Algo Legal to expand profit-sharing beyond partners

Law firm Algo Legal has announced that it is expanding its profit-sharing beyond partners to associates and senior associates.

Any lawyer that has spent over a year at the organisation will receive a share of the firm’s annual profit, which is over and above the salaries and bonuses that they receive.

Across the world, the economic blueprint of law firms is largely similar, wherein partners at the top receive most of the profits, after salaries, bonuses, and expenses have been met. Algo Legal, through this initiative, aims to change this trend.

Built on the foundational values of equity, merit, and solidarity, the firm believes that the principle of profit-sharing beyond partners will go a long way in helping deliver the best possible services to customers.

Commenting on the announcement, Founder and Managing Partner Sandeep Kapoor said,

“Algo Legal was founded on the premise that effort and merit will be rewarded, square and fair. We value each member of the Algo family for their contribution to our rapid growth trajectory. This initiative is also a way to thank them. We are fortunate to have a core team of open-minded partners - Abhinav Bhalaik, Richie Sancheti, Ankit Guha, Smita Goel, Namitha Mathews, and Venkat S – who are driven towards building a forward-thinking firm that enables wealth creation at all levels.”

Abhinav Bhalaik, Partner and Head - Private Equity, M&A and Securities Law Practice at the firm said,

“The only way in which associates in law firms can feel true ownership of the organisation is through a genuine share in profits of the firm. Since the inception, we have always believed that the firm we build must have genuine profit sharing as a fundamental pillar. I am extremely proud of my partners for agreeing to unanimously contribute a part of their profit share towards the associate profit pool.”