Akshay Chudasama, senior partner in J Sagar Associates (JSA) Mumbai, has now handed in his notice and will be Shardul Amarchand Mangaldas’ new Mumbai managing partner after the end of his notice period according to two authoritative sources.
Chudasama, who was first reported to have been in advanced discussions to join Shardul Amarchand last week, has now formally tendered his resignation, which has been circulated to JSA’s partnership several minutes ago.
The details of who in Chudasama’s team will move are still being worked out.
We have reached out to Shardul Amarchand and Chudasama for comment.
Update 15:56: JSA managing partner Berjis Desai commented: “Akshay is leaving JSA to pursue a career with another law firm. He has had a great innings at JSA and we wish him yet another great innings with his new firm.
“His dynamism and vitality will surely be missed.”
Update 17:47: Shardul Amarchand partner Pallavi Shroff commented: “We are very excited about Akshay joining us and we look forward to building Shardul Amarchand Mangaldas & Co together.”
Chudasama was part of JSA’s management committee and has been a partner at JSA since 2005, having joined from AZB & Partners where he was a partner from 2002.
He was the managing partner of Lex Inde in Mumbai from 1994 until 2002 and holds an undergraduate in economics from the University of Bombay and a 1994 LLB from the London School of Economics.
| Team (Cyril) Amarchand Mangaldas (Delhi) | Team (Shardul) Amarchand Manganldas (Mumbai) |
|---|---|
| Dhir & Dhir partner Rahul Goel Kochhar partner Manishi Pathak AZB Delhi partner Ritika Rathi Clasis IP head Ashwin Sapra MNK Law Offices partners Gyanendra Kumar, Anuradha Mukherjee and Srinivas Kilambi Citi consultant Gokul Rajan & Jones Day associate Nikhil Naredia Kochhar & Co partner Harry Chawla & Niti Paul Gnarus Partners founder Rishi Anand Khaitan associate partner Harsh Kumar Raghuram Raju (ex-Dua Associates partner, ex-GC of Religare) Luthra & Luthra partner Piyush Mishra Khaitan & Co Delhi partner Gauri Rasgotra; and Economic Laws Practice (ELP) partner Kirat Singh Nagra. | JSA partner Akshay Chudasama Bombay high court advocate Ameya Gokhale Verus partner Jay Parikh Khaitan associate partner Abhishek Sinha Dudhat Pereira & Associates founder and former Udwadia Udeshi partner Radhika Pereira. Khaitan associate partner Iqbal Khan Khaitan & Co associate partner Deepto Roy |
Comments
what is the compensation we are looking at being offered to a Managing Partner at SAM? Should easily be 8cr + i assume?
SAM's Bombay office will be a fun place to work, with these guys around.
Tsk tsk.
Associates are at the end of the day retainers & not employed!
Considering the gold plated costs for Sam including three offices and overpaid hires his break even will be 100 crore . He won't achieve it for a very long time. If I were an equity partner of Sam I would either ask for the same guarantee or run for my life. Sam will go bust very soon . Also the delhi equity partners like Jatin and gunjan will be entitled to ask for parity with Akshay . They are no less. Hope they have the spine to speak up in the so called professionalised firm . The exodus from okhla is about to start very soon . Scary situation at Sam . Fear on the floor is the best way to describe it. Several resumes. Are in the market already . This could be the worst decision that was made.
Biggest fish after family is prime candidate to make up for AC loss
She is a lovely woman - please don't leave her out and assume its understood when you write Harry's name!
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Surprising, why AC didnt go solo- keep 50% of the equity, mint the 10 crore profit out of the 50 crore revenue himself.
Surely it is a win for SAM for doling out a 6-7pc equity (im taking a cue from from other comment, i dont know how much it is) for a 50 crore book which may only grow.
CAM wont be directly affected, its not his book going to AC and SAM.
I would be really surprised if a discerning client will move away from CAM. And by the way, he is not sitting idle not doing anything. He is building a more sustainable model, where the power centre is manageable. where there wont be any infighting, because no body will have adequate weight to do anything. Bad for democracy, good for the institution. It is clear that the CAM loyalists dont care about democracy coz they have been serving CS well despite having no power within the firm. So they wont care even now.
Only concern is that CAM should not dilute quality with random hirings. Will only hurt it bad.
I am afraid that bus has already left
AC has a clout over the Mumbai rich circle. Did you know that his father is a former Mayor and Sheriff of Mumbai and has access to everyone who is anyone in Mumbai. Just google his name and you'll see the Wikipedia pages and numerous biographical content.
His mother opened Mumbai's first ever boutique, with the most gracious personalities of that time as her clients. The relationships still continue.
His wife is privy to a majority of the page 3 crowd, being a diamond designer.
His sister is a National Spokesperson for the BJP.
So does it really matter what his book is? He is a major contact man with talent and now the guile and backing of SAM to maximize his revenue earning potential.
Kian - its amazing how you get us to do all your investigative journalism for you! :)
By Indian law firm standards, 60 crores is a MASSIVE book, and If AC does indeed have a book of that size that will move with him, then that is VERY impressive and an absolute no-brainer for any firm to poach him. If his "portable book" is only a tenth of that number, then hiring him just based on contacts would be a bit of a gamble. Thats all am saying.
Finally a book is not about relationships only. It is about expertise. Unless Sam Mumbai can demonstrate expertise of similar levels as the rest of the big boys in the city the social relationship means zilch . It's not the entry point that matters but what you do after entry that really counts. Based on the current Sam team no one is betting on Sam despite acquiring Akshay. No one at all . Not even Sam partners
Also knowing Sam nature he will try to take over akshays relationships. And that will be the beginning of the end. His cv will be back in the market in two years is the market prediction. Akshay should guard his relationships well.
Please explain what this "book" is all about as you guys seem to be talking about and how does it work? Links also appreciated.
From Dabba Goli (not in the legal sector, so want to know)
The Shield says AC's book is 20 cr maximum plus goodwill and contracts.
The Shield has spoken