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Four-month-old Prism takes Naik Naik & Co banner in exclusive fin reg alliance

Chande: Do like with foreign firms but domestically
Chande: Do like with foreign firms but domestically
Exclusive: Naik Naik & Co and securities start-up boutique Prism Partners Advocates have entered into an exclusive alliance under the Naik brand name.

Prism, which was started by ex-SBI Capital Markets chief of compliance and legal PR Ramesh and Platinum Mumbai senior associate Yogesh Chande in June, has dropped Prism to operate under the Naik Naik & Co banner from 1 October.

Naik would refer all securities regulation and financial markets work to Ramesh and Chande, who will continue as a separate partnership.

There is no direct profit sharing but it is understood that the each side of the alliance would pay referral fees for clients referred, as well as jointly pitch for new work in some cases.

“It’s a strategic alliance,” said Naik managing partner Ameet Naik. “Both these guys, Ramesh and Yogesh, come with a good background and our transactional work is increasing quite a bit.” Some of Naik’s existing clients would benefit from Ramesh and Chande’s skillset and expertise in the financial securities field, he said.

“It will be an alliance in the sense that their team will exclusively work with us and we will continue to do financial markets practice,” explained Chande. “We thought that many of these Indian law firms have some kind of alliance with foreign law firms – why can two domestic firms not do something together?”

“There’s a lot of synergy and a lot of synergy with our clients also.”

“The idea is that Prism is only four or five months old in that sense and you can’t tell clients we are Prism and they are Naik,” added Chande, noting that Naik was already an established brand and that if all went well in future a full-fledged merger was possible.

In May Naik opened up a media law office in Andheri, and Ameet Naik said that further offices and transactional practice area expansions were on the horizon.

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