Solomon & Co, a firm that opened its doors in 1909, has doubled the size of its partnership to eight with the promotion of associate partners Anagha Subramaniam, Germaine Pereira, Kinjal Champaneria and Saurabh Gupta.
“A two to three-partner firm allows growth up to a certain size. We aim to grow beyond 100 professionals within the next two years,” Solomon & Co managing partner Aaron Solomon told India Business Law Journal. The firm currently has more than 50 non-partner lawyers and three offices in Mumbai and Pune.
“While Indian firms are still smaller than foreign ones, it is important that we begin to model ourselves, our structure and practices, on the lines of our foreign peers while retaining the strengths of an Indian legal practice.”
Solomon & Co worked with Legal League Consulting to develop a tailor-made partnership structure and governance model after evaluating various international and domestic partnership models. The four new partners underwent a rigorous leadership and skill development programme that was created with the assistance of Professor Ravindra Dey at the Xaviers School of Management.
“The governance model contemplates empowering each partner to grow his or her practice group, with joint decision-making on matters affecting the overall strategy of the firm. The senior partners will continue to direct the strategic decision-making and will provide necessary hand-holding to the new partners to grow their practice and take on their new roles,” said Solomon.
Subramaniam will spearhead the banking and finance practice, with a special focus on corporate and commercial laws. Pereira will head the intellectual property practice at the firm, Champaneria will be charged with expanding the firm’s corporate and M&A practice, and Gupta will head the real estate practice. The new partners have worked at the firm for more than 10 years and are non-equity partners. The firm otherwise has four equity partners and two associate partners.
Solomon said the firm’s focus would be to continue developing the legal practice within the Mumbai and Pune regions while exploring growth to another one or two cities. “The next couple of years will be dedicated to empowering the new partners, and growing the teams led by the partners through mentoring and training, as well as more cohesive use of technology with our competencies and service capabilities,” he said.