A question to the people involved in the BD aspects of the law firms, do you see quality growth in the demand for legal services in near-term? Has the recent profit-making spree of Indian corporates resulted in higher billings? Or is the sector lagging behind or seeing jobless growth?

Bump. This is a great question!

I work in the BD team at a T1 firm. Tbh, the T1 firms have maxed out their growth. Last 2/3 years have been dominated by boutique or regional firms. Clients have immense pressure to reduce cost hence small size law firms run by ex-T1 firm partners who can do same quality of work at lower rates are being preferred. There’s literally nothing working out for big law firms in India- they have no value to offer. Only the heritage clients (friend clients) will stick to such firms. On the top of it, the attrition rate at all the law firms in India have been unprecedented.