Clifford Chance joins forces with top Indian firm
Clifford Chance joins forces with top Indian firm" class="inline_image inline_image_left" src="/pictures/web/images/15668_india-taj90.gif" />
Clifford Chance has underlined its commitment to its Asian practice by signing a best friends agreement with major Indian firm AZB.
Clifford Chance is putting a strong strategic emphasis on Asia after its attempts to break the New York market failed.
As reported in The Lawyer last year, the firm had been in merger talks with Australia’s largest firm Mallesons Stephen Jaques. Talks broke down due to economic conditions but the deal would have made Clifford Chance the largest law firm in Australasia, with more than a thousand lawyers in the region (8 December).
The best friends tie-up with AZB will see the magic circle firm refer work in India to AZB while the Indian firm will refer work out to Clifford Chance’s international network.
Clifford Chance senior partner Stuart Popham, who a year ago accompanied prime minister Gordon Brown on a business delegation to India (18 January 2008), is known as a firm believer in India’s position as a global superpower.
He said of the AZB tie-up: “It’s an increasing challenge for both Indian and international clients seeking cross-border advice that they still have to look outside the country to access the requisite experience, resources and expertise.
“This arrangement will allow our two firms to offer the best possible service within the current regulatory restrictions.”
Clifford Chance global managing partner, David Childs said his firm’s ambition was to provide clients with access to “the very best Indian expertise”.
The firm made its commitment to Asia clear last year when it voted to send global corporate head Peter Charlton, a former London managing partner, to Hong Kong as Asia managing partner (8 September 2008). He has replaced Jim Baird in the role.
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Readers' comments (16)
Anonymous | 14-Jan-2009 2:24 pm
Fantastic for AZB/CC. Amarchand, Freshfields left behind
This is fantastic for AZB Partners and Clifford Chance both. It puts them leaps ahead of the competition.
Amarchand seems to have lost out especially as they were seen (prior to Rahul Guptan's departure) as best friends with CC. But of course, three is a crowd and Amarchands relationship with Slaughter & May seems to have taken its toll. It will be difficult for Amarchands to retain its client base without a proper tie-up in this globalised and fast changing world.
Freshfields seems to be the biggest loser of the year however. Their tie-up with Platinum Partners, a small little known practice (which was earlier Karam Singh's practice) is the weakest of all tie-ups in terms of quality or manpower. The latest Chambers rankings also appear to reflect this.
Adios.
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Your truly | 15-Jan-2009 4:33 am
Agree. But FBD may have a trick up its sleeve!
Agree with your comment that this does not augur well for AMSS. However, FBD cannot be written off - it may have a trick (or two quite literally) up its sleeve.
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Ramesh | 15-Jan-2009 9:39 am
brave decision
Given Zia's dynamism and charisma, I have no doubt that this will be a huge success. This decision also shows her courage and confidence to court one firm when she gets referral from many others. This shows that if you deliver quality, friendships dont matter beyond a point.
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Anon | 15-Jan-2009 10:19 am
FBD
Opinion - FBD India practice's lack of solid legal substance has for many moons been covered up by endless high-flying chatter and hoodwinking of trusting and unsuspecting people (on both sides). Platinum has at least brought along an understanding of Indian legal issues and much needed practical legal knowledge. FBD will indeed need many "tricks up its sleeve" if it going to get anywhere with its India ambitions considering what other MC firms have already achieved in this space. Grapevine has interesting theories though.
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Anonymous | 15-Jan-2009 11:02 am
FBD's tricks
FBD's only hope is if Bharucha & Partners and Platinum get together with them. But in that world, who would you go to? CC-AZB, Amarchands, Linklaters-TT or FBD-BP-PP? I think the choice would be clear CC-AZB or Linklaters-TT. Lots of bad blood out there with Bharucha-Amarchand spat and Platinum Partners-Wadia G spat. Watch out for the action!
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Anonymous | 15-Jan-2009 11:31 am
FBD
Anonymous at 11:02 forgets to add A&O-Trilegal. That is pretty much up there with CC-AZB and Links-TT. With these three, it is difficult to see why clients would go to FBD-PP-BP. Anon at 10:19 is an interesting read. I wonder what he/she means by "(on both sides)". Pls clarify Anon.
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Anonymous | 15-Jan-2009 2:09 pm
Re: brave decision
Ramesh, I am not so sure if Zia still expects referrals from a lot of overseas firms. Any such arrangement would naturally act to distance a firm from other independent players. In fact, likes of Amarchands and Luthras might gain a few here - at least in the short term.
It will be interesting to see how the other prominent Indian firms (e.g. JSA, Luthra, Wadia, Fox, etc) would play. They surely will be chased more now then before as also the internal pressure would increase. And, lastly, think the opposition by indian firms should begin to taper off with each such tie-up. Does the grapevine has much to offer in terms of direction?
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Anonymous | 15-Jan-2009 3:21 pm
grapevine
Heard that JSA and DLA Piper are in talks to form a similar best-friend network, don't know if there is any truth to it.
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Anonymous | 15-Jan-2009 4:53 pm
Good news for opening up
This is good news for opening up in general, as the second clear, stated alliance after A&O-Trilegal. Not counting surrogates of course. Freshfields is the clear laggard in this story. Herbies have also been spoken of as being in talks with JSA, as have DLA Piper. It wil be interesting to see what this does to salaries and rates.
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Anonymous | 15-Jan-2009 5:20 pm
N/A
Yes, interesting times. Other so-called non-family, individual dominated Indian firms like JSA can now seek a premium for a tie-up. Whether the premium will flow down the peeking order is a different matter entirely.
I think JSA can do better than DLA! Herbies might not be a bad choice, but their lack of US presence might not help their cause.
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