Noted lawyer Mohit Saraf Launches Saraf & Partners

Noted lawyer Mohit Saraf Launches Saraf & Partners

The co-founder of L&L Partners has launched his own firm after his acrimonious exit, promising to transform the Indian legal landscape

Mohit Saraf today announced the launch of a new law firm Saraf & Partners, an independent, full-service legal enterprise with offices in 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 & Partners comprise 21 Partners & less than 100 member team.

The members of the firm have extensive experience practising law at the highest levels with all its partners being leaders in their respective fields, Individually and collectively.

The lawyers comprising the firm have been recognized for their excellence by clients, industry bodies and their peers – and are drawn from a variety of backgrounds to ensure an optimal client experience.

Speaking with Legal Era, 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. Our mantra is to build an institution where everyone feels a sense of belongingness and loyalty towards the firm. With Saraf & Partners, we are striving to transform the legal landscape with a new-age, innovation-led and vision-oriented firm that is ahead of its competition in the market. Each of the 21 partners is the leader in their areas of competency and are also the owners of the firm, and will have a big role in managing it. 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). The firm will aim to bring a strategic approach to client needs combining sectoral knowledge and legal experience.

Elaborating further on the new firm, Saraf said, "What makes the firm even more distinct is its commitment to rewarding excellence and its entrepreneurial and strategic approach to growth. 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 – ensuring that the best and the brightest lawyers are both incentivized to join, and feel part of, the structure of the firm. This model of minority ownership will go hand in hand with a participative and broad-based management system – giving the lawyers and counsels space to grow as professionals and incentivizing performance in a sustained structure."

It has to be noted that L&L had been a two-partner partnership firm that had been operated by Mohit Saraf ("MS") in collaboration with Rajiv Luthra ("RL"). Saraf & Partners came into existence after overtime numerous differences had arisen between MS and RL in respect of sharing of ownership of the firm with younger partners. This resulted in RL illegally expelling MS from the partnership and was the subject of litigation between the two partners before the Delhi High Court. The Court in January 2021 ruled in favour of MS. 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 of the Delhi High Court, MS 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. MS and RL 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. The Delhi High Court order has provided a 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 RL 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 MS, 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 & Partners.