Massive lawyer mobility, entrepreneurism and Indian firms becoming global/Asian - what more evidence could there be of a rapidly maturing legal market?
The stroke of midnight on 31 December 2009 rung in a new era in Indian law.
1 January 2010 created a new national firm of at least 30 lawyers who broke away across three Dua Associates offices.
Ultimately the size of the new firm Tatva Legal is expected to be closer to 60 after a few more Dua joiners and lateral hires.
Contemporaneously but unrelated, on 1 January 2010 Dua Associates welcomed two new high-profile lateral equity partners.
And topping it off, later this month Dua Associates will be the fourth firm to boast an office in Singapore.
Massive lawyer mobility, entrepreneurism and Indian firms becoming global/Asian - what more evidence could there be of a rapidly maturing legal market?
The strike of New Year's midnight was also the time of many birthdays: Jones Day made up a Singapore-based Indian capital markets lawyer, Luthra & Luthra turned a recent London returnee to partner in capital markets and Mulla & Mulla promoted three solicitors
(including the first woman in its current all-equity partnership).
Many lawyers of course were working at year-change. One of them was clearly young Kolkata start-up Argus which had already bagged itself a $100m private equity deal opposite AZB.
Rainmaker's law firm survey also rang in 2010 with the findings that two thirds of Indian lawyers want lockstep although equity partners were less keen on the idea. Still, generally most findings of the survey see law firm lawyers clamouring for a modernised industry.
Equally hot off the press but just missing the deadline of 1 January is the creation of SN Gupta's projects practice area with a partner from the Government's Planning Commission.
Looking further forward, by the end of this month Kolkata will have a new LPO that has been started up by the founding partner of Khaitan & Partners in a joint venture with a US healthcare insurer.
And finally, months of campaigning concluded in Maharasthra & Goa's Bar Council election yesterday with polling.
If you have always wondered how a Bar Council election is really fought, wonder no longer: we have followed Mumbai ALMT Legal hopeful Hitesh Jain with camera and pen for two months through the state, as he hopes to repeat Vijay Sondhi's Delhi success and bring a bit of law firm ethos to the litigator-heavy Bar Council.
In short, this decade started with a bang for Indian lawyers. And going by most predictions, it will continue with more than just a sparkle.
Here's to twenty-ten!
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