Shardul Shroff, executive chairman of Shardul Amarchand, speaks to Ranajit Dam about the transition from the legacy Amarchand Mangaldas, his vision for the firm, and how it is looking to attract and retain the best talent as the war for lawyers heats up

ALB: Shardul Amarchand Mangaldas launched in the first half of May. How has the experience been so far, and what are some of the achievements you have notched up during this time?

Shroff:  Since we started afresh, we have been single-mindedly focusing on setting new benchmarks, both in terms of service quality as well as collaborative and innovative solutions to the most complex legal issues. The intent is to further build on the legacy of Amarchand Mangaldas and continue to play the role of a trusted advisor to our clients. In a sense, we are building our team brick by brick rather than rushing into the market, with a client-oriented rather than size-oriented approach.

Our Mumbai and Bangalore operations are well under way, providing us with a broader, nationwide reach. In addition, we have already grown to 67 partners and nearly 360 employees.

ALB: Tell us more about your foray into the Mumbai region. How is that progressing? How would you describe your overall expansion strategy?

Shroff: Being the commercial capital of India, Mumbai offers great opportunities. And since I started my career here, I already have a well-established network, which has helped during the setting up of our Mumbai operations. We have been working to build a team that will deliver on our standards of trust, quality and responsiveness.

We now have three offices in Mumbai. Akshay Chudasama, a very senior and reputed corporate lawyer, has joined us as managing partner in Mumbai, and the operations are growing swiftly under his leadership. We already have a team of 60 members, including 13 partners in Mumbai, and they are putting together an action plan for leveraging our existing relationships with various stakeholders and also building new ones.

We will have all the key areas of the Mumbai market covered and are looking at having a team of around 100 lawyers in the first financial year.

ALB: Are you considering any overseas offices in the near future? If yes, what factors will drive the decision?

Shroff: Currently, we are very focused on establishing ourselves as the leader in the domestic market so, we are not looking at overseas operations in the immediate future.

In the long term, we will surely consider overseas expansion, if the right opportunity opens. However, we are clear that we only want to be in a foreign market where we don’t disrupt our relationships with the local firms. There are many markets of that type, and depending on which one shows the greatest connect and greatest potential, we will weigh our options in the future.

ALB: Have there been any challenges transitioning from the legacy Amarchand Mangaldas to your current firm, particularly from the perspective of clients and the market? How have you been looking to overcome issues of perception as well as other practical concerns?

Shroff: There are some obvious uncertain ties associated with any such transition, but we did our ground work and prepared well for the restructuring. The proactive manner in which our partners and the entire team worked is commendable. Due to the strong relationships and credibility we have built over the years, we were confident that our clients will not only continue to have faith in us, but also support us.

The Amarchand Mangaldas legacy is something we have retained as a core part of our ethos, and the new firm is proudly building on this legacy. This transition has opened up many opportunities for us in terms of exploring new geographies and client relationships. It has also given us the chance to bring on board some of the best legal professionals in the country.

ALB: When you first envisioned Shardul Amarchand Mangaldas, what kind of firm did you see? How are you working towards bringing that firm to reality?

Shroff: We want to move away from a familymanaged firm and transition to a professionally run practice. At its foundation, the new firm will be based on a strong and independent governance structure with a management board that has a more decentralised approach. It will include partners who are not from the family, as well as independent members such as former SEBI chairman M. Damodaran.

The board will be supported by an Operations Committee, comprising the managing partners, the chief operating officer, the chief financial officer, and the national practice group heads. Furthermore, each region will be represented by a managing partner who will spearhead our expansion. For clients, this integrated structure will promote efficiency, responsiveness and seamlessness across offices.

We have already grown to 67 partners and around 360 employees. Geographically, we now have a nationwide presence, with the opening of the Mumbai and Bengaluru offices. This means that Shardul Amarchand Managaldas has operations in all six major business hubs across India – New Delhi, Mumbai, Bengaluru, Gurgaon, Ahmedabad and Kolkata – through its network of nine offices. Going forward, we will continue to look at geographic expansion, plus talent and client acquisition.

ALB: With Cyril Amarchand also in the market for lawyers, the war for talent is heating up. What are some of the steps you’re taking to not just attract the best lawyers, but also to keep the ones you already have?

Shroff: I don’t think we will face any issues in attracting talent because our strong ethos, success record, mentoring practices and employee-friendly policies are very much in place. In fact, we’ve managed to hire some of the best talent in the country after the split.

Moreover, talent development has always been key for us. We have introduced a number of new initiatives on a merit-based system that will recognise and reward talent as well as help retain the best people. We are empowering and investing in our people with continuous learning, career development and growth opportunities. We are paying better than the industry standard.

ALB: Is there a unique kind of culture you are trying to forge at Shardul Amarchand? How would you define it, and what traits does it embody?

Shroff: We are inculcating a culture of meritocracy, where great talent is recognised, developed and encouraged to rise to the top. Learning and people development is key to us.

ALB: How do you see the Indian legal market evolving at present? What are some of the challenges firms like yours face in growing your business?

Shroff: The new government is continuously working to introduce pro-business reforms. We welcome regulatory changes in sectors such as insurance and defence, and look forward to other sectors opening up to foreign direct investment. These changes are encouraging business and thus leading to more and more legal work.

Indian firms are now well-entrenched in the market and are ready to take on foreign firms. However, Indian law firms should have reciprocal rights to render legal advice across other jurisdictions, which should present a big growth opportunity for them. The government should also review restrictions related to the marketing and promotion of Indian law firms as well as insurance and banking facilities for service firms, which are currently negligible, and create a level playing field.

ALB: Where would you like to see Shardul Amarchand five years or a decade from now? What kind of image/reputation would you like the firm to have?

Shroff: We must be the go-to firm – trusted advisors for our clients and a destination for talent. We would also like to be seen as firm that is socially aware and proactive in its contribution to the society at large.