Well if you make big some of your biggest clients will be corporates. Guess who does their incorporations.

This is a very weird take that I could never understand that corporate lawyers don't contribute to the society. Even the guy who sells tea below the office contributes, everyone does. Type of impact might be different but it's not non existent.

This has to be worst take. GMP is not a good indicator of good/bad company. It’s easily manipulated since its literally in grey market. I believe the OP never dismissed the listing gains, their main point seems to be is that despite gains eventually market with correct itself and bad companies even though giving great returns rn, will go bust.

95% of corporate law doesn’t matter in the larger scheme of things and has no effect on anyone. You just aren’t contributing anything substantial to society. Thats why even well paid corporate lawyers are depressed because they know they dont matter at all and that’s why i left corporate law for litigation. At least if i make it big I’ll be able to impact someone’s life in a positive way instead of doing glorified clerical work all my life.

every single word on the offer document (i.e. DRHP, RHP and Final) is drafted basis data which is given by the client company/bankers. That data which continues to run into thousands of files, zips, folders and what not - is more often than not given in a haywire form; and its the duty of the law firm to first segregate the data basis different chapters in the offer document and then begin the drafting exercise post segregation. This segregation process along with preparing a master index of chapter by chapter particulars is known as "backup work" which is the heart and sole of ECM. This kind of work has made thousands leave this practice area; and the people I know who work at the best ECM teams crib about their shitty job (which for most part is backups) that pays them a fortune.

As a capital markets lawyer, I always wonder that while SEBI scrutinises offer documents extremely strictly, they never promote retail investors to actually read these documents. I can guarantee that not even 3-4% of retail investors read the DRHP/RHP before investing in IPOs. A lot of them don’t even know these documents exist, the markets in this country are running on vibes and people are buying any shit that you place in front of them. This is not how sophisticated markets run.

Sometimes I wonder while we are killing ourselves to find back-ups for every single line in that offer document, in the larger scheme of things it hardly matters because the retail guy will bid for it anyway because some youtuber or “financial influencer” said so. What’s the point of so much scrutiny then? I understand this might seem like a rant, but I genuinely don’t understand that markets anymore. IPOs have become the new F&O. Great for incompetent “new-age” promoters to dump their badly run businesses on unwitting fools, who for now are making money but eventually someone will be left holding a bag full of shit.