In ECM, bagging firms like S/CAM, KCO, S&R and IndusLaw and working there for 4-5 years will throw you into so many client facing opportunities with bankers like IIFL, JM Financial, JP Morgan and so forth - where the compliance teams are non existent and directors are desperate to hire someone with prior experience in the legal side of public markets (which essentially is the ECM). A lot of people have left CM just because its clerical until the top and practices like B&F/M&A/GC are better bets with a steeper learning curve and slightly higher bonus components; while others have transitioned into AVP and VP positions for such merchant bankers, underwriters, foreign Biglaw and the like.

Now this is where it gets flawed in India:

1) S&R is super top heavy when it comes to recruitments and internships; where only the cream of the crop make the cut for its ECM teams.

2) CAM simply hires the toppers and does not require previous internships in ECM/DCM so again kids with no experience ultimately bag jobs.

3) IndusLaw has been hiring random people with 2-3 T1 internships in GC for its ECM teams which again is questionnable (also read that they hired a lot of NLUO ppl with directionless CVs at some other LI thread) since they work on the best transactions every quarter.

4) KCO and SAM bleed talent every year because their A0-A2 have sadly understood that this practice area has plateaued in India to a large extent and the only way out is an LLM or a lateral shift to a foreign firm's "Global Capital Markets" team.

5) JSA and AZB have very small teams where 6 months of paralegalships are glorified; that seems like exploitation at worst in the hope of a job.

There is no such things as ‘gold standard’ in capital markets work. It is mind numbing copy paste work - and the best and the worst drafts look alike. So broadly, the large firms get the more premium copy paste work and are able to charge well, while the 2nd tier get mid-caps and must rely on scale to make the cyclical work worthwhile.

As far as capital markets (both debt and equity) is concerned, it is a given that beside CAM and prolly Indus, S&R is the gold standard as far as deal making and execution is concerned. Coming to the recruitment, from what I have observed is that it is difficult to make it since its either a nerd from a top tier Indian law school or an average chap that did their masters from a foreign law school which fit their hiring puzzle. However, the firm is mostly if not always merit based in its modus operandi unlike the other "Tier 1s" where kids of the clientele and/or partner references play a huge role in getting through the door. Pay across all levels is equivalent to the big 7s and the mentorship is great since it follows the AZB model where A0s are also made to understand the granular details of the deal instead of doing mindless diligence in their formative years.

If given a chance to work/intern there, close your eyes and go for it. I regret taking up SAM while having a lateral shift opportunity at S&R.

Best of luck!

I am a 4th year student in mid tier NLU, please if someone can help me with - How is the work at S&R Associates? Which is their major practice areas? How is the procedure for offering PPOs or hiring?
Heard recently a 4th year student from HNLU bagged a PPO.

Thanks.