FoxMandal settles outstanding salaries with unpaid staff
FoxMandal Little has paid out all of the outstanding salaries the firm owed to its Delhi-based fee earners. As reported last month, the Indian firm failed to pay Delhi fee earners their salaries in July after a cashflow problem caused by some 70% of the firm's overseas clients paying their bills late.
August 20, 2009 at 06:52 AM
2 minute read
FoxMandal Little has paid out all of the outstanding salaries the firm owed to its Delhi-based fee earners.
As reported last month, the Indian firm failed to pay Delhi fee earners their salaries in July after a cashflow problem caused by some 70% of the firm's overseas clients paying their bills late.
FoxMandal settled all of the unpaid salaries during the last two weeks. The firm said it had solved the problem by pushing clients to pay overdue bills.
Managing partner Som Mandal said: "We have been able to follow up with clients that had unpaid bills. As a result, we have improved the follow-up and billing process, which is good for the firm going forward. This has been a learning process for the firm."
Mandal confirmed that Delhi partners have still not been paid their full drawings but said these should be paid out by the end of this month. However, he added: "Partners always only draw what is available in the fund so in some ways I find this irrelevant. Most English firms also have issues with partner drawings."
As reported by Legal Week last month, the firm was considering external funding options to cover the short-term cashflow issue. According to Mandal, the firm is still actively looking at securing bank financing to cover potential future gaps in cashflow, although Indian banks do not typically lend money to law firms.
The Delhi office is FoxMandal's largest base, with around 130 lawyers. Staff in the firm's other Indian offices and its five-lawyer London office were unaffected by the salary problems. The firm runs four separate partnerships as Indian Bar rules limit law firms to a maximum of 20 partners.
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