been made.
Executive Director of the firm Amar Sinhji said,
"Our campus batch usually joins in July every year. This year, given the exceptional circumstances around the lockdown and the uncertainties with regard to offices being able to return to normal operations, we have decided to push back the freshers joining date to October 2020. We are at this stage in talks with various campuses to finalise the exact schedule. We hope that by October we should be ready with a welcome befitting our young future leaders! And of course, we will honour every campus offer that has been made. The campus hires are a key entry level addition to our talent pipeline."
Recently, Cyril Amarchand Mangaldas announced some variations in the salaries of its lawyers. For certain categories of lawyers, the firm has tweaked the ratio of fixed to variable compensation, moving some amount of fixed compensation to variable.
Significantly, Equity Partners of the firm have voluntarily decided not to draw any salaries for this financial year.
There is no change for Associate-level lawyers, junior employees, and staff of the firm. Basically, there will be no change in the compensation structure for lawyers with an annual package of Rs. 25 lakh and below.
The Equity Partners and Executive Directors of Khaitan & Co have also agreed to take a 20% pay cut on their monthly compensation, in light of the COVID-19 pandemic fallout.