Economic Law Practice promotes six creates new designations

Mumbai-based Economic Law Practice has promoted Nishanth Shah to an equity partner, and Senior Associates Madhur Baya, Yashojit Mishra, Ramya Mohan and Naresh Thacker to associate partners; and Gaurav Bhandary to Senior Associate. ELP is now 70 fee-earner, 4 Equity Partner, 14 Associate Partner and 4 Senior Associate strong..Mumbai-based Economic Law Practice (ELP) has promoted Nishanth Shah to an equity partner, and senior associates Madhur Baya, Yashojit Mishra, Ramya Mohan and Naresh Thacker to associate partners; and Gaurav Bhandary to Senior Associate. With these promotions, ELP is a 70 fee-earner, 4 equity partner, 14 associate partner and 4 senior associate strong firm..ELP has introduced the ‘Associate Manager’ post, a step lower than that of a Senior Associate in line with the structure followed by the Big-4 consulting firms (Ernst & Young, Deloitte, KPMG and PwC)..Whilst for many the designation of an ‘Associate Partner’ or that of an ‘Associate Manager’ may sound new and fancy, some believe it is merely a matter of semantics. Trilegal, for example, has had the post of a ‘Counsel’, between that of a Senior Associate and a Partner, for nearly three years now. Poovayya & Co. and Amarchand have had the designation of a ‘Principal Associate’, and Luthra & Luthra have a ‘Managing Associate’ between a Senior Associate and a Partner for some time now. “Semantics don’t fool anyone,” says a Principal Associate. “We would prefer to be called anything and paid a decent wage,” he adds..A partner of a firm with a pan-India presence believes that most of these designations apart from the traditional ones of associate, senior associate and partner, are mostly ad hoc. Speaking to Bar & Bench, he said, “With consulting firms there is a definite procedure and requirement. With firms, it is mostly ad hoc. Also, apart from legislative requirement, these designations have various reasons, including employee retention.”