Indian 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