While there are several law firms based out of Kolkata. Most of them are engaged in litigation and allied practices only. When I say "most of them", I mean more than 90% firms. Whereas Corporate Practice is very low or nearly non existent in Kolkata.
The only few firms having dedicated corporate law teams are Khaitan & Co., Fox & Mondal, Argus Partners (as far as I know). Few other firms like Kini and Sinha are not purely involved into corporate practice. What they do is a mixture of litigation and corporate practice i.e., NCLT matters.
Why there is such a gap in the legal market of Kolkata? Why are firms not indulging in corporate practice like GC, M&A, IBC, TMT, IPR etc. Also, another evident phenomenon being the T1s opening their shops in every metro city in India, except for Kolkata. T1s, T2, and even some T3s are expanding into cities like Ahmedabad, Lucknow but not in Kolkata.
What is wrong with Kolkata? What's happening here? Why does it seems like the legal giants are actively avoiding the only metro city of East India?
There is a dearth of corporate houses in Bengal. 34 years of Left rule followed by a govt that does not allow anything without a cut-money has kept corporate houses away from Kolkata. Look at the condition of educated youth, half of them are jobless and the other half is in Bangalore/Pune/Hyderabad. There is little corporate work that happens in the city. The current political regime is also constantly fighting with the Centre which means that Centre is not focusing on Bengal as far as development is concerned, this is in sharp contrast to what is happening in Gujarat and UP which is why u can see legal firms opening shops in Ahmedabad and Lucknow.
Unfortunately, the situation in Bengal is beyond repair now, the only other option seems to be BJP bur the people at the top of Bengal BJP are equally corrupt and bad. So, yeah corporate work will not flourish in Bengal anytime soon. That's the sad reality my friend.
Just as I thought! You confirmed what I was speculating since a long time. Sigh....
It seems that this is it. This is the reality of Kolkata and it's future. I am very sad that I will have to eventually leave my city due to such poor conditions that are becoming worse with each passing year. I just wish somehow, someday, I get to know that Kolkata is back on it's feet so that I can return to my home peacefully.......
Good Luck to you! I have kind of lost hope and am planning to bring my parents to Delhi who are currently in Kolkata. I really miss my city, not to mention the kind of advantage localities get in almost anything.
Kolkata is a dying city. Kolkata is this, Kolkata is that.
If you really want to stay in Kolkata, you can make that happen. The world has progressed a lot lately. I currently have a remote job which allows me to work on good legal matters with top notch clients, while enjoying the luxury and low cost of living at home. Won’t reveal much details, but I’ll say this…
If you’re still in college, you must be dazzled by the glamour of some firms based in Delhi/ Mumbai. It’s not your fault. They have specifically marketed themselves to build that image in young impressionable minds. But these are not the only options to have a good legal career.
There are more options out there than you are aware of. Seek, and you shall find.
Very much true! I agree. Needless to say, Gujrat has exponential potential be it in business, or Corp law (as both are interconnected). There's a plethora of industries that are growing and have huge potential in near future.
Even I am planning to settle in Gujrat once I get some foothold in the Corp Law domain!
Is it because they have a favourable central government or is it because the state government is amazing? Genuine question, not throwing shade.
UP has even fewer law firm work than WB, even with its 60 years of decline. Gujarat, sure - GIFT City is all the rage, but genuine question again: how big is the GIFT City uptake from foreign companies, compared to other SEZs?
was preparing for UPSC (did not get after three tries) and had written an essay on the reasons for the decline of Kolkata in the economic map of India (for one of the exams), there were multiple factors which led to the decline but there is a simple statistics to start off the discussion until 1959/1960 Kolkata had the highest GDP (not per capita but total) for a city in India. Kolkata was the main hub of the British commerce from 1730 onwards, it was the capital until 1911, it had natural resources in abundance within 200 km (think minerals from Jharkhand, workers from bihar, vast agricultural production in bangladesh, a well educated clerk from west bengal). The reasons for decline are:
1. partition of Bengal in 1947, which led to the loss of hinterland of East Bengal which provided various raw materials (not just jute) to the industrial complexes near Kolkata.
2. The freight policies of Central government in mid to late 1950s which led to the start of industrial base shifting to Western India. The shift to South India actually happened post liberalisation from 1992/3 onwards.
3. influx of refugees from Est Bengal from 1947 onwards led to rise of millitant trade unionism frm mid 1950s when the capital slowly started to shift to Mumbai. Many blame left front govt which took power in 1977 to the capital flight but if you look at the GDP data you will find that from 1955 onwards WB was on a terminal decline, one of the chief ministers Bidhan R decided to arrest this by creation of industrial cities (what Germany tried post WWII) however it was unable to produce sufficient employment opportunities. The huge unlettered workforce from the jute mills in Hoogly could not trabsfer to the steel mills of Durgapur.
4. the naxalism scare from 1971 onwards in kolkata was the final nail, it kind of led to a police state for 3-4 years in WB and whatever large capital was left in WB fled. After 1976 only large capital left in WB was the PSUs.
5. there has always been an indolent clerk culture in 70% of the population, there is a distinct lack of ambition, you can blame it on various socio-political-religious factors (some blame it on the easy availability of resources which does not force the populace especially the middle class to be adventurous).
The insecurity of Managing Partners in Kolkata firms which don't allow for specialisation. Everyone does everything, so that nobody is indispensable. From day 1, this is the culture. You have to really be something else to create a specialisation for yourself. Even without major business, there is no reason for there not be any IBC team / Real Estate team (most flourishing work)/ Tax Lit / PCP / General Corp etc.
Does not matter even if they have. Sam as a firm is non-existent in Kolkata. It's just a satelite office for namesake. All the work they do is mostly outsourced by some other main branch of SAM. The only functional T1 in Kolkata is KCO. Even their team size is pretty much comparable to some T2-3s of Delhi, Mumbai. It's just a shame to be a Corporate Law student in Kolkata.
I know what are the reasons of the lack of Corp Law Firms in Kolkata. I just wanted to check if I've got it wrong in any way. Well who cares, I myself is soon goin to switch in Delhi NCR as I've got T1 confirmations. The only unfortunate thing that makes my heart ache is the fact that I won't be able to make living if I stay in my home state and neither I see things changing any time soon!
The only few firms having dedicated corporate law teams are Khaitan & Co., Fox & Mondal, Argus Partners (as far as I know). Few other firms like Kini and Sinha are not purely involved into corporate practice. What they do is a mixture of litigation and corporate practice i.e., NCLT matters.
Why there is such a gap in the legal market of Kolkata? Why are firms not indulging in corporate practice like GC, M&A, IBC, TMT, IPR etc. Also, another evident phenomenon being the T1s opening their shops in every metro city in India, except for Kolkata. T1s, T2, and even some T3s are expanding into cities like Ahmedabad, Lucknow but not in Kolkata.
What is wrong with Kolkata? What's happening here? Why does it seems like the legal giants are actively avoiding the only metro city of East India?
Unfortunately, the situation in Bengal is beyond repair now, the only other option seems to be BJP bur the people at the top of Bengal BJP are equally corrupt and bad. So, yeah corporate work will not flourish in Bengal anytime soon. That's the sad reality my friend.
It seems that this is it. This is the reality of Kolkata and it's future. I am very sad that I will have to eventually leave my city due to such poor conditions that are becoming worse with each passing year. I just wish somehow, someday, I get to know that Kolkata is back on it's feet so that I can return to my home peacefully.......
If you really want to stay in Kolkata, you can make that happen. The world has progressed a lot lately. I currently have a remote job which allows me to work on good legal matters with top notch clients, while enjoying the luxury and low cost of living at home. Won’t reveal much details, but I’ll say this…
If you’re still in college, you must be dazzled by the glamour of some firms based in Delhi/ Mumbai. It’s not your fault. They have specifically marketed themselves to build that image in young impressionable minds. But these are not the only options to have a good legal career.
There are more options out there than you are aware of. Seek, and you shall find.
Vote for BJP if you want law firms because first it requires investment in the state
Even I am planning to settle in Gujrat once I get some foothold in the Corp Law domain!
So, go out and work for yourselves.
UP has even fewer law firm work than WB, even with its 60 years of decline. Gujarat, sure - GIFT City is all the rage, but genuine question again: how big is the GIFT City uptake from foreign companies, compared to other SEZs?
1. partition of Bengal in 1947, which led to the loss of hinterland of East Bengal which provided various raw materials (not just jute) to the industrial complexes near Kolkata.
2. The freight policies of Central government in mid to late 1950s which led to the start of industrial base shifting to Western India. The shift to South India actually happened post liberalisation from 1992/3 onwards.
3. influx of refugees from Est Bengal from 1947 onwards led to rise of millitant trade unionism frm mid 1950s when the capital slowly started to shift to Mumbai. Many blame left front govt which took power in 1977 to the capital flight but if you look at the GDP data you will find that from 1955 onwards WB was on a terminal decline, one of the chief ministers Bidhan R decided to arrest this by creation of industrial cities (what Germany tried post WWII) however it was unable to produce sufficient employment opportunities. The huge unlettered workforce from the jute mills in Hoogly could not trabsfer to the steel mills of Durgapur.
4. the naxalism scare from 1971 onwards in kolkata was the final nail, it kind of led to a police state for 3-4 years in WB and whatever large capital was left in WB fled. After 1976 only large capital left in WB was the PSUs.
5. there has always been an indolent clerk culture in 70% of the population, there is a distinct lack of ambition, you can blame it on various socio-political-religious factors (some blame it on the easy availability of resources which does not force the populace especially the middle class to be adventurous).
have many more factors but too lazy to write and hence proven. Have a read of https://theprint.in/india/from-party-society-to-bahubali-society-how-bengal-changed-yet-remained-same-from-left-to-tmc-rule/2017839/ to understand what has become of WB
Then Bengalis decided to vote for anti industry parties.
First communists and then for worse TMC.
I know what are the reasons of the lack of Corp Law Firms in Kolkata. I just wanted to check if I've got it wrong in any way. Well who cares, I myself is soon goin to switch in Delhi NCR as I've got T1 confirmations. The only unfortunate thing that makes my heart ache is the fact that I won't be able to make living if I stay in my home state and neither I see things changing any time soon!