Khaitan & Co equity partners and executive directors have taken a 20% cut on their take-home pay, reported Bar & Bench today, but without any adjustments of more junior staff or lawyers’ salaries.
We have reached out to Khaitan for comment.
Update 17:03: Executive director HR, Amar Sinhji commented: “This is a consensus decision by all equity partners & executive directors.
“The purpose is two fold: help with cash flows / build a short term war chest and ensure no salary cut / job loss below partner & senior leadership level.
“We are treating this as a voluntary contribution to the Firm and will look at returning the amounts during the course of the year or when revenues stabilise.”
Today, Cyril Amarchand Mangaldas has announced even deeper cuts than Khaitan’s: equity partners had reportedly volunteered not to take any pay, while anyone above Rs 25 lakh salaries per annum would be deferring between 10% to 30% of salaries.
To be updated.
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