As hopes for Indian legal market liberalisation in the near term fade, Clifford Chance has downgraded its ‘best friends' relationship with AZB to ‘good friends’ this month in a bid to spread its India eggs across a variety of baskets.
Both firms have agreed to loosen the ‘best friends’ obligation in favour of a longer-term strategy that takes better advantage of the different expertise and client bases of a variety of firms.
An unnamed source in Clifford Chance maintains that the relationship is still cordial and both firms will continue to refer work to each other. According to the source, it was a legitimate expectation that Indian market liberalisation would happen in the near term that in January 2009 prompted the formation of the non-exclusive alliance and subsequently saw both firms working closely and sharing additional levels of support in terms of procedures, training and IT. That expectation is now diminished, hence the review of both firms’ objectives.
According to sources, Clifford Chance continues to have a long-term ambition to establish an office in India and continues to recruit from local law schools. At present, the firm has 40 Indian-qualified lawyers working across the firm. Clifford Chance is expected to increase this number, in line with its strategy of growing its capability in India-related work.
The source maintains that AZB remains the right firm to work with on a range of matters, in terms of its expertise and client base, but that Clifford Chance wants to broaden its client numbers and expand its portfolio of work in India and for India-based clients.
Clifford Chance’s capital markets team in Singapore is currently coping with a “full slate” of India-related work and office managing partner Geraint Hughes has recently taken over as head of the India practice.
The firm is said to be targeting four main areas of growth in its Indian strategy: corporate/ M&A; finance (including asset, regulatory, commodity); debt and equity capital markets; and India-related international arbitration.ALB
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