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No - we are sitting and defending our profession before clients you lot disappoint. To be honest - we are disappointed too. My boss even spoke to some partners who quietly acknowledge the rot.
Client is now using investors foreign firm to vet every advise after provisions cited are wrong. That foreign firm must be now shopping from every lit team they know. Great job guys.
We still have our mandate and are due in court.
I will also reserve T1 merits considering how many get hired through contacts.
It is obvious that some folks in T1s are trying to make fresh work to the commercial detriment of the clients themselves. You guys need to leave your egos and start calling a spade a spade.
I wish some folks here were around for the clients feedback on this. This wasnt some dumb cheap client; this is a client looking at USD 500 - 750 million valuation in this economy.
This is earning lawyers collectively a bad name. I would gladly refer clients to T1s but I would be careful which partner oversees the work and does the work. T1 badge is losing sheen.
None of the above applies to issues that are knocking at the gates of disputes, then itโs a different game altogether.
T1s are hired for their name to satisfy board/investors.
What im seeing as work product is horrific. Mind you spent nearly 10 years in a T1.
While this kind of creative thinking and strategy proposed in the opinions require merit and calibre, and could present an arguable case which your client would be willing to test, however, most arbitrators or judges would disagree with the opinion.
I can name the firms but it would get censored. One was a Mumbai T1 team fand other was Bangalore T1 team. Both cases the work was cross sold. Different POC and partner signing.
Entire briefing turned into a T1 bitching session from the clients side and chamber was the one left defending lawyers. Once they left my boss made enquiries as to who did the work on these.
Incredibly poor advisory work are being handed out. Its clearly coming out from kids and just signed by a partner without thought.The advise was almost ChatGPT-ish.
Wish I could post it here. Not for amusemenr but for some introspection. If I were T1 partners I would be damn careful cross-selling. Reputations are getting ruined in the market.
PS: Spent most of my career in a T1. The standards are dropping fast. The T2 and boutiques are giving much better work product even according to clients.
It's a circle jerk of accountability.
Maybe desperate to hit targets and the need to convert advisory into full mandates but if you are advise is harmful for the client in the long run, before courts and commerically, you're a shitty lawyer. Its a gloomy time for big firms. But everyone is seething at how such opinions are being issued. India needs a regulator for advocates practicing effectively as soliciters.
Sometime the advise given is completely wrong in law. Sometimes the opinion is practically impossible to pursue. Some are openly self serving. Sometimes all three rolled into one. The clients are increasingly shocked to find they are victims of grifting. Many partners are issuing rather self serving opinions and advisory work. But its also getting noticed.
This was a situation where O&M is being pushed by a shady investor. Exit is offered. Valuation stalls. New foreign investors to replace him are spooked on account of existing litigation. The advice T1s are issuing is go for further deeper and protracted litigation. The company meanwhile suffers lowered valuations and T1s wants to milk it dry with extended litigatons.
PS: The due diligence that created the mess came with a T1 badge too albeit with so many assumptions and carve outs, the client said it was a waste of money too.