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Cyril Amarchand partner Ipsita Dutta leaves, to go to Morgan Stanley

Dutta is 6th-ish corp-ish partner to leave in as many monthsDutta is 6th-ish corp-ish partner to leave in as many months

Cyril Amarchand Mangaldas (CAM) Mumbai financial regulatory partner Ipsita Dutta has left the firm, according to authoritative sources, and is understood to be joining Morgan Stanley as an executive director in the legal department.

Dutta made a partner at what-was-then Amarchand Mangaldas in 2012, having started at the firm in 2005 after graduating from NUJS Kolkata.

We have reached out to CAM managing partner Cyril Shroff commented: “We are very pleased for Ipsita. She is exploring new ground and we wish her the very best.”

Dutta declined to comment when contacted. We have also reached out to Morgan Stanley for comment.

Shroff added: “It is a fairly deep practice and the next level and the rest of the team is fully ready to take the practice forward. They will grow even faster in this exciting practice.”

Her departure, while not to a rival, is the latest in a line of departures in CAM’s Mumbai corporate practice, including partner Ashwath Rau and three partners in his team, Ganesh Rao, Dhruv Singhal and Anu Tiwari, who all moved to AZB & Partners, as well as Himanshu Dodeja, who joined private equity firm Blackstone in April.

CAM partner designate Prerak Ved had joined AZB as a counsel earlier this month.

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1
Like +10 Object -5 Harvey 25 Aug 16, 17:29  interesting  controversial
Rise and Fall of Cyril bhai..!! But I really hope CAM will rise again and take a stand again.

All the best to Mr. Cyril Shroff..!!
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2
Like +15 Object -4 Cammie 25 Aug 16, 17:51  interesting
First M&A practice head Ashwath quits CAM. Then competition practice head Nisha quits CAM. Now financial regulatory practice head Ipsita quits CAM. And CAM response is that juniors will step in? Reality check. Cam is having huge issues with so many high profile exits. This is 3 practice areas wiped out in a span of few months.
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3
Like +7 Object -1 Cam Mukt Bharat 25 Aug 16, 17:56  interesting
www.legallyindia.com/corporate-ma/cyril-amarchand-advises-snapdeal-in-gojavas-sale-talks

Cammie bhai, what you see next level stuff already happening. Jai ho Rishi baba!
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3.1
Like +5 Object -0 Cammie 25 Aug 16, 18:11  interesting
Hello brother. Soon no one will be left in the firm besides Rishi baba. Right now 3 partners have resigned though LI has covered just one. Two in corporate...
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3.1.1
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Like +1 Object -0 kianganz 25 Aug 16, 18:40
Have covered 2 now, but don't know of the third. Mind sharing who the other one is?
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3.1.1.1
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Like +4 Object -1 Iphone 25 Aug 16, 19:08
Kian u shd do a story on the demise of CAM corporate practise.
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4
Like +7 Object -0 Brexit 25 Aug 16, 18:00  interesting
almost every other month there is an exit story coming out of CAM !
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4.1
Like +4 Object -0 Brexit hai 30 Aug 16, 01:08
This truly beats Brexit. CAM is an exit manufacturing machine. It's made such a spectacle of itself. They wanted the numero uno spot and they do now....as the number 1 firm in India for the antithesis of the best
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5
Like +9 Object -1 Zia rox 25 Aug 16, 18:39  interesting
RIP CAM
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6
Like +6 Object -2 Guest 25 Aug 16, 19:33
CAM is headlining Legally India - but not for deals!
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7
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Like +2 Object -10 Fair Assessee 25 Aug 16, 20:19
The current exit of Ipsita is for exploring new avenues. Gurpreet is actually personal reason. In a nutshell, not at all comparable or even near to earlier exits. It is a timing isssue. Of course that does not mean the problems at CAM are getting addressed.
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7.1
Like +6 Object -0 @ Fair Assessee 27 Aug 16, 11:15 LI subscriber  interesting
What personal reason? I mean, "personal reason" sounds like Bollywood couple saying "we are just friends". Share the details no, please.
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8
Like +6 Object -1 Tv 25 Aug 16, 20:25  interesting
Blessings?? Haha. Another self proclaimed baba is it?
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9
Like +39 Object -11 Wise Man 25 Aug 16, 21:17  interesting  top rated  controversial
Unlike Ashwath Rao, VP Singh and Nisha, this might be some good news to CAM.
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9.1
Like +5 Object -0 Why? 25 Aug 16, 21:36  interesting
Why do you say that?
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9.2
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Like +10 Object -8 Ashtray 25 Aug 16, 22:09  controversial
Are u saying ipsita was bad? If so, I really judge CSS's judgment as he chose her along with 4 others to speak about the firm's future in a townhall.
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9.2.1
Like +15 Object -0 Joker 26 Aug 16, 00:21  interesting  top rated
Wow! That's is indeed the biggest honour in the Indian legal fraternity - speaking about CAM's future.
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9.3
Like +16 Object -3 FRP my ass 25 Aug 16, 22:58  interesting  top rated
The firm, driven yes, by CSS, has spent over a decade creating, investing and promoting the FRP practise ... With mediocre results at best. This exit.. now that the party in CAM is over .. [...]

Of course it's only good news.
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10
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Like +7 Object -4 Losing My Religion 25 Aug 16, 21:37
When the faithful start to leave the altar! Cam has literally no horsepower left. Bombay has been decimated, Delhi unable to establish itself and no serious national firm can be run from Bangalore.
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11
Like +39 Object -4 Paan ki dukaan laga lo 25 Aug 16, 21:53  interesting  top rated
Rumour is that Cyril had taken loan from a reputed industrialist in order to settle the dispute with Shardul. Cyril is now asking his partners to contribute capital to the firm..draw down notice sent to all parties, so that he can pay off the loan. The partners are pissed..and this is the cause of mass exodus. Any truth in these rumours?
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11.1
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Like +1 Object -0 Kacchi Kali 26 Aug 16, 19:53
but, but, I thought Uday Kotak was his friend! Aisa kaisa chalega baba?
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11.2
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Like +0 Object -3 Gulkand 26 Aug 16, 20:22
You mean even salary partners also have to pay Capital ? Never heard of it and are they so reach to give capital?
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11.3
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Like +1 Object -0 Well well 27 Aug 16, 11:17 LI subscriber
Only Kian or a CAM partner can clarify.
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11.3.1
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Like +1 Object -0 kianganz 29 Aug 16, 09:19
I don't know about the truth of the loan rumour, but yes, there is some historical speck of truth to the capital call thing though I don't believe money is being currently requested from partners. Am trying to confirm details...
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11.4
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Like +2 Object -1 Magahi Jhaap 27 Aug 16, 11:32
...you mean ....fux mondal bijiness model?
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11.5
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Like +4 Object -1 Is it? 27 Aug 16, 22:10
@Kian Is this true? O.o That would certainly explain the trigger. The management has changed so badly to effect the mass exodus.
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11.6
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Like +2 Object -0 Gita pe haath 30 Aug 16, 01:14
Main sach ke siwai kuch nahi bolti. That is part of the reason. Other reasons are asking freshers to bring in work. Bad HR who can't keep anything in their stomach and are loudmouths and are exit facilitators rather than solution providers. Their motto is if there is a problem compound it.....and help exits. Watch out this space next few months - headline news a firm of 600 plus lawyers will soon have only 6 lawyers.
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12
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Like +2 Object -6 Sacchi bol 25 Aug 16, 21:53
Happy you won't have to do the crappy FCPA and anti-bribery sham of a practice work? I suspect you are someone from her team. Dude if you have an issue with the kind of work (I completely agree that "fcpa" work is career killing, mind numbing work) raise it internally. Don't have to use Ipshita's exit for voicing your concerns.
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13
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Like +11 Object -20 wise woman 25 Aug 16, 22:14  controversial
Ipsita is a good lawyer. Cam exits and exit comments need to be more pleasant. Head of practice leaving is never good news. Particularly when the next layers are pretty average : corporate, competition and financial regulatory at CAM now all have the same issue. Lack of market recognised leaders. Cam is in doldrums.
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13.1
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Like +1 Object -0 Kacchi Kali 26 Aug 16, 19:56
Leadership change at the top should never have happened.
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14
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Like +15 Object -16 cravath associate 26 Aug 16, 00:51  controversial
Is this the exit option for a partner at a leading Indian firm. Partners who have exited my storied Wall Street firm at partner level are people who currently shape global finance. Bob Kindler who left Cravath as a partner in 1997 to become the head of Global M&A at Morgan Stanley is currently vice chairman of Investment Banking at JP Morgan. Another partner Woolery left Cravath to join JP Morgan to become head of M&A (Americas) at JP Morgan. The point is why can't Indian lawyers join a Goldman in an investment banking role. The current CEO of Morgan Stanley Asia Pacific (Wei Christianson) was a lawyer who worked at Davis Polk. Poor Indian lawyers have to remain lawyers and be subservient to bankers. Lucky me!! I still aspire to be the head of global M&A at Goldman
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14.1
Like +7 Object -3 Bold 26 Aug 16, 07:51
That's a good comment. IMO the issue is not with Indian lawyers but with the Indian society. Lawyers have always been looked down as a bunch of people who ended up working as lawyers because they couldn't get into engineering or medical schools. This is completely different from the western countries, where most of the heads of institutions or even country for that matter are lawyers.

In india only engineering graduates from IIT are considered to be worth of becoming I bankers.
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14.1.1
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Like +0 Object -1 Compare the intellect 26 Aug 16, 15:29
Not without reasons!
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14.1.2
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Like +2 Object -0 Scooter- 26 Aug 16, 18:18
You are not from any N college. are you?
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14.1.2.1
Like +9 Object -0 Bold 26 Aug 16, 19:19  interesting
I am from law school buddy!
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14.1.2.1...
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Like +1 Object -0 Scooter- 28 Aug 16, 12:03
which law school? Arent there many?
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14.1.2.1...
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Like +3 Object -0 Bold 28 Aug 16, 14:42
"the law school"!! Clearly you aren't from the top 4!
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14.1.2.1...
Like +5 Object -1 Malana Creme 28 Aug 16, 18:56
Lol NLS kids refer to NLS as "law school" saying that they're the true law school.
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14.2
Like +13 Object -3 Kitchen worker 26 Aug 16, 10:08  interesting
when visa is not renewed, don't feel bad coming back
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14.3
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Like +6 Object -3 Dhalla 26 Aug 16, 11:31 LI subscriber
Depends on what you want out of life - a highly paid Dhalla (commission agent) or an intellectual. Also it's a myth that IB jobs are finance jobs - they are simply marketing and dalali jobs. Hope you will graduate to IB or to real estate broking soon. Big bucks beckon.
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14.3.3
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Like +3 Object -2 Intellectual 26 Aug 16, 14:32
IB is a dhalla and law firm folks are "itellectuals"?
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14.3.3.2
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Like +1 Object -1 Itellectuals 26 Aug 16, 16:33
Correct. Glad you understood.
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14.3.4
Like +9 Object -5 cravath associate 26 Aug 16, 17:16  controversial
Lawyers are scribes. A CFO would care about how much he will have to pay for a certain acquisition.He would not give a s***t about some clause in the SPA. And for that, he has to consult an I banker. Bankers drive transactions. Lawyers support transactions. A banker can pitch the CFO about a new acquisition. A lawyer can never does that. Valuation is all that matters. DCF>SPA
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14.3.4.3
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Like +0 Object -0 cravath associate 26 Aug 16, 17:38
do*
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14.3.4.4
Like +19 Object -1 Scooter- 26 Aug 16, 18:19  interesting  top rated
Only till the time an indemnity clause is missed.
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14.3.4.5
Like +4 Object -0 valuation ? 27 Aug 16, 19:52
so, ask your banker to justify the acquisition of whats app and Linkedin ? will be interesting in knowing the rationale. Valuation is generally an overhyped term. The DCF value is based on many variables, and one goes wrong, the ship sinks.
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14.4
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Like +3 Object -7 Yahoo Waahoo 27 Aug 16, 13:19
And yet you are still a lowly associate. Dude get over yourself and get back to your night job. Those documents won't get reviewed by themselves. Those $25 an hour seem wasted on you.

How's that student loan and one room studio treating you?

Write this as I sit in my chauffeur driven Bentley smoking a MonteChristo.
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14.4.5
Like +11 Object -0 Jeez 27 Aug 16, 15:30  interesting
Nice car. It's Cristo.
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14.4.6
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Like +0 Object -0 law is 27 Aug 16, 19:43
document vetting is law alone for you. you have never been to courts, buddy. better do. you would know what law is if you see the other side of the coin. litigatig lawyers make mega bucks.
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14.4.7
Like +15 Object -0 LoL 27 Aug 16, 21:35  interesting  top rated
Bentley - lol. MonteChristo - Llooll. It's easy being a cyber show off. For all we know, it could be a BSA cycle and a thundu beedi in your hand.
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14.5
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Like +2 Object -1 Pyaremohan 27 Aug 16, 23:36
Who gives a flying fu*k dude!
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14.6
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Like +0 Object -0 Finance lawyer 30 Aug 16, 09:59
You have just said what I have been saying since many years now. Long back I inquired Kian if he is reporting stories of lawyers turned banker. He said, India is yet to see such trend as in case of NY/london.
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15
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Like +2 Object -0 Yawn 26 Aug 16, 10:43
Now this is getting boring. Someone please just let us know when this is done and dusted.
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16
Like +19 Object -1 broken dreams 26 Aug 16, 10:53  interesting  top rated
what happens to Cyrils plans of sitting at the big table with the big boys of international law firms - he can hardly sit in the big table of Indian Tier I firms now.
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17
Like +8 Object -0 ... 26 Aug 16, 11:40  interesting
Make me partner and I will take CAM to heights it can never imagine - in ONE month.
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18
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Like +2 Object -0 Magahi Jhaap 26 Aug 16, 12:34
Dilli CAM mein kya ho raha hai bhai?
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19
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Like +3 Object -0 Spouses? 26 Aug 16, 13:37
Both Ipsita and Gurpreet's spouses are partners at CAM. Are they leaving too?
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19.1
Like +17 Object -1 Self goal 26 Aug 16, 16:49  interesting  top rated
I guess the Amarchand model of actively encouraging office romances worked till the going was good. Now this model may bite em in the tush....with spouses naturally following each other.
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20
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Like +0 Object -0 Law school 26 Aug 16, 16:02
@Kian, why don't you report the faculty exist from at least the nlus being govt institutes, as you report abt. the pvt.firms.
Students pay lakhs of rupees but are not getting quality education.Even top nlus are not able to attract quality teachers and those few who come, leave soon. Pls. Keep on reporting such exits which I hope will make some difference and will be a great help to the student community and service to the system.
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20.1
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Like +0 Object -0 kianganz 26 Aug 16, 16:18
Would absolutely love to but we get very little information on this. Do you know anyone who moved recently? If you could share some tips on that front, we'd happily cover it...
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20.1.1
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Like +3 Object -0 Also... 26 Aug 16, 23:12
Also since this huge shake up after the AMSS split, could you do a report on best Indian law firms to work for. Vault.com has fresh reports like this for US law firms. It is based on the following criteria:
Overall Satisfaction (25%); Hours (10%); Compensation (10%); Business Outlook (10%); Substantive Work (10%); Associate/Partner Relations (5%); Leadership Transparency (5%); Formal Training (5%); Informal Training, Mentoring & Sponsorship (5%); Pro Bono (5%); Overall Diversity (5%); Career Outlook (5%).

A report like this would surely help fresh law grads as well as lateral hires.
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20.1.1.1
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Like +6 Object -3 Mutatis Mutandis 27 Aug 16, 10:02
Dear young lawyer friend,

Now let us flip it around and apportion weights (to what law firm owners look for when they look at young ones):

Contribution to Billing: 30%

Willingness to Not bitch: 20%

Willingness to Admit and Acknowledge when fucks up: 10%

Willingness to appreciate that it is a sea of sharks out there and there are No free lunches: 10%

A decent academic background: 10%

Demonstrating the ability to be a potential rain-maker: 10%

Showing respect and being punctual: 10%

Cribbers shall crib, quitters shall quit. The deep divers shall withstand pressures, hold their breaths, hang in there and come up with the pearls.

Nikalna khuld se aadam ka sunte aae the lekin,

Bahut be aabroo ho kar tere kuuche se ham nikle.
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20.1.1.2
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Like +0 Object -0 Philosopher 27 Aug 16, 18:14
Come on! you see the obvious problem with such a break up dont you? What if any one of those things is zero? for instance.. compensation... clearly the firm would rate very high if its good on the rest.. but if the pay is peanuts? What if substantive work (whatever thats supposed to mean) is terrible? a highly paid 'carryman of files'. ?
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20.1.2
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Like +0 Object -0 Law school 27 Aug 16, 00:25
Dear Kian, if u really want to its very easy for you as LI is quite popular in law schools. You can announce it prominently that law school students can send information abt. new appointments and exits. You should announce that LI will publish news related to faculty appointment and attrition in law schools like law firms. This will promote competetion among law schools to attract good teachers and retain them as well.If you announce it loudly you will get enough info.
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20.1.3
Like +4 Object -0 Little Birdie 27 Aug 16, 11:18
Here's a scrap of news for you to follow up, Kian: Seevral NUJS alumni have come back to teach and have been offering regular courses for quite some time. But the Admin (read VC) refuses to even regularise their payment and mostly pays hourly basis and treats them as second class citizens. Apart from a fortunate few who has managed to secure permanent or even contractual grade pay positions. Not exactly the stuff to motivate others to make the jump. But for whatever reason, you have not followed up with any of the atrocious actions of the current VC for quite some time, so I doubt you will do so for this either.
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20.1.3.3
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Like +1 Object -1 Jk 27 Aug 16, 13:06
LI's editorial policy is not to touch the vice chancellors.
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20.1.3.3...
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Like +1 Object -0 Bimpa 29 Aug 16, 08:28
Aisa kya? So am I the sole target because Kian doesn't like the dhoklas I send to him?
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20.1.3.3...
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Like +1 Object -0 kianganz 29 Aug 16, 09:23
Yes, we only touch directors, VCs are off-limits!

Seriously though, re NUJS, could you share names of those who are not being given permanent position and who are upset about it (I'll redact the names)? Also, I here NLS is doing exactly the same thing re not offering permanent positions to teachers for whatever reasons.

NUJS admin isn't great, especially compared to predecessor, but to be fair, I haven't heard students complain about it hugely?
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20.1.3.3...
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Like +0 Object -1 Nujs 29 Aug 16, 17:16
You will hear it if u give it proper coverage only otherwise what is d point in waiting time.
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20.1.3.3...
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Like +2 Object -1 kianganz 29 Aug 16, 17:18
Well, you could spend another 20 seconds and share one or two names and hope for the best? It would certainly help a bit in speeding things up :)
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20.1.3.3...
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Like +0 Object -0 Nujs 29 Aug 16, 17:17
Publish one story and see how many will come out automatically.
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20.1.4
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Like +0 Object -0 Campus Ambassador 28 Aug 16, 17:26
Kian, I think you have to appoint campus ambassadors in Law Schools with regular payments to get some tips.
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20.2
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Like +0 Object -1 Magahi Jhaap 27 Aug 16, 12:19
Dear Low Iskool, I suggest you may think of starting your own website where these items will be covered, because this site is a commercial one with certain revenue model to follow!
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Like +3 Object -1 Scooter- 28 Aug 16, 12:01
amazing english


"We have reached out to CAM managing partner Cyril Shroff commented: “We are very pleased for Ipsita. She is exploring new ground and we wish her the very best.”
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22
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Like +1 Object -0 Guest 01 Sep 16, 10:11
Kian you have not commented on @Also's idea on law firm rankings. I think it is an excellent idea since the RSG rankings are very outdated. Morover most UK and US editorials and websites have their own rankings. You could change the criteria. It would make your site appear more than a tabloid for gossip and comments. : )
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23
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Like +0 Object -0 Sun and moon 03 Sep 16, 13:50
Any day cam is light years ahead of your no-name firm!! The real survey is client feedback as they are way smarter than even most partners of your firm. And any client you ask knows that cam has brilliant lawyers. So before you jump the gun again and write something nonsensical, do an honest diligence! I wonder how your dd reports might be like - shoddy at best!
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