Cyril Shroff, managing partner of India’s Cyril Amarchand Mangaldas (CAM), discusses the firm's recent expansion efforts including the firm’s new office in Abu Dhabi, offers his views on the changing legal landscape in India, and shares his perspective on the future of Indian law firms in light of market developments.
ALB: CAM has been actively pursuing expansion in recent months. What is the underlying strategy driving this recruitment initiative?
Cyril Shroff: CAM’s growth story is intrinsically tied and propelled by India’s growth story in recent years, and consequently its clients. This is what has motivated us to expand through all possible routes- organically, through campus hires and internal promotions, in organically, where our brand equity, reputation and client reach has attracted the best of lateral talent to seek to partner with us the firm; and finally, internationally, where we have expanded across jurisdictions where clients are intent on doing business with the country. This is across practice areas, doubling down on our core capabilities and expanding to new areas to support our clients – our acquisition of an IP practice is indicative of this.
We have been focusing on targeted efforts to make our services more accessible to our clients who span India and the world. So far, we have offices in six Indian cities, Singapore and Abu Dhabi. Both regions have established thriving hubs for global business – and opening offices here shows our commitment to these jurisdictions and increasing cooperation.
We don’t expect over-capacity risks given the velocity of growth of the market - there is just so much demand, we have been turning down several deals that come to us - but will focus on consistency, quality and excellence to serve our clients.
“There is enough depth and variety in the Indian market for national champions to survive, and I am pretty confident that we will have our place. The ‘opening up’ of the market, will provide an opportunity to scale our services up to global standards and the sector will benefit from some international competition.”
ALB: Speaking of the new Abu Dhabi office, what is your vision for CAM's global expansion, and what strategies do you intend to implement to achieve this?
Shroff: UAE and India have historic ties, and these have been deepening through multiple recent initiatives, including the signing of trade agreements and technology cooperation agreements between the two countries. UAE is the location of choice for Indian family offices, startups and conglomerates looking to globally expand.
We are bullish on the UAE and the Middle East as a region; and the UAE is a trusted partner to India. Increasing investment and expansion of presence of UAE-based entities in India will make CAM their go-to legal service provider for Indian law advice.
Our establishment of presence in the UAE is a part of the firm’s larger strategic view of global practice and the United Arab Emirates as a thriving hub for global business. It shows our commitment to the region and its prospects for collaboration. Establishment of a presence in ADGM will give further impetus to CAM’s international presence and will be a stepping-stone for CAM in the Middle East region.
ALB: The Indian legal landscape is experiencing a significant transformation marked by increased openness and flexibility. What do you believe this trend signifies for the future of law firms in India in terms of practice areas and offerings?
Shroff: The legal market should open up and Indian firms should also professionalise to offer services that are global in scope. Regarding our own stand, whether the market opens or not, we are going to remain independent. We are not tying up with anybody. We are not interested.
I think just being the national champion - keeping your own identity in a market as large as India - is the obvious right answer. There are always a couple of national champions that survive and thrive. So long as we are positioned to be part of that small subset, we are in some ways agnostic as to whether the market opens up or not. There is enough depth and variety in the Indian market for national champions to survive, and I am pretty confident that we will have our place. The “opening up” of the market, will provide an opportunity to scale our services up to global standards and the sector will benefit from some international competition.
