Amarchand Mangaldas is already sure of a record turnover year and has paid fee-earners solid bonuses. But it is not the only one.
One large Indian firm apparently saw an increase in revenues of almost 50 per cent last year. Unbelievable when compared to the still sluggish UK and US legal markets. [Correction: the newsletter originally stated a firm's 50 per cent growth figure for this year - it was actually for last year. We regret the error. -Ed]
But granted, the rest of the world is also starting out of a completely different ballpark. A consultant's report this week estimated that the annual legal spend of the top 100 Indian companies is less than $500m. A sizable pie for sure but not a neverending feast. For one, global Blue Chips (used to) easily spend that much on lawyers just by themselves, and even mostly London-based Slaughter and May bills more for itself than India's companies dish out in aggregate.
The report also estimates turnovers of Indian firms and that the largest (read Amarchand) earns no more than $40m per year. While likely erring on the conservative side and not to be scoffed at in any case, this does illustrate rough ideas of scale: the 84th largest UK firm, headquartered in Newcastle, has comparable revenues, according to the data.
Is the Indian legal market just a tad overhyped perhaps?
However, if deals like the $425m Asian Genco private equity investment will be the order of the day next financial year, catching up with expectations will be less of an issue. Interestingly, on this deal, however, it was one of India's small but fine firms which bagged a lion's share of that work.
Maybe the future will belong to the long tail of the nimble start-ups with sector expertise.
In that case good luck to recent JSA spin-off M Dhruva & Partners, which has hired a partner and associates to move into the corporate space. But also venerable Wadia Ghandy is proving adaptable and dynamic, having promoted three partners.
In the Mooting Premier League sponsored by Clifford Chance, NLU Jodhpur and SOEL Chennai are charging further into the scoring ranks of the table, picking up heavy points in the international competitions. Meanwhile, young law school Jindal has bagged a contract to train Indian police officers jointly with Cambridge University.
Law firm cricket discussions became slightly more gentlemanly this week, as a Bhasin & Co batsman Rajat Mathur created a historic legal sporting moment to move his team through to the knock-out stages.
Finally this week, also more quality blogs than you can shake a newspaper at.
SSS writes a tongue in cheek guide to life at law school and asks what exactly is an 'area of interest' in job applications. With the start of the IPL, LegalPoet draws lessons for lawyers from cricketers. Anirban1 asks whether honesty the best policy in setting associate salaries and whether using retired judges' evidence unconstitutional.
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