**Title:** Rise of Equity Partners in Indian Law Firms
**Meta Description:** Indian law firms are increasingly promoting equity partners, reflecting a shift in the legal landscape and a growing demand for specialized legal talent.
**URL Slug:** rise-of-equity-partners-indian-law-firms
**Headline:** The Growing Trend of Equity Partners in Indian Law Firms
In recent years, Indian law firms have seen a significant shift in their partnership structures, with an increasing number of lawyers being promoted to equity partner status. Unlike salaried partners, who receive fixed fees and performance-based variable pay, equity partners are part-owners of the firm, actively participating in its management and sharing in its profits. This trend marks a departure from the traditional practice of granting equity stakes primarily to veteran partners.
Vivek K. Chandy, joint managing partner at JSA Advocates & Solicitors, noted, “We have significantly increased the number of equity partners in the firm.” JSA now boasts 62 equity partners, a rise from 46 in the previous fiscal year, contributing to a total of 154 partners. Chandy emphasized that the firm’s growth strategy prioritizes partners who align with its core values, with most equity partners being developed internally.
The past year has also witnessed notable partner movements within the Indian legal sector. JSA recently expanded its team by hiring a 20-lawyer group from Shardul Amarchand Mangaldas, which included equity partners Iqbal Khan and Ambarish. However, Khan later transitioned to Cyril Amarchand Mangaldas (CAM). Similarly, Khaitan & Co experienced departures as partners Kalpana Unadkat and Shishir Mehta moved to co-lead Ashurst’s India practice in London, highlighting the global demand for Indian legal expertise.
At Trilegal, a relatively new law firm established in 2000, all partners hold equity stakes. Sridhar Gorthi, a partner and member of the management committee, stated, “Every partner promotion—internal or lateral—is evaluated based on the candidate’s calibre, track record, and capabilities.” Trilegal reported a 14% increase in equity partners, growing from 117 to 134 by the end of FY25, and has since added 10 more, bringing the total to 144.
This trend reflects a broader competition for talent in India’s evolving legal landscape, driven by the emergence of specialized practice areas and a rising demand for niche legal counsel in a growing economy. Unlike previous generations, where young lawyers often waited nearly two decades to become partners, many firms are now promoting talented lawyers to partner status in their early thirties.
Mohit Saraf, founder and managing partner of Saraf and Partners, remarked, “In my firm, there is a clear preference for equity partners over salaried partners.” He explained that while both types of partners are compensated based on their team’s performance, equity partners also receive a share of the firm’s profits. Saraf and Partners currently has 42 partners, with 21 holding equity status, including three who were promoted to equity partners last year.
As the legal industry continues to evolve, the trend towards increasing equity partnerships is likely to reshape the landscape, fostering a new generation of leaders in Indian law firms.
**FAQ Section:**
**Q: What is the difference between a salaried partner and an equity partner in law firms?**
A: A salaried partner earns a fixed salary and performance-based bonuses, while an equity partner is a part-owner of the firm, sharing in its profits and participating in its management.
