Country's largest law firm Amarchand Mangaldas has split into two, with Cyril and Shardul Shroff each launching their own firms this weekend. In an exclusive interview with CNBC-TV18’s Menaka Doshi, Shardul Shroff said there was no prior intention to split the company. He also added that his new law firm’s objectives will be client-orientated and not really size-orientated.
Below is verbatim transcript of the interview:
Q: Had the split been on the cards for a long time?
A: I do not think this a fore thought, because it was occasioned by my mother’s will and the fact that Cyril and my mother did not get along. I had no such intention.
Q: You spoke of nine locations or nine offices in six cities. Can you give us an idea of what your current strength is at Shardul Amarchand Mangaldas and how you hope to grow it in terms of both employees or lawyers and partners in the medium-term future which is in the next year or two?
A: We have nine locations because we are four cities before the split which I was managing. In Delhi, I had two offices and in the new city which I am getting into Mumbai, we have three offices. We have also taken up one office in Bangalore.
In all there are nine offices that we will operate out of, the firm has increased its partners already. We are about 60 partners. We are nearing about 400 people and are doing it in a different way in a sense that quality is paramount.
It is the technical skills that are paramount, it is the responsiveness which is paramount, it is the fact that we are innovative which is paramount and that is the way we are building our team. We are building it brick by brick rather than just rushing to the market and pick up all the talent that is available.
Q: In other words, you are not bothered by the fact that Cyril Amarchand Mangaldas at 580 plus lawyers at this point in time, counts itself as the largest law firm in the country.
A: No, I would rather be the best quality firm and address a market with quality, with sensitivity, with a sense of purpose, with a sense of approaching a client with excellence, with a sense of being very responsive to the client and working collaboratively with the client. My objectives are client orientated and not really size orientated.
Q: I know Cyril has acquired two small law firms to expand his presence in Delhi rapidly. I am curious about how you are approaching the Bombay angle of things. How is it that you hop to build out the practice in Bombay, organically or inorganically?
A: We have acquired a small firm, but it was a sole-proprietary firms; much like one of the firms Cyril has picked up. So, these are not mega events which really require mention.
Q: The freshest rumour doing rounds and this one is a higher probability is that you and ELP might join hands in Mumbai. Would that be true?
A: In terms of ELP, that is not the only rumour making the market, there are so many more rumours in the market and speculation is not something that I would like to comment on.
Q: Is there no chance of ELP and you coming together?
A: No, that is. You said there is no chance, whereas I said that there is always a possibility and life is full of uncertainties.
Q: But if you are not in talks right not, at least in the near-term there is no chance of the two of you coming together, right?
A: It is a process. These things take time. And who knows tomorrow they may want to speak to us. And it will go on that way.
Q: Is it your intent to maybe expand in Mumbai or across the country by coming together with a large firm? I do not mean small acquisitions of the type that you may have already done or maybe considering to practice in one specific city. I mean, coming together with a firm that ranks among the top-10 or the top-15 in the country on order to build size?
A: It is always a possibility. As I said, anything which gives me culturally a good feeling, a feeling of a good fit, a feeling that look this individual is great, fits with my cycle, or even a group if it fits the psyche of the firm, or even if firm fits the psyche of the firm, we will look at it.
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