New Delhi, Jul 19 (PTI) Noted corporate lawyer Mohit Saraf has parted ways from Luthra & Luthra to launch a new law firm Saraf & Partners – an independent, full-service legal enterprise with offices at Delhi, Mumbai, and Bengaluru.
Saraf was previously the co-founder at L&L Partners (earlier Luthra & Luthra Law Offices), one of the leading corporate law firms in India.
'Saraf and Partners shall at inception, comprise 21 partners and total strength of little under 100,' it said in a statement.
L&L was a two-partner partnership firm that had been operated by Mohit Saraf in collaboration with Rajiv Luthra.
'Saraf & Partners came into existence after overtime numerous differences had arisen between Saraf and Luthra in respect sharing of ownership of the firm with younger partners,' the statement said. 'This resulted in Luthra illegally expelling Saraf from the partnership and was the subject of litigation between the two partners before Delhi High Court. The Delhi High Court in January 2021 ruled in favour of Saraf.' Thereafter, the two agreed to separate.
'Pursuant to the orders of the Delhi High Court, Saraf has now been empowered to set up his own independent law practice, including in partnership with any lawyer/ advocate who was part of L&L Partners,' it said. 'Saraf and Luthra are entitled to claim credit for all works done and accolades won by the L&L, as well as compete for its clients, work, advocates, and staff. Hon'ble Delhi HC order has provided choice to each and every client, lawyer, and staff to either join the Firm led by Mohit Saraf or Rajiv Luthra.' The entity controlled by Luthra has been permitted to use the brand name L&L Partners or 'Luthra & Luthra Law Offices', subject to contractual settlement.
Accordingly, a separate entity, branded 'Saraf & Partners' has been established by Saraf, and a large part of the current strength of 84 includes 21 partners who have resigned from L&L Partners and are moving to Saraf & Partners.
The members of Saraf & Partners have extensive experience practising law at the highest levels with its partners all being leaders in their respective fields, individually and collectively, the statement said.
Sharing his views about the new firm, Saraf, founder and managing partner of Saraf and Partners, said, 'The legal industry is evolving at a tremendous pace, making it crucial for Indian law firms to reinvent, advance, and adapt themselves to these changing times.' 'While the split from L&L was a major contributor to the inception of Saraf & Partners, one of the core values being offered by this firm is the modern ideology and inclusiveness in the management of clients and business partners,' he said.
Saraf & Partners intends to provide its full-service legal capabilities to its existing and potential clients and offer specialisation in the areas of mergers and acquisitions, restructuring, PE & VC investments, banking and finance, insolvency & bankruptcy, IPR & tax as well as corporate disputes.
The firm will aim to bring a strategic approach to client needs combining sectoral knowledge and legal experience, the statement said.
Elaborating further on the new firm, Saraf said, 'At inception, only a third of the firm's equity shall be held by me, with another third being held by the various leading partners who shall be transitioning to join the firm. A further third of the equity has been earmarked for the talent acquisition process that the firm shall soon be taking up to expand.' PTI ANZ HRS hrs