Noted corporate lawyer Mohit Saraf on Monday announced the launch of new law firm Saraf and Partners, an independent, full-service legal enterprise with offices at Delhi, Mumbai, and Bengaluru.
This marks the beginning of a new initiative by Saraf, who had previously been the co-founder at M/s L&L Partners (earlier Luthra & Luthra Law Offices) (L&L) -- 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.
Mohit Saraf, Founder & Managing Partner 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."
"Each of the 21 partners are leaders in their areas of competency and are also the owners of the Firm, and will have a big role in managing the Firm. This is the beginning of a new era and we are excited to see where this journey leads us in future."
The firm intends to provide its full-service legal capabilities to its existing and potential clients and offer specialization in the areas of (mergers and acquisitions, restructuring, PE & VC investments, banking and finance, insolvency & bankruptcy, IPR & Tax. as well as corporate disputes).
It has to be noted that L&L had been a two-partner partnership firm that had been operated by Mohit Saraf in collaboration with Rajiv Luthra. Saraf and Partners came into existence after over time numerous differences had arisen between the two partners in respect of sharing of ownership of the Firm with younger partners.
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 had ruled in favour of Saraf.
In an appeal, the parties, in the interest of all the clients, attorneys and staff associated with the practice, decided to agree to separate - on terms of settlement which were recorded by the Delhi High Court (Division Bench) through its orders.
Pursuant to the orders Saraf has now been empowered to set up his own independent law practice. Both the Keri ours partners 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. 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 And Partners has been established, and a large part of the current strength of 84 includes 21 partners who have resigned from L&L Partners and are accordingly moving to Saraf and Partners.