(Cyril) Amarchand Bangalore hires ICICI's Avinash Umapathy as consultant as Prashanth Venkatesh resigns [CORRECTION]

Wednesday, 18 March 2015 By Legally India Law firms

Amarchand Mangaldas Bangalore, managed from the Mumbai, has recruited Avinash Umapathy as a partner consultant from ICICI Bank, where he was joint general manager (legal), reported Bar & Bench, following the recent departure of Amarchand Bangalore partner Prashanth Venkatesh who resigned for personal reasons.

Correction 15:25: Umapathy has joined as a consultant in banking, not as a partner, according to an authoritative source.

Umapathy graduated from NLSIU Bangalore, joined ICICI Bank in 2000 followed by Trilegal in 2004, returning to ICICI in 2007.

Amarchand Mumbai-region managing partner Cyril Shroff did not respond to a message seeking comment.

The firm is currently undergoing a split along Mumbai and Delhi lines, respectively managed by Cyril Shroff and his brother Shardul Shroff. Legally India reported last week that Cyril had already secured office space in Delhi’s Saket region.

Amarchand Mangaldaspartner hiresPrashanth VenkateshAvinash UmapathyShroff vs Shroff

Comments

anaan 18 Mar 2015, 09:42
+4 -3
Great move... I see CAM is perpetuating the let the family stay within the office concept! Kian: Expected you to break that news considering you like the juice in a story!
Lateral hazard 18 Mar 2015, 10:39
+12 -2
Amarchand gives raw deals to laterals and Cyril seems to specialize in that practice. The guy has 15 years of experience, both at a law frim and in-house, so Cyril managed another good catch with a raw deal.
AKS 18 Mar 2015, 11:27
+8 -0
Yeah looks like they dont wish to hire any partners.. or keep that slot vacant for when they poach someone bigger.

CAM has to understand that if he is to make it.. then he needs to let go of the paranoia.. become a little more appreciative of people who he hires.. and respect the years of experience they have behind them.

Either you are a partner or you are ... everything else.
Arvind 18 Mar 2015, 13:31
+8 -2
Regardless of the ability of the lateral entry? and the fact that his wife is a partner in Amarchand Bangalore is not a conflict of interest?
ABC 18 Mar 2015, 12:20
+1 -0
Tommy has resigned? Why? where is he heading to?
hildul 19 Mar 2015, 06:35
+2 -0
heading towards himalayas
Guest 18 Mar 2015, 12:31
+12 -2
equity partner or everything else.
consultant 18 Mar 2015, 15:10
+31 -2
15 years of pqe, from nls and still a consultant?
happy not to be partner 19 Mar 2015, 07:10
+8 -16
"still a consultant" - Please do not be judgemental; there are many personal and professional factors that influence a career path. Besides, there are many people who do not want to be partners - strange, but true.
Question 19 Mar 2015, 07:15
+2 -1
Consultant Vs Partner. Difference?
Heights of Hypocrisy 20 Mar 2015, 11:47
+5 -2
[quote name="happy not to be partner"]"still a consultant" - Please do not be judgemental; there are many personal and professional factors that influence a career path. Besides, there are many people who do not want to be partners - strange, but true.[/quote]

LOL LOL LOL
ThePhantom 19 Mar 2015, 19:32
+3 -1
[quote name="consultant"]15 years of pqe, from nls and still a consultant?[/quote]

Yes quite surprising. Why a consultant rather than a partner? So will he be given the opportunity of becoming a Partner in future or is he likely to remain a consultant giving up the partnership path?
Observer 18 Mar 2015, 16:08
+2 -0
God bless the lateral hires!
Guest 18 Mar 2015, 16:41
+2 -0
is the firm finally moving to an all equity model - therefore the designation? this split has shown what the shroffs think of the "Partners" at their Firm!
Looks like it 19 Mar 2015, 09:10
+1 -0
All equity held by the family...
Comment 19 Mar 2015, 07:45
+10 -2
Agree with you Arvind - Ability is needed to make it to Partner

And agree with you AKS - either you are a partner or you are.... everything else

The guy must have his reasons for taking this up!
Sly Shady 19 Mar 2015, 08:38
+7 -3
So Slyril is probably unable to get them on as partners as he will need Hildul's vote. Instead, Slyril is hiring people as consultants, perhaps giving a sign on basis which will be charged to the existing firm and not CAM, and building his forces.
It amazes me.... and this guy gives bhashans on corporate governance!
Arvind 20 Mar 2015, 15:42
+3 -4
Fellows please. Obviously he will be a Partner after 1st April because until then he cant be taken as a partner in the combined entity. Any lawyers here?
kianganz 21 Mar 2015, 10:02
+2 -0
Yeah, that's pretty possible. Often also, when hiring someone who hasn't worked in private practice for a while and hasn't been client facing recently, there could be a probationary period to allow business case to be established, after which promotion may happen.

And on top of that, under the existing partnership deed consent from both Mumbai and Delhi or the executive committee might need to be obtained for making new partners. While in mediation, that process would be frozen, obviously...
NASH 24 Mar 2015, 12:57
+4 -16
EITHERWAYS HE IS AWESOME - AS A PERSON AND A LAWYER!!
Facts 25 Mar 2015, 04:55
+0 -0
to clarify - objections for 'eitherways'. Kian had ALREADY reported that he will be partner once the partnership is operational. GOOD NEWS
Commenting is closed for this article.