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Dua and Tatva speak out about break-up, confirm 50 leavers

Law firms


Iceberg: Dua breakaway complete
Dua Associates has circulated a statement to members of the Society of Indian Law Firms (SILF) after 41 Dua lawyers and nine partners are now confirmed to have joined breakaway firm Tatva Legal. Tatva has also responded with its first public statement.

"We are writing to update you on some recent developments at Dua Associates," reads Dua Associates' statement. "Dua Associates as you know has a full service presence across the country – unique as one cohesive partnership, professionally-managed by an Executive Committee."

"In December 2009 our firm called an Executive Committee and Partners’ Meeting as a result of which Shishir Sharma, Shailendra Komatreddy and N.K. Dilip along with their teams have ceased to be with Dua Associates effective January 1, 2010."

Dua's emailed letter also mentions the firm's recent partner hires and opening of a Singapore office, as Legally India reported last week. [Click here for Dua's full statement.]

By Tuesday of last week, 30 lawyers had officially resigned and broken away from three Dua offices to set up Tatva under the leadership of senior Dua partner Shishir Sharma.

A total of 50 lawyers have now formally handed in their Dua resignations, as both firms have now confirmed.

Reading a prepared statement from Tatva's partnership, Sharma told Legally India: "Tatva Legal started operations on 1 January 2010 and comprises of, amongst others, a group of 50 lawyers including nine partners who moved out from Dua Associates."

"Tatva Legal would be a full service firm and has offices in New Delhi, Bengaluru, Hyderabad and Mumbai."

He said that the following nine partners had left Dua and had joined Tatva as partners or of counsel: Sharma himself, Hyderabad head Shailendra Komatreddy, Bangalore head NK Dilip, T Srinivasa Murthy, Manoj Menon, Ekta Bahl, Manav Nagraj, Avinash Mody and Simran Lakhwinder Singh.

Sharma, Komatreddy, Dilip, Murthy and Menon were equity partners at Dua, while the remaining four were Dua salaried partners.

Sharma had been at Dua Associates for 14 years with a short break at another firm. He added: "The Tatva Legal team is indebted to Dua Associates not only for the amicable manner in which the transition process post their exit has been implemented but also for the amazing platform for growth it has and continues to afford to legal professionals in India.

"Most of us have spent our formative years in Dua Associates and we would continue to look up to Mr Dua and Dua Associates for their support and guidance."

The start-up firm is also in the process of hiring around 15 lateral associates. It will open an office in Mumbai in due course, in addition to its legacy Dua Associates presence in Bangalore, Delhi and Hyderabad.

Tatva's total size including lateral hires is currently around 60 lawyers, with Delhi, Bangalore and Hyderabad each consisting of between 15 to 20 lawyers.

The firm's Mumbai office is around five lawyers strong, of whom two are from Dua with the rest being lateral hires. The firm is looking at a presence of 15 lawyers in Mumbai within six months.

According to a source close to the firm, Tatva will not work on a lockstep partnership model but intends to create a "professional" all-equity partnership.

SILF chairman Lalit Bhasin said that there was no direct SILF involvement in the matter. "SILF treats these things - this attrition and people going and coming - as internal matters of the law firms."
Photo by Molechaser

Comments (10)Add Comment
NB: The comments below are the personal views and opinions expressed by readers and are not those of Legally India. If you believe a comment is inappropriate, please send us a message with your objection and contact details and we will review it as soon as practicable.
0
#1...
written by Anonymous, 14 January 2010 15:31
Hi Kian,

Could you please publish contact details of Tatva Legal?

[Sharma's email ID is firstname.lastname [at] tatvalegal.com -Kian]
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#2...
written by Anonymous, 14 January 2010 16:31
Interesting that they say not a lockstep but a "professional" equity partnership? Given that a large number of international, especially UK law firms follow a lockstep, would that mean that Tatva is going for a US style eat what you kill model? And does that mean further that they plan to have a US "best friend"?

There are two distinct equity models with the others being variations of those. The lockstep, where you get an increasing amount of equity every year and reach the top of the equity after a given number of years and eat what you kill, where what you earn is dependendent on the work you do and bring in. In between you could have a qualified lockstep where equity goes up automatically to a certain extent but to move to significantly higher levels you have to go through a "gateway" of generating a certain specified amount of revenue.

All of these are professional but they represent different philospohies.

The unprofessional systems are those that give equity out on family or other "non-professional" basis.
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#3Meow
written by Anonymous, 14 January 2010 16:52
You can contact Tatva guys through Linked In too, Dilip, Menon, Murthy, Shailu, Bahl and Manav - are all NLSIU.....and most of them are listed in Linked In.
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#4KoolKat
written by Anonymous, 14 January 2010 21:07
Amazing insight #2. Are you a Partner at a Big Law Firm? This is the first I have heard about the "gateway"!
Kian, it would be great reading about the various lockstep models (and variations etc.) that Indian firms have adopted - are Indian firms (in general) forthcoming with details?
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#5whistle blower
written by Anonymous, 14 January 2010 21:29
And wht is this SILF?? --- Unprofessional bunch of You scratch my back I will scratch yours?? how hypocritical....just see where they go when the legal system is opened for foreign law firms...
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#6....
written by Anonymous, 15 January 2010 10:27
Doubt 50 lawyers can set up offices in different cities unless this has been planned properly. Why then does the update to SILF look like the partners were asked to leave? In saying this Dua Associates is clearly trying to cover up for their loss. Full marks to the partners at Tatva for the graciousness and maturity demonstrated in their statement.
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#7...
written by Anonymous, 15 January 2010 19:22
Economic Times story on Indian lockstep:
http://economictimes.indiatimes.com/news/news-by-industry/jobs/Indian-law-firms-now-adopt-global-model-for-partner-pay/articleshow/5334716.cms
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#8LKS
written by Anonymous, 15 January 2010 19:39
Dear Kian,

please provide the email ID of key contact person in both the firm.
Thanks

[See comment #1 above. -Kian]
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#9...
written by Anonymous, 18 January 2010 13:53
Dear Kian,

Could you please give the contact details of the Bangalore partner N. K. Dilip also could you let us know who will now be heading the Dua Bangalore office.

Thanks
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#10law student
written by Anonymous, 18 January 2010 15:47
Hey Kian!!
I would be very grateful to you if you could provide the contact details of the partner heading the Tatva's Mumbai Office?

[I am not sure actually and not certain this is finalised yet. -Kian]
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