Shardul Amarchand Mangaldas has today issued a clarification to its lawyers on the clawback provision..The firm had on September 5 announced its annual increments. Initially, this came with a clawback provision, by which lawyers on retainer who leave the firm in the next seven months would have to repay to the firm three months of their retainer fees..The clarification issued today states that the clawback provision is applicable only to a special enhancement fee..Here is the clarification issued by the firm:.In addition to annual fee annual enhancement that the firm pays, the firm has rolled out a one-time special fee enhancement to reward all the lawyers recognizing their commitment, dedication and high service standards..The clawback only applies to the special fee enhancement and not the total annual fee. It is the pro-rata additional amount [i.e. the difference between the annual fee enhancement and the special feel enhancement from 1 September 2018 (on pro rata basis)] that may be returnable..Exceptions to this shall be considered at the management’s discretion. For eg. for reasons of ill-health or going in-house.
Shardul Amarchand Mangaldas has today issued a clarification to its lawyers on the clawback provision..The firm had on September 5 announced its annual increments. Initially, this came with a clawback provision, by which lawyers on retainer who leave the firm in the next seven months would have to repay to the firm three months of their retainer fees..The clarification issued today states that the clawback provision is applicable only to a special enhancement fee..Here is the clarification issued by the firm:.In addition to annual fee annual enhancement that the firm pays, the firm has rolled out a one-time special fee enhancement to reward all the lawyers recognizing their commitment, dedication and high service standards..The clawback only applies to the special fee enhancement and not the total annual fee. It is the pro-rata additional amount [i.e. the difference between the annual fee enhancement and the special feel enhancement from 1 September 2018 (on pro rata basis)] that may be returnable..Exceptions to this shall be considered at the management’s discretion. For eg. for reasons of ill-health or going in-house.
