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Overview
India has remained to some extent shielded from the global economic crisis and law firms are consequently reporting a relatively strong year across the board. Although it has dwindled slightly, international investment is still ongoing and the number of corporate deals is steadily on the rise. Many firms have seen the economic crisis as an opportunity to hire talent from the west, with Srinivas Parthasarathy joining Trilegal from Allen & Overy’s Singapore office; Naval Chopra joining Amarchand & Mangaldas & Suresh A. Shroff & Co in New Delhi from Freshfields Bruckhaus Deringer LLP; and Manan Lahoty joining Luthra & Luthra from Shearman & Sterling LLP’s London office, to head the capital markets offering.
As international firms are currently prohibited from practising in India, many foreign firms have chosen to establish alliances with domestic counterparts. The past 12 months have seen Clyde & Co LLP announce its association with ALMT Legal; Allen & Overy LLP enter into a non-exclusive referrals relationship with Trilegal; and Clifford Chance declaring its alliance with AZB & Partners. All such associations might be seen as a sign of firms positioning themselves for the potential liberalisation of the legal market. Firms such as Ashurst LLP continue to work from liaison offices on the ground.
As India’s financial hubs, Mumbai and New Delhi are the more prominent legal centres, although Bangalore, Kolkata, Chennai, Hyderabad, Ahmedabad, Guragon and Chandigarh are home to offices of many of firms with national coverage such as Trilegal and J Sagar Associates.