Amarchand adopts lockstep in growth drive

Amarchand adopts lockstep in growth driveIndian firm Amarchand & Mangaldas & Suresh A Shroff & Co has taken the unusual step of converting to a full lockstep model after years of maintaining tight reins on its equity.

Amarchand currently operates an eat-what-you-kill system, whereby a small number of founding partners and family members are understood to command a large proportion of the equity.

Managing partner Cyril Shroff (pictured) believes using a more meritocratic system will give the firm an “acquisition ­currency” that will allow it to grow “massively”.

He said: “We wanted to create a more broad-based partnership. The benefits of lockstep are well-known, and ;collegiality ;and ­sustainability were what we were looking for.”

The restructuring is expected to finish by the end of March.

Amarchand has 450 ­associates and 40 partners, 15 of whom are in the ­
equity.