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MP ROUNDTABLE FIRMS TO WATCH IN-HOUSE INSIGHT
Small but mighty India’s best boutiques Transitioning to in-house
P. 2 P. 6 P.1 2
E-MAG A ZINE MARCH-APRIL 2021
STAY SAFE, INDIA
I was going to write this note on how the theme of this issue
is the emergence of India’s smaller law firms, but given how
rapidly the COVID-19 situation has deteriorated in the country
over the past week or so, that issue takes obvious precedence.
Like many Indians living overseas who have family back in the
country, I have felt a mixture of anguish and anxiety at the way
the crisis has worsened almost overnight.
As I write this, the daily number of cases has shot up to
more than 300,000, forcing hospitals to turn away patients.
Desperate relatives are now on social media, pleading for beds,
oxygen, and medicine. When COVID-19 first hit last year, I was
worried about how a country that is this densely populated
and possessing both basic medical infrastructure and a poor
social safety net, was going to cope. In the past week or so,
those fears have been realised multiple times over.
As vaccine production is ramped up, and more oxygen
and other facilities are made available, there is hope that the
situation will come under control over the next few weeks. That
time will provide an opportunity to enhance the framework
currently in place to ensure that India is not hit this hard again.
In the meantime, please take every precaution that you can to
do your part to mitigate the crisis. Wear a mask. Stay at home
unless absolutely necessary. But most importantly, keep your
spirits up. We’ve been through crises before; we’ll get through
this as well. — R ANA JIT DA M
Amantha Chia Ranajit Dam
Head of Legal Media Business, Asia & Emerging Markets Managing Editor
amantha.chia@tr.com ranajit.dam@tr.com
Aparna Sai Rowena Muniz John Agra Rozidah Jambari Krupa Dalal
Sales Manager
Editorial Assistant Copy & Web Editor Senior Designer Traffic / Circulation Manager
krupa.dalal@tr.com
aparna.sai@tr.com rowena.muniz@tr.com john.agra@tr.com rozidah.jambari@tr.com
(91) 87 7967 7503
In the spotlight
MANAGING PARTNER ROUNDTABLE
SMALL BUT
MIGHTY
HTY
DARSHAN UPADHYAY
managing partner,
Stratage Law Partners
“THE SENIORS IN
THE FIRM INVEST
TIME TO NURTURE
THE YOUNG TALENT
AND IN ADDITION WE
ARE ABLE TO OFFER
OPPORTUNITIES TO
MEET ASPIRATIONS OF
Compared to some years ago, when the Indian legal market was
dominated by big names, we are now seeing the emergence of cutting-
OUR TEAM MEMBERS,
edge boutique law firms that are rivalling the former in expertise and AND FLEXIBILITY TO
client service. Leaders from three such firms speak to ALB about their
firms’ strategies, the impact of the pandemic and their future plans.
WORK IN MORE THAN
ONE PRACTICE AREAS.
BY A PA RNA SA I
I THINK BECAUSE OF
ALB: Can you tell us about your firm? When Amit Manubarwala are founding partners, my
THE AFOREMENTIONED
was it founded, and how has the journey
been so far?
colleagues and also friends for many years.
Each of them bring subject matter expertise
FACTORS, OUR FIRM
DARSHAN UPADHYAY: Stratage Law
Partners is an acutely specialised, solution-
and experience of over 15 years.
In a short span of time the firm has been
HAS BEEN ABLE TO
oriented, and value-driven law firm. Our areas recognised as one of the top 50 law firms ATTRACT QUALITY
TALENT WHICH
of practice are private equity, M&A, litigation in India by Forbes in their Legal Power List
(shareholders, governance-related and regu- 2020; Debutant Law Firm of the Year 2020
latory disputes), insolvency and real estate.
We also do niche and select advisory work
by Venture Intelligence; ranked in the top 25
PE & VC lawyers by Refinitiv, an LSEG busi- HAS RESULTED IN
with family offices on their succession plan-
ning and wealth management.
ness, in the Global Private Equity and Venture
Capital League table rankings for 2020; and
RETAINING AND
We started last year and are now five
partners and a team of over twenty profes-
has gained recognition in many leading publi-
cations. I have been recognised by Chambers
DEVELOPING CLIENTS.”
sionals. Bhavin Gada, Shyam Pandya and and Partners in the private equity space in
2 ASIAN L EG AL BUS INES S – IND IA E- MAG A ZINE MA RCH-A P R I L 20 21
India for 2021. Bhavin Gada has been featured counsels will be an added advantage in our
in the ALB India Super 50 Lawyers list for journey.
2020 and ALB India Rising Stars of 2021. We have been successful in attracting
We are thankful to all our clients, friends talent with the adopted culture of training
and colleagues for their support. professionals to be 360-degree lawyers. A
GAURAV NAIR: Founded in the year 2016, lean team, dedicated practice areas and
Saga Legal is a multiservice law firm oper- focused approach helps us to better navigate
ating across jurisdictions in diverse areas of in these unprecedented times (considering
practice. From pursuing conventional and the current pandemic) with far more agility.
alternate dispute resolution assignments to NAIR: It is implausible to imagine that today’s
providing support to organisations on a day- clients would have any other yardstick to
to-day basis, addressing concerns emerging compare firms against than the delivery of
from their affairs, the firm provides manifold qualitative assistance. Not to take anything
legal solutions to its clients under one roof. away from the availability of vast resources
In a short span of time, the firm has been that a larger firm may have amassed over the
engaged by a diverse set of clients in a bid to years, the nonconformist in one would like
GAURAV NAIR realise their objectives. Truthfully, despite all to believe that a client can see past quan-
founder, Saga Legal the trials (pardon the pun) and tribulations tity, in favour of quality. It’s the equivalent of
that come with being a developing law firm today’s client’s willingness to engage rela-
on the ascendancy, it has been an incred- tively younger legal professionals merito-
“CLIENT ible journey thus far. The endeavour has been
to develop all that the firm commits to in a
cratically, than based on the number of years
spent at the Bar. We, at Saga Legal, have
PRIORITISATION, result-oriented manner. Moving forward, we
aspire to build a firm which is recognised to be
built the firm around the “First Client, Client
First” principle. It is to remind ourselves of
SITUATIONAL steadfast in adversity and adherent to a cause.
NIDHISH MEHROTRA: ANM Global is a full-
our modest beginnings and treat each client’s
assignment as if it was our first. Client prioriti-
ADAPTIVENESS AND service law firm established in 2009. The firm
enjoys a pan-India presence, with offices in
sation, situational adaptiveness and conven-
ience of access are some of the characteris-
CONVENIENCE OF New Delhi, Mumbai and Bengaluru. We tics that have been defining in our trajectory.
ACCESS ARE SOME OF
have a highly trained team of professionals, Our focus is squarely on sustaining the attrib-
specialising in diverse areas of law who have utes that have held the firm in good stead
THE CHARACTERISTICS acquired vast experience in their respec-
tive practice areas operating across diverse
thus far, irrespective of our size. In time, there
may come a day that we are thought of as
THAT HAVE DEFINED industry segments and practices including
litigation, alternate dispute resolution, corpo-
Goliath in the fight; on such a day, we hope
to continue acting like David.
US. OUR FOCUS IS rate law, media and entertainment, intel-
lectual property, infrastructure, power and
MEHROTRA: Considering the firm’s team,
clients, presence, exponential growth and
ON SUSTAINING THE energy, real estate, information technology,
mining and environmental law among others.
range of services offered, it is unfair to treat
ANM as a small firm. However, in my opinion,
ATTRIBUTES THAT It has been an exciting and a terrific journey firm structures like ANM, are tightly knit and
HAVE HELD THE FIRM
for the firm having showcased exceptional have a more direct, resolve-oriented, cost
growth in terms of the numbers, clients and effective and innovative approach toward the
IN GOOD STEAD, high-profile projects over the last few years
and we strive to continue the momentum.
clientele requirements and industry needs.
IRRESPECTIVE OF OUR ALB: What are the advantages that you feel
ALB: Apart from of course the revenue/
profits, what are the other ways you are
SIZE. IN TIME, THERE smaller firms like yours have in India’s legal
market? And how do you look to overcome
measuring your firm’s success?
UPADHYAY: Apart from revenue, I think
MAY COME A DAY THAT the disadvantages?
UPADHYAY: I think the general counsels are
human resource and clients are the most
important elements for any firms success.
WE ARE THOUGHT OF now involved in business matters and have As far as team is concerned, the seniors
AS GOLIATH IN THE
more freedom to take decisions on legal in the firm invest time to nurture the young
matters; clients are willing to consider other talent and in addition we are able to offer
FIGHT; ON SUCH A DAY, factors whilst choosing a law firm (and not
only the brand); the number of individuals
opportunities to meet aspirations of our team
members, and flexibility to work in more
WE HOPE TO CONTINUE joining the legal profession are increasing
every year and in fact many individuals (and
than one practice areas. I think because of
the aforementioned factors, our firm has
ACTING LIKE DAVID.” teams) from large law firms are breaking away
to establish new law firms. As such our rela-
been able to attract quality talent which has
resulted in retaining and developing clients.
tions with the promoters and the general Personally I am very pleased to see Bhavin,
W W W. LEG AL BU SINES S ONLINE.COM A S I A N L EG A L BUS I N E S S – I N DI A E - MAG A Z I N E 3
Shyam and Amit receive accolades for their our team practices going forward, being less
work and to be featured in various rankings. dependent on physical mediums, and more
NAIR: We have consciously invested in the reliant on interfaces that are a click away.
placement of building blocks that speak of From entirely overhauling protocols at the
the culture at the firm, right from inception. In workplace to tweaking individual practice
our formative years, a true measure of success mechanisms, the attempt has been to turn
is the acceptance and implementation of the pandemic into something positive and
certain ethos that we wish to encourage and robust, able to withstand the test of time and
inculcate at the firm. We believe it is imper- eventualities alike.
ative, not just for the sake of sustainability MEHROTRA: Like every other organiza-
but overall progress. We are entirely dedi- tion and industry across the world, the legal
cated to growing and sustaining a culture industry gravely suffered due to the lack of
centred around team-building at Saga Legal, time to adapt, looming uncertainty and for
with an eye on the future. With a focus on most businesses, conducting commerce
creating a nourishing environment at the firm, became a tread in uncharted territories. As for
we are committed towards contributing to the ANM, at the outset, we had forward planned
growth and skill sets of individuals, thereby to expand our services into newer practice NIDHISH MEHROTRA
ensuring the holistic development of the firm. areas, however, with the unprecedented times founder and managing
MEHROTRA: That’s a good question. The due to the pandemic, we have put tempo- partner, ANM Global
numbers are obviously very important for rary brakes to the expansion plans and are
any business to be commercially viable and
successful. However, at ANM, along with
focused on stabilizing the ship till we come
close to going back to the “normal.” In terms “AT ANM, ALONG WITH
the numbers we measure the success by
assessing our clients and teams’ satisfac-
of the impact, yes, the work for a lot of our
practice areas suffered but we were quick to
THE NUMBERS WE
tion and diversity in practice areas. We are
building an organization with a deeper focus
adapt and balance. MEASURE THE SUCCESS
on creating an identity for ourselves and a
brand that brings together highest standard
ALB: What are your plans for growing the
firm from here on?
BY ASSESSING OUR
of services, professionalism and ethics in a UPADHYAY: In this financial year, we would CLIENTS AND TEAMS’
SATISFACTION
cost-effective structure. like to have an office in Delhi to support and
further our litigation practice and continue to
ALB: How has the pandemic impacted the
operation of your firm?
grow the team with focus on the niche prac-
tice areas I highlighted above. AND DIVERSITY IN
UPADHYAY: It has definitely impacted
everyone around us. It has reduced our ability
NAIR: The firm is keen to expand by having
a more client-centric approach. While we
PRACTICE AREAS.
to have in-person interactions with the clients
and team, and slowed down the business
have done extremely well in catering to client
requirements in a more conventional manner,
WE ARE BUILDING AN
development efforts, while travel restric-
tions are making it difficult for many firms
we believe that there is innovation yet to be
arrived at in finding more customisable solu-
ORGANIZATION WITH
to integrate their different offices. However, tions. The plan, moving forward, is to imple- A DEEPER FOCUS ON
CREATING AN IDENTITY
we also see this as an opportunity: It has ment mechanisms that create an effective
provided more time for training the young ecosystem of data-driven solutions, tech-
talent, reduced travel time, recalibrated the
time spent for negotiations and has made
nological infrastructure and multi-discipli-
nary expertise to meet our clients’ business FOR OURSELVES
us realise that with the technology avail-
able today you don’t need large real estate
requirements.
MEHROTRA: As mentioned earlier, our
AND A BRAND THAT
space and can rationalise many other costs
the benefit of which can be passed on to the
primary goal is to be able to expand and
establish newer practice areas, within the next
BRINGS TOGETHER
team members. Overall I would say till the
time you have quality matters to work on and
two years, most specifically in (a) technology
laws which will include legal services delving
HIGHEST STANDARD
support a dynamic team – it’s easy to navi- into artificial intelligence, crypto and block- OF SERVICES,
PROFESSIONALISM
gate any operational difficulties. chain technologies etc. (b) sports laws which
NAIR: Following the onset of the COVID-19 will include services foraying into e-gaming,
pandemic, the firm added strings to an
already existing paperless practice bow. Over
online fantasy gaming, traditional franchise
based sporting leagues etc., and (c) banking AND ETHICS IN A
the last 12 months, the firm streamlined and
transitioned the processes of its practice that
and finance laws; and of course be able to
further strengthen our core practices like the
COST-EFFECTIVE
needed minimalistic physical interfacing to
evolve into an entirely electronic medium.
litigation, alternate dispute resolution, intel-
lectual properties and media and entertain-
STRUCTURE.”
It has ensured that we future proof the way ment practices.
4 ASIAN L EG AL BUS INES S – IND IA E- MAG A ZINE MA RCH-A P R I L 20 21
INDIA FIRMS
TO WATCH
Despite the challenging times witnessed by the legal industry since the
outbreak of the pandemic, smaller law firms have punched above their
weight in terms of work handled and services delivered. In its annual list,
ALB is spotlighting 25 such firms which have overcome obstacles and
continue to make an impact on the market. The list is in alphabetical order
and some firms have been profiled. BY A PA R N A SA I
JURIS CORP Juris Corp has advised on various
deals over the past 12 months. Among
some of the important cases, the firm
GOSWAMI & NIGAM
Established in 2000, acted as the Indian law transaction Founded in 2020 by
Juris Corp currently counsels in relation to the first ever Himanshu Goswami
has 46 fee-earners. green loan extended by a Singapore- and Nishant Nigam,
The firm has not based lender in India, as well as advised the boutique firm
only had a consist- on the merger of two power generation focuses on matters
ent headcount but companies which involved complexities pertaining to com-
has also enlarged pertaining to asset classification, busi- pany law, corporate
the ownership of ness structuring and safeguarding inter- advisory, foreign
H I M A N SH U
JAY ESH H Juris Corp by induct- ests of the creditors, while drafting the G O SWA M I
direct investment,
ing five partners into merger scheme. cross-border trans-
equity as well as Juris Corp is lead by co-founders actions, intellec-
announced a part- Jayesh H and Talat Shah. According tual property laws,
ner promotion and to the firm, “it is focussed on driving dispute resolution
other promotions firm efficiencies and ensuring the deliv- including alterna-
during the year. ery of consistently high-quality legal tive dispute resolu-
The firm pro- services. The way forward is under- tion, commercial
vides legal services standing our client’s business and laws, real estate
to a wide client base industry, while perceiving business law, employment
TAL AT N I SH A N T
S H AH
including domestic issues behind the legal issues faced NIGAM
and labour laws and
and foreign banks, by them. The firm also has a culture consumer laws.
financial institutions, venture capital of knowledge sharing and dissemina- The firm consistently advises large
and private equity funds, public sec- tion, wherein focused know-how and corporations both domestic as well as
tor undertakings, global companies, resources needed to consistently meet transnational on labour and employ-
entrepreneurs, industry associations client requirements are readily avail- ment law queries and disputes. To cater
and trade groups etc. able.” to the growing clientele in southern
6 ASIAN L EG AL BUS INES S – IND IA E- MAG A ZINE MA RCH-A P R I L 20 21region of the country, Goswami & Nigam Besides Sharma, Vaibhavi Sharma
intends on expanding its footprint to is another key member on the team.
Bangalore in the following six months. AK LAW CHAMBERS She has worked extensively for the past
“We believe in investing in resources four years in criminal matters, especially
which assist and facilitate the firm to
provide the best possible results for the
AP LAW CHAMBERS corruption cases emanating from the
prevention of corruption laws and simi-
clients. With some of the brightest minds
from the legal field as our resources, we
ATHENA LEGAL lar economic offences. She has been at
the forefront of handling several cases
are an amalgamation of experience and related to criminal misconduct, trap
knowledge and we boast of merit both DHAVAL VUSSONJI & ASSOCIATES cases, cheating, impersonation, forgery,
in terms of our work and the pedigree physical assault, hurt and murder.
of our associates,” Goswami & Nigam
said on their strategy for growth. “When
EDIPLIS COUNSELS
we invest time and effort in people they
not only become your biggest support
system, but grow to be aligned with
GOSWAMI & NIGAM VERTICES PARTNERS
firm’s vision.” GRAVITAS LEGAL Vertices Partners,
Regarding Goswani & Nigam’s which was founded
plans for the next 12 months, the firm
said that it is looking to grow organically
JURIS CORP in 2016, offers legal
services across the
in the locations that where it is present
and looking to focus on its arbitration
KAMENDU JOSHI & ASSOCIATES entire gamut of
transactional, advi-
and real estate practices. Given the sory, litigation and
background of the founding partners, LEGASIS PARTNERS V I N AYA K
regulatory matters.
these will be the focus areas of growth The firm’s areas of
LEX CONSULT
BURMAN
for the firm, while also working on trans- expertise include
actional advisory and intellectual prop- corporate and commercial, M&A, private
erty portfolio management.
PARKER & PARKER CO. equity and venture capital and seed and
angel capital, commercial litigation and
dispute resolution; white collar, struc-
PIONEER LEGAL
PROSOLL LAW tured finance, stressed assets, banking
and finance; intellectual property; real
Prosoll Law is a
PROSOLL LAW estate, and media and technology.
The firm has played a key role in a
Delhi-based crimi-
nal law boutique PSA number of major deals, including Byju’s
acquisition of Whitehat Jr for $300 mil-
that was established lion, Finova Capital’s $35 million fund-
in 1987. Within the REGIUS LEGAL raising round from Sequoia and Faering
criminal law space, Capital, DeHaat’s Series C $30 million
the firm handles all
practices ranging
SAGA LEGAL fundraising round, Pickrr Technologies’
deal of $4 million and Sindhuja
SAGUS LEGAL
HA R SH K.
S HARMA
from the Prevention Microcredit’s deal of approximately
of Corruption Act $8.9 million, Sugar Cosmetics’ $21 mil-
matters, anti-money-laundering, reg- lion Series C fundraising, acquisition of
ulatory matters, white-collar crimes SINGULARITY LEGAL Fitternity by Curefit, and ChrysCapital’s
frauds and economic offense-related investment in Corona Remedies.
litigations, constitutional challenge
disputes and civil litigation. The firm
STRATAGE LAW PARTNERS The core team includes founder
and managing partner Vinayak Burman
recently advised on various matters
including Vijay Joshi vs CBI and Vinni TATVA LEGAL, HYDERABAD and founder partners Archana Khosla
Burman and Amit Vyas.
Iron and Steel Udyog Ltd vs CBI (com- “The firm believes in a partner
monly known as the Jharkhand Coal TLC LEGAL driven service and therefore leverages
Scam), the Bar Council of India graft a lean partner to associate ratio so as to
case and the Micromax bribery case
among others.
VERITAS LEGAL ensure the quality of service to the client
is maintained at all points of time. The
Harsh K. Sharma, Prosoll’s founder,
has represented high-ranking officials VERTICES PARTNERS partners collectively have over five dec-
ades of rich experience in their respec-
of various government and non-govern- tive fields and this therefore gives the
ment departments, politicians, private ZBA firm the ability to provide a global ser-
persons, institutions and NGOs. vice offering,” Vertices Partners says.
W W W. LEG AL BU SINES S ONLINE.COM A S I A N L EG A L BUS I N E S S – I N DI A E - MAG A Z I N E 7Forum Deals
TAKING THE LEAP
Even as the industry has been reeling from the pandemic, a number
$1.45 BLN
Wipro’s acquisition of Capco
of lawyers have left the comfort of established firms in order to set up
Deal Type: M&A
their own businesses. The founders talk about what led them to make Firm: AZB & Partners
the move, and what the experience has been thus far. BY A PA R N A SA I Jurisdictions: India, UK
WHAT MADE YOU DECIDE TO ESTABLISH A FIRM DURING A TIME
THAT’S BEEN A TOUGH ONE FOR THE LEGAL INDUSTRY? $1 BLN
WHAT HAS BEEN YOUR EXPERIENCE TO DATE? Byju’s acquisition of Aakash
Deal Type: M&A
Firms: Khaitan & Co;
Priya Rao, Priya Rao & management software. The On-Cloud soft- Shardul Amarchand Mangaldas & Co.;
Associates ware tracks and manages court proceed- Trilegal
I have spent most of my ings, deadlines, timesheets, watch services, Jurisdiction: India
career working in top- automated reporting, and invoicing. This
tier Indian law firms. enables access to work from anywhere,
However, for the last few
years, I have been brewing the desire to
giving much needed additional productive
work hours to lawyers and paralegals. In the
$621.5 MLN
start my firm to test the learnings and expe- last four weeks, KRIA Law is delighted to Bank of Baroda’s QIP
rience accrued in my journey. Since I was have brought on board a team of four staff Deal Type: QIP
a senior partner in the last firm, I was too members and five lawyers with more than Firms: Khaitan & Co;
caught up with client servicing and in the 120 years of cumulative practice experience, Squire Patton Boggs; Trilegal
firm’s growth. With 2020 giving everyone and serviced more than 50 satisfied clients, Jurisdiction: India
a chance to reflect, I decided to get out of most of whom we have not met in person.
my comfort zone, and start the new chapter
that I always wanted. I knew it was either
now or never. Further, as everything in the
Tushar Ajinkya,
ThinkLaw $518 MLN
industry is anyway slow, this gives me suffi- What better time to Godrej Properties’ QIP
cient time to plan, prepare, organise, and launch a law firm than
Deal Type: QIP
build the needed resource for a law firm of during a pandemic?
Firms: Cyril Amarchand Mangaldas;
international standards. My experience till Extensive interactions Sidley Austin; Trilegal
date has been extremely exciting, encour- through virtual platforms for client service Jurisdiction: India
aging, and overwhelming. I have had great are now mainstay. This has acutely shifted
support from my clients, my professional focus from firms to individuals who perform
colleagues, friends, and family. I have been
joined by four colleagues from my earlier
firms: Two in trademarks, one in patents
and can directly be assessed by clients. In
a virtual meeting room, the pedigree of the
firm or the size of the office matters little.
$502 MLN
Mohalla Tech’s funding round
and one in litigation. I am now working on What matters is pure legal craft and skilled
further growing my patents team. negotiation before an audience of clients, Deal Type: PE/VC
lawyers, judges and arbitrators. Clients Firms: AZB & Partners;
Bharath MS, KRIA Law have been quick to recognise this. Cooley; Gunderson Dettmer;
KRIA Law was founded on Having spent more than two decades Induslaw; Khaitan & Co;
Mar. 6, at a time when the in large firms, the time was opportune to Skadden Arps Slate Meagher & Flom
whole world, especially establish an institution of driven profes- Jurisdiction: India
clients and colleagues, sionals providing high-quality thought-
$416 MLN
had experienced digiti- through legal services. ThinkLaw’s core
sation of courts, tribunals and internal values are the pursuit of excellence in client
teams. The clients – either individuals or delivery, where culturally aligned profes-
small enterprises or large multinationals – sionals are recognised only based on their L&T Finance Holdings’
now seek top-quality services from experi- professional skills and integrity. rights issue
enced and approachable counsel at afford- We have a deep sense of gratitude Deal Type: ECM
able rates. KRIA Law is the perfect fit, being towards our clients for reaffirming their Firms: Cyril Amarchand Mangaldas;
fully digital on Cloud using MS 365, One faith in us and continuing the long rela- Khaitan & Co; Sidley Austin
Drive and a secure state-of-the-art law firm tionships we have established with them. Jurisdiction: India
8 ASIAN L EG AL BUS INES S – IND IA E- MAG A ZINE MA RCH-A P R I L 20 21Q&A
THE ALTERNATIVE WAY
Law firm The Law Point recently launched a consulting arm called the Consulting Point, intending to
create a space in the alternate legal services provider (ALSP) market in India. Poornima Advani,
managing partner, The Law Practice, talks to ALB about the ALSP market right now, and her plans
to grow the Consulting Point. BY A PA RNA SA I
ALB: Despite the growth of ALSPs in as their outsourced GC, for a fraction of integral in mainstreaming the idea of
other Asian jurisdictions like Singapore the cost that they would have to spend ALSPs in India.
and Hong Kong, why is the usage still for having an in-house GC. This would
so low in India? include taking care of the entire role of ALB: How do you see the ALSP land-
ADVANI: India is relatively more a GC in supporting the in-house legal scape change over the next few years?
conservative in terms of doing busi- team, advising the board members of What factors will drive it?
ness. Existing relationships matter a the company, imbibing legaltech in ADVANI: Client preferences have always
lot, and the industry, in general, is wary improving the processes, and under- driven trends in service provision. As in
about unconventional institutions. This taking many other legal functions which other countries, the demand for ALSPs
is backed by concerns about ALSPs in would generally be outsourced to a law in India will increase over time because
terms of quality of work and informa- firm. of rising legal expenses and limitations
tion security as compared to law firms. in in-house capacity in terms of human
Moreover, one of the major factors which ALB: What is your strategy to increase resources and technology. ALSPs will
paves way for ALSPs in other jurisdiction awareness of ALSPs in India? slowly but surely take up greater market
is the pricing, which simply doesn’t work ADVANI: Our primar y strategy share over the next few years. What is
in India as the pricing put forward by law involves collaborations with organi- most likely to happen is that law firms will
firms – including some very reputed ones sations and educational institutions adopt new technologies and create verti-
– can be very competitive. to spread awareness about alterna- cals that provide alternative legal services
tive legal services. We have to their clients in an attempt
ALB: What specific ways do you feel you also made plans to provide to minimise costs, but retain
can benefit in-house legal teams? Has mentoring to young lawyers control over their matters and
the pandemic changed it in anyway? to provide insight into the processes. A rising number
ADVANI: The pandemic has made busi- viability of a legal career of international firms have
nesses rethink and cut down their legal outside commonly existing embraced this model and it is
expenditure. There is increased pressure alternatives, and to aid likely to find favour here too.
on in-house legal teams on executing those that wish to pursue a In areas such as regulatory
work themselves, which they would have path towards becoming an risk, compliance, and due
in many other circumstances outsourced ALSP. NewLaw emerged in diligence, law firms will also
to a law firm. However, not all compa- other jurisdictions to fill a P O O R N I M A A DVA N I find themselves competing
nies have general counsels (GC) or vacuum in legal services, with accounting firms, as is
senior legal members who will be able and changing market forces will play evident from their growing role, espe-
to provide mature legal advice which a large role in its emergence here too. cially the Big Four accounting firms, in
can replace the advice coming from law In the end, the hope is that our repu- providing certain kind of services which
firms. We look to work with companies tation for quality legal service will be can be classified as legal services.
FORMER FLIPKART GC JOINS PERNOD RICARD
Bijoya Roy, formerly vice president and group global compliance initiatives and partnering
general counsel at Indian e-commerce company with HR and finance to create a robust corpo-
Flipkart, has joined French alcoholic beverage rate framework.
producer Pernod Ricard as South Asia general Prior to her stint at Flipkart, Roy worked at
counsel in Mumbai. Thomson Reuters for more than a decade where
Roy has experience working in the informa- she held multiple senior roles. Her previous
tion technology, media, and services industries. employers include Eastman Kodak and Tata
She is an expert in negotiations, M&A, leading Housing Development Company.
W W W. LEG AL BU SINES S ONLINE.COM A S I A N L EG A L BUS I N E S S – I N DI A E - MAG A Z I N E 9Explainer
ONE CODE TO RULE THEM ALL
In India’s 2021 budget, Finance Minister Nirmala Sitharaman proposed merging the four acts
that presently govern capital markets and securities, namely the Securities and Exchange Board of
India Act, 1992 (SEBI Act), the Depositories Act, 1996 (Depositories Act), Securities Contracts
(Regulation) Act, 1956 (SCRA) and Government Securities Act, 2007 (Government Securities Act),
to form a single securities markets code. BY A PA R N A SA I
WHY IS THERE A NEED FOR Thacker and Arora note. “This
A CONSOLIDATED CODE? will provide clarity to all stake-
While the SEBI Act provides for holders, including market interme-
the setting up of a Securities and diaries and the investor commu-
Exchange Board of India to protect nity at large and remove possible
the interests of investors in securi- conflicts in the regulatory frame-
ties and to promote the develop- work. Consolidation of multiple
ment of and to regulate the secu- laws, ordinances, guidelines, regu-
rities market, the objective of the lations and circulars will provide
India’s Finance Minister Nirmala Sitharaman stands next to
SCRA is to prevent undesirable Minister of State for Finance and Corporate Affairs Anurag
much-needed relief to corporate
transactions in securities by regu- Thakur (L) as she leaves her office to present the federal India.”
budget in the parliament in New Delhi, India, February 1, 2021.
lating the dealings in securities. REUTERS/Anushree Fadnavis
On the other hand, the WHAT ARE THE CONCERNS
Depositories Act regulates the interplay between financial agen- THAT STILL NEED TO BE
depositories in securities of the cies, and to bring in much-needed ADDRESSED?
country, while the Government organisation and efficiency to the While many are optimistic about
Securities Act allows the Reserve financial regulatory framework,” the impact of the single code, there
Bank of India to amend the Thacker and Arora say. “The idea are some concerns which still need
laws governing the government behind the single securities code to be addressed. According to
securities. is similar, arguably, even iden- Thacker and Arora, while the single
Naresh Thacker, partner, and tical to the IFC and therefore, the code is likely to prove beneficial,
Abhiraj Arora, associate partner, at legislature would be well advised it comes with its share of trepida-
Economic Laws Practice (ELP) say to adopt some of the impor- tions like the ambiguities that are
that the present acts have outlived tant provisions recommended by currently present.
their utility and are not sufficient the Financial Sector Legislative Citing an example, they say:
to deal with changing dynamics. Reforms Commission.” “There is no specific provision under
For some time now, stakeholders, the SCRA where any order passed
have demanded that an efficient, WHAT ARE SOME OF THE by a clearing corporation can be
lean, and modern framework be LIKELY EFFECTS OF THE challenged before the Securities
put in place which is in tune with CONSOLIDATION? Appellate Tribunal (SAT). However,
the current requirements. As the market still awaits the in IL&FS Securities Services Ltd. Vs.
While it is the first time that finer details of the act, experts NSE Clearing & Ors., the SAT held
the government has planned for are of the view that a single code that decisions of clearing corpora-
the consolidation of SEBI regula- will provide more operational effi- tions are appealable under Section
tions, it is not the first time that a ciency. According to Thacker and 23L of the SCRA. This is one area
common code has been proposed. Arora, as with any law, a consoli- where a gap exists, and more
“In 2013, the Financial Sector dated securities market code will clarity is required.”
Legislative Reforms Commission, enable a simpler legal frame- In another instance, Thacker
under the chairmanship of retired work, lead to a lesser compliance, and Arora also state that the
Hon’ble Justice B N Srikrishna, and cost burden, be more busi- Depositories Act does not provide
had proposed repealing of various ness-friendly and facilitate ease for an appeal against decisions of
financial acts and establishment of participation in the securities depositories. Currently, appeals lie
of a common Indian Financial market. only against orders passed against
Code (IFC). The idea behind IFC “A consolidated securi- a depository. Hence, they believe
was to introduce a common code ties market code will result in that more clarity is necessary to
to regulate the financial market, removal of duplication and also understand the powers of appeal
to govern the aims, powers, and reduce overlap between the acts,” against an order of a depository.
10 ASIAN L EG AL BUS INES S – IND IA E- MAG A ZINE MA RCH-A P R I L 20 21Appointments
Sidhartha Richa Savani Vineet Amrita
BARUA CH OUD HARY GUP TE NAGL A TO N K
LE AV I N G LE AV I N G LE AV I N G LE AV I N G LE AV I N G
N/A AZB & Partners Khaitan & Co Economic Laws Practice N/A
JOINING JOINING JOINING JOINING JOINING
L&L Partners Trilegal Samvād Partners White and Brief L&L Partners
P R AC TI C E P R AC TI C E P R AC TI C E P R AC TI C E P R AC TI C E
Litigation Capital Markets Disputes Taxation Litigation
LO C ATI O N LO C ATI O N LO C ATI O N LO C ATI O N LO C ATI O N
Delhi Mumbai Mumbai Mumbai Delhi
P O S ITI O N P O S ITI O N P O S ITI O N P O S ITI O N P O S ITI O N
Partner Partner Partner Partner Partner
INDIA FILES APPEAL IN $1.2 BILLION CAIRN ARBITRATION CASE
(Reuters) London-listed Cairn in This essentially means that once
December was awarded damages of $1.2 it obtains orders from the local courts,
billion plus interest and costs, taking the Cairn can identify and seize Indian
current total to over $1.7 billion. assets, which could include bank
India, which is now liable to make accounts, Air India planes and prop-
this payment, had said previously it erty of other Indian state-owned compa-
would challenge the order. nies, he said.
The appeal, filed in a Dutch court, “Cairn has appointed a team of
comes as Cairn is pulling out all the the best asset-tracing and recovery
stops to recover the damages award, Cairn India employees work at a storage facility for crude oil experts in the business to collect
at Mangala oil field at Barmer in the desert Indian state of
including hiring a team of asset recovery Rajasthan August 29, 2009. REUTERS/Parth Sanyal against India,” Hranitzk y said,
experts. adding that the company will do
It also comes weeks ahead of UK did not respond to a request for everything it takes to recover the
Prime Minister Boris Johnson’s visit to comment. full amount of the arbitral award
India to build deeper business ties. Cairn has already filed cases in local if settlement discussions are not
India has appealed on the grounds courts in the United States, UK, France, fruitful.
that taxation-related matters are not Netherlands, Singapore and Quebec to Cairn has said the money ulti-
covered in its bilateral investment treaty enforce the arbitration award, and there mately belongs to its shareholders
with the United Kingdom under which is likely to be more enforcement actions - which include large investors such
the case was filed, and therefore the in other countries, Dennis Hranitzky, as BlackRock, Fidelity and Franklin
arbitration tribunal does not have the head of the sovereign litigation practice Templeton, and the ramifications of
jurisdiction to rule on the matter, one at Quinn Emanuel Urquhart & Sullivan, India not honouring the award will
of the sources said. a law firm representing the company, “run across the international invest-
Cairn and India’s finance ministry told Reuters. ment community more widely”.
W W W. LEG AL BU SINES S ONLINE.COM A S I A N L EG A L BUS I N E S S – I N DI A E - MAG A Z I N E 11• Is this the first time we’ve had this
issue? What happened last time?
• Are we receiving complaints or
concerns from users or customers?
What does this mean about their
expectations?
In this way, you can draw reason-
able, documented conclusions about
how laws and regulations would apply
to today’s products.
KE E P U P WI T H T HE
L AT E ST C HAN GE S
Your boss simply won’t have time to
In-house Insight understand each granular product
change. They will rely on you to keep
TRANSITIONING TO THE ROLE track of product developments, who
decided them, and when they are occur-
OF IN-HOUSE LAWYER ring. Context is everything, so the product
details matter. A small change can alter
the entire legal analysis. Likewise, your
BY DAVID SC L AR boss will also rely on you to keep up with
legal and regulatory changes. Read up
When you move in house from a law you will help your future self because on those changes - through searches,
firm or even from law school, you have you’ll have the context to understand client alerts from law firms, webinars,
the opportunity and the privilege to your prior reasoning. The key is to provide podcasts, etc. Again, the details can
work more directly and frequently this context concisely. If you must provide substantially influence the legal analysis.
with talented non-legal colleagues in more detail, consider a separate section
areas like product development, engi- or even an appendix where necessary. CON C LU S I ON
neering, marketing, and operations. To When you go in-house, you face new
be successful in the role, it is essential to G ET TO KN OW T HE BU S I N E S S challenges. You want to make your
get to know these teams and learn how To get comfortable in an in-house role, boss look good, support the business,
to serve their needs. you’ll want to make every effort to and be mindful of users and society.
This article highlights some of the learn about the company and its prod- Being a good communicator, lever-
key changes for transitioning to in-house, ucts. Attend town halls, read product aging data, and understanding the busi-
as explored more fully in my book announcements, and use the product ness, product, and regulatory landscape
‘Workplace Strategies for Technology yourself. Likewise, read about the makes all the difference.
Lawyers’. industry and competitors, and even use
competitor products. Ask for informa- About the author
DR AFT CO NCIS E E M A I LS tion on the most significant customers David Sclar is a
If your work product at a law firm is often and their relative revenue or size so you technology lawyer and
memos, your work product in-house is know how to prioritise. And of course, author of ‘Workplace
often emails. You will send a lot of emails, talk to people at lunch and in the halls. Strategies for
and it is important to send concise, clear Learn about what they’re up to and how Technology Lawyers,’
emails with a conclusion front and centre. you can help. a real-world book of practical tips to
Your email must make clear your recom- succeed as an in-house lawyer at a
mendation. Do not stop at issue-spot- U S E A N A LO GI E S AN D DATA technology company. You can email him
ting - everyone involved wants a solution. Especially at a tech company, you will at techlawyerdave@gmail.com, visit
Many business teams will appreciate often need to apply old laws and regu- his website at www.davidsclar.com,
bullet points and headers rather than lations to new technologies and situa- and find ‘Workplace Strategies for
paragraphs. It pays to know your boss’s tions not contemplated by the drafters. Technology Lawyers’ on Amazon.
preferences and take a similar approach. Use analogies to the real world to analyse
For example, if your boss wants to avoid complex technology. Leverage data
legal jargon, write your emails, and give wherever possible, such as: ALB is soliciting articles from
advice in plain speech. in-house counsel based in India
Everyone also wants context. They want • What do users do when they land on for its bi-monthly e-magazine.
to know what question you’re asking and that screen? What is their next step? For submission guidelines,
how you came to your conclusion. In fact, How does this compare to real-world email aparna.sai@tr.com.
by making a clean record in this manner, behaviour?
12 ASIAN L EG AL BUS INES S – IND IA E- MAG A ZINE MA RCH-A P R I L 20 21You can also read
