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12 May 2009 | By Matt Byrne
Top Indian firm Amarchand & Mangladas & Suresh A Shroff & Co has taken the highly unusual step of making two lateral hires - just a few months after it shook up its lockstep and internal governance.
Amarchand has recruited Tushar Mavani, a corporate partner from Mulla & Mulla & Blunt & Caroe and Ashish Jejurkar, head of Luthra & Luthra’s Mumbai corporate practice.
Amarchand managing partner Cyril Shroff told The Lawyer: “These two people have the right temperament and drive to be part of our vision.”
“There’s impetus and a desire to grow our firm, both in terms of influence and numbers.”
The dual hire will take the number of partners to 42 across its five offices in Mumbai, Delhi, Bangalore, Hyderabad and Kolkata.
The firm has also announced the promotion of Bangalore senior associate Ganesh Prasad, who will relocate to Mumbai and join the partnership next year.
The move comes in the wake of a far-reaching restructure of the firm’s partnership and corporate governance, revealed by The Lawyer earlier this year (23 February).
Having operated an eat-what-you-kill system for two decades, Amarchand became one of the first firms in India to implement a lockstep.
Shroff said: “Lockstep has a more equitable feel about it. We wanted clarity in terms of compensation and that is very important in creating a long-term institution.”
Anonymous | 12-May-2009 3:04 pm
I just wanted to highlight here, that Ganesh Prasad is a Principal Associate, presently at the Bangalore office of Amarchand and NOT a Senior Associate as reported here.
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Anonymous | 12-May-2009 3:28 pm
Amarchand never had a eat what you kill model, excpet maybe between the two borthers in Delhi and Mumbai. From what i understand from the grapevine the present model is not a lockstep in a way that the UK market understands. Anyhow it is good move on part of AMSS and they must be congratulated for ramping their capacity while their competition is busy running around in London and New York trying to cobble together a deal with western firms in the hope that the Indian legal market will open up to allow joint ventures and the owners will cash out.
Anonymous | 12-May-2009 7:01 pm
this is a very good move by Amarchand. this will serve as a wake up call to all the indian lawyers in london and new york who had moved there over the last few years - it will help them realise that india is THE place to be at the moment. london and new york are about as cheerful as a morgue at the moment, with the axe of lay-offs hanging over their heads. it shows them quite clearly the buoyancy of the indian legal market and the bright future that awaits them. good job!
Anonymous | 12-May-2009 7:04 pm
good move from the chaps in bombay. suprised why there werent any promotions or lateral hires in the delhi office. maybe the announcement is being delayed for some reason? they have some decent talent there who would continue to serve amarchand well at partners. hope some good news comes out of the delhi office soon.
Anonymous | 12-May-2009 7:21 pm
good choice by amarchand. have heard good things about these two laterals and i think they will do wonders for amarchand once they settle down. their clients and work are sure to follow them to amarchand. this should widen the already huge gap between amarchand and the bottom tier firms like AZB, Lutha, Fox Mndal etc - it will send out a strong message that you dont need to go out with a begging bowl to the foreign firms to do well. rather you just need to look in your own back yard for good talent. i wish cyril, tushar and ashish the very best of luck for the road ahead.
Anonymous | 12-May-2009 8:19 pm
This is a commendable step by AMSS. At a time when people are still coming to grips with the recession, AMSS has gone ahead and started buiding for the rising economy which would be due atleast next year. Also poaching on a competitior's highly competent lawyer speaks volumes about AMSS.
Mumbaikar | 12-May-2009 8:47 pm
Is this a sign of strength or the mark of desperation from Shroff & Co?What would you say if Slaughters suddenly started hiring lateral partners and overhauling its partnership remuneration?The times are a'changing, clearly.
Anonymous | 12-May-2009 9:03 pm
This is a positive move and shows Amarchands as being proactive and strategic. The growth of law firms in India is now giving Indian lawyers a good opportunity to get quality work and a real chance of partnership in India as well as (or better than) the UK and USA
they will fire me | 13-May-2009 9:59 am
ever wonder why so many of the comments are anonymous?
Anonymous | 13-May-2009 10:33 am
Re Anonymous | 12-May-2009 7:04 pmI have had a chance to work with some young turks at Delhi office of AM and must say that the experience has been irritating to say the least. I am sure that they are keeping quality issues in mind while deciding promotions. It may take long for reputation to suffer in a market with no serious player, but one it suffers thay may bnot get a chance to come up in time when the market opens.To the other commentator talking about gloom in London and New York, you should focus on training and quality issues rather than preaching from a mountain to Indian lawyers working overseas and learning fromn the best of the west.
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