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This article, like many others, was first published exclusively for long-term supporters, 1 hour before everyone else got to read it.

Gamechanger for Indus: Luthra cap markets star Manan Lahoty + 4 partners to defect • UPDATE: L&L vows to rebuild ‘better + highly profitable practice’

Manan Lahoty to depart, decimates Luthra cap markets
Manan Lahoty to depart, decimates Luthra cap markets

Manan Lahoty, the Mumbai-based head of L&L Partners’ capital markets practice, is due to leave the firm and join IndusLaw with a team of four other capital markets partners, we have reliably learned.

He is understood to be joining Indus with fellow cap markets partners Abhiroop Lahiri, Manshoor Nazki, Ravi Dubey and Vishal Yaduvanshi.

Lahoty had maintained and continued building L&L’s capital markets practice into one of the top tier practices in India, with his team regularly advising on the most prestigious IPOs.

The mass migration - one of the largest between law firms in recent years - will be a blow for L&L, whose capital markets practice had been a jewel in its crown; partner Geeta Dhania is remaining with the firm.

For Indus, meanwhile, the move will give it access to the main vertical it had been missing to begin competing in the top tier, particularly as many of its once-start-up clients may be eyeing IPOs after many rounds of fundraising.

Lahoty to be joined by Abhiroop Lahiri, Manshoor Nazki, Ravi Dubey, Vishal Yaduvanshi at Indus (l. to r.)
Lahoty to be joined by Abhiroop Lahiri, Manshoor Nazki, Ravi Dubey, Vishal Yaduvanshi at Indus (l. to r.)

We have reached out Lahoty and L&L for comment.

Lahoty had been in the Delhi office of Luthra, as it was formerly called, since 2006, having joined Shearman & Sterling from 2007 to 2009 abroad.

He returned to India in 2009 to head up its Mumbai capital markets practice, with former partner Madhurima Mukherjee heading up the practice in Delhi. He was promoted to partner later in 2009.

Lahoty made partner at Luthra in 2009.

He was a member of the firm’s executive committee since 2015.

The 2001 Cardiff University LLB with a bachelor’s in commerce from Shri Ram College of Commerce had begun his career at Lexindia in 2001 before moving to what-was-then Amarchand Mangaldas in 2002, where he had been part of Mukherjee’s team.

Mukherjee had joined AZB in 2014.

Update 4 August 2019, 23:00: L&L managing and senior partner Rajiv Luthra and Mohit Saraf commented in a statement:

We learnt about their departure from media enquiries that day.

Since none of them had informed us informally or formally, we had to ascertain facts before reacting to your request for comment. While it is indeed unfortunate to lose them, capital markets will continue to be a strong area of focus for the Firm. We are in the process of making senior level hires, to bolster the practice area.

In the meantime Mohit and me, will be working very closely and spend sufficient time and attention with the capital markets team to bring us back on even keel, so that in years to come we have a better and highly profitable capital market practice.

It has always been our objective as a Firm to continue growing, as witnessed by our recent efforts to shore up different practice areas of the Firm. We are sure that we shall continue on this path of growth and excellence in the years to come. We wish them the best for their future.

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