Bangalore (Karnataka) [India], Nov. 15 (ANI / NewsView): In an effort to bring a positive discourse to lawyers and the legal industry, full-service technology-focused law firm Algo Legal has announced it is expanding profit sharing for firms beyond partners to associates and senior executives. associates. Any lawyer who has spent more than a year in the organization will receive a share of the firm’s annual profits, which is in addition to the salaries and bonuses he receives. Driven by an entrepreneurial spirit at the heart of the digital revolution, Algo Legal works closely with entrepreneurs and investors from all sectors by offering tailor-made legal solutions.
Around the world, the business model of law firms is broadly similar, in which partners at the top receive most of the profits, once salaries, bonuses and expenses have been covered. This tendency tends to create a biased relationship between teams and this reinforces the difficulties of being a lawyer until one becomes a partner. Algo Legal, through its new narrative, aims to change this trend. Based on the core values of fairness, merit and solidarity, the company believes that the principle of profit sharing beyond partners will go a long way in providing the best possible services to clients. Commenting on the announcement, Sandeep Kapoor, Founder and Managing Partner of Algo Legal said, “Algo Legal was founded on the principle that effort and merit will be rewarded, fairly and equitably. We value each member of the Algo family for their contribution to our rapid growth trajectory. This initiative is also a way of thanking them. We are fortunate to have a core team of open-minded partners – Abhinav Bhalaik, Richie Sancheti, Ankit Guha, Smita Goel, Namitha Mathews and Venkat S – who are motivated towards building a forward-thinking business that allows the creation of wealth at all levels. “
Most law firms are organized in a pyramid in which the hierarchy is based on knowledge and experience. However, pyramid structures are sub-optimal because they restrict profit-sharing to the restricted circle of partners and create a cleavage within professional companies to the detriment of synergy and real teamwork. “The only way for law firm partners to truly own the organization is to truly share in the profits of the firm. From the start, we have always believed that the cabinet we build should have a true profit sharing pillar. I am extremely proud of my partners who have unanimously agreed to contribute part of their share of the profits to the partners’ profit pool ”, added Abhinav Bhalaik, Partner and Head – Private Equity, M&A and Securities Law Practice, Algo Legal.
Algo Legal embarked on a process inspired by design thinking, to find a structure that would promote better collaboration within the firm. Through the application of organizational innovation and the participation of colleagues from all levels, Algo Legal has launched something that will be game-changing not only within their walls, but also for companies that will value and emulate the model. This story is provided by NewsView. ANI will not be responsible for the content of this article in any way. (ANI / NewsView)
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