AZB & Partners Mumbai partner Shuva Mandal has resigned from the firm and will join Shardul Amarchand Mangaldas (SAM) in Mumbai.
Shardul Amarchand Mumbai managing partner Akshay Chudasama confirmed his joining.
Update 18:03: Chudasama commented: “He's a star, great addition and asset to our team. Lucky to have him on board.”
Update 19:43: SAM chairman Shardul Shroff has now commented in a press release: “[Mandal] brings with him huge experience and depth of knowledge in mergers and amalgamations, private equity and corporate commercial matters.
“As the national practice head of M&A at the firm, he adds new dynamism to the firm. Shuva joining us is yet another step in building a world class institution based on meritocracy.”
AZB Mumbai partner Bahram Vakil said he wished Mandal well and thanked him for his “valuable and dedicated contribution”.
We have reached out to Mandal for comment.
Update 19:43: Mandal commented in the SAM press release: “After 15 years at AZB, it was time to take on new challenges and roles and I am eagerly looking forward to servicing clients with the same levels of depth as sincerely as before and I believe that Shardul Amarchand Mangaldas is well positioned to do so in the Indian legal market. I look forward to working with each member of the team at SAM & Co.”
He has been rumoured to have been in talks with Shardul Amarchand since earlier this year, which Mandal had repeatedly denied when contacted.
Mandal’s hire by SAM follows that of J Sagar Associates (JSA) funds partner Jay Gandhi and his team and a string of other hires in the city.
Update: According to SAM’s press release the firm is now more than 69 partners and nearly 370 lawyers strong.
Update 17:24: AZB Mumbai partner Kalpana Merchant has also resigned and may start her own venture.
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Great move though, especially if parts of the team are also moving with. He had a stellar team at AZB
Akshay and Shuva are a good combination. Let's see how they do. The truth is there are now 3 top firms battling it out for corporate work where there used to be 2.
I was beginning to wonder as to when will the LL bashing start.
So who r these star senior associate - [...], [...] and [...] is it???
2. Astute move by the Shroffs - only way to get old Bombay clients in a new set up is through strong relationships: Tata, Mukesh and Star are guaranteed clients. Added bonus of access to AZB client relationships and pricing.
3. Shuva being national M+A head would mean that Gunjan is no longer the head after 20 years. It also means Shuva won't report to Akshay.
4. Azb's vastly beleaguered and significantly depleted M+A practice now needs a shot in the arm before AZB tanks in Bombay. No comment by Zia on this article shows how bad a hit Shuva'a exit is. Death knell for AZB.
5. Blood is thicker than water - both brothers believe and practice divide and rule.
6. This is not the end of AZB partner exits. SAM still needs top notch partners in capital markets, banking and competition for Mumbai. Interested candidates who are looking at a minimum of a multiple of 3 x of their current pay package should apply.
7. Despite family and Chopra, SAM Mumbai is being run professionally. All top notch partners have documented no interference clauses in their contracts.
8. Life is not about I, me, myself and my family. You are only as good as your team. If you hire crap, you can move from superhero to zero in six months. History speaks for itself.
9. The advantage of paying people more than market means they won't dump you when foreign firms arrive with the dollars and pounds.
10. Freud was wrong. Size doesn't matter. You do not need to hire and pay 100 people when you can hire 30 - pay them double get the job done and have every lawyer and law firm in the country laud you for your strategy.
11. Sycophancy doesn't win big mandates and attract league table clients. Get the market ratings and media projection right.
12. No man is an island. You need an army of decorated war heroes not stable hands. Even Amitabh Bachchan needed his mother. Reference : Deewar
My convertible isn't going to pay for itself.
What it does for SAM's home grown partners still remains to be seen though. Gunjan may be mollified by an even bigger cut of profits, but the news of giant paypackets in Mumbai are definitely causing resentment in SAM's Delhi salaried partners and PAs.
hope Shuva doesn't take SAM down with him. We need the backup options that SAM provides. Meanwhile, anyone wants laddoos? I believe a lot of AZB people are distributing them in the streets.
This is what most people are missing. Shuva's departure is no doubt a loss for AZB because he had found his spot in that firm and everyone gave him room, including the clients. His growth in AZB and in the legal field is solely attributable to zias faith in him, and her backing for him. Sadly, it ended up overtly indulgent after a point.
Which is why you find a lot of people say that Shuva cannot survive outside the nest. This has nothing to do with his weakness as an independent lawyer. It is because most people know that he can only survive in that atmosphere. Hence, while it is a solid blow for AZB, it does not translate into a solid gain for SAM. It is in fact a risky gamble by SAM. I feel sad that he sold out to SAM, and I hope he is very careful when he plays the game with the gujju money spinners. They are not zias, and they will go for the jugular the minute it is exposed. Shuva is like a stallion leaving the stable and entering the lion's den. He may outrun the lion, but he could get eaten in the process.
I wish shuva the very best. He is a simple yet awesome guy, and more importantly a good human being (deep down).. And a bit of a good natured bully. People who have worked with him extensively will curse him, but have to agree to these facts.
This is why he was an asset to AZB. He had its core DNA, and the drive to take that forward in a manner no other person in the second rung of AZB could, despite his attitude. He has not witnessed the real world, and I hope he braces himself for what is the underlying value system (or the lack thereof) of the real world of top law firms in India.
Just thought some perspective would help at least the dwindling number of sane people left in the firm world
Do you think it's possible that Shardul will let him be Alpha Dog in Mumbai (at least on his deals) and that will work for him and he'll be able to create the space he wants/thrives in? Or is Shardul incapable of this?
Besides, they both pretty much say the same thing no?
What were you suspecting the reason was? :)
Shuva heads National M&A. Akshay does M&A work. Therefore, Akshay reports to Shuva.
Akshay heads Mumbai office. Shuva works at Mumbai office. Therefore, Shuva reports to Akshay.
Welcome to the Matrix :-) Do you think that's air you are breathing? ;-)
ps: I passed out of law school before you even hit puberty. Grow up and get rid of the attitude if you want to survive
The name that I called a certain someone is something he is commonly known by and its already posted uncensored on the article about Kalpana leaving. See Comment #6.
The second part of what has been censored was admittedly rude; I really thought it worded well enough to be pass through. Alas.
Modernization needs a change in mindset. Go buy yourself a Xerox machine.......or go get your work done from a good xeroxwallah near you :-)
The practice group head designation is more strategic and administrative. A practice group head does not oversee other partners in their execution of deals, that would be silly.
I think nearly everyone who's interested in the news must have read it by now, no?
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