Clifford Chance
Khaitan & Co has picked up the Indian mandate to advise private equity group Intermediate Capital Group (ICG) on the $440m purchase of legal process outsourcing company CPA Global, alongside a raft of international firms.
Clifford Chance has taken the unprecedented step of hiring two lawyers from its Gurgaon-based legal support centre as associates in the main law firm, reported The Lawyer magazine today.
The Supreme Court of India has requested Clifford Chance to provide details of its India-billings of more than a decade ago in its long-running dispute against the Deputy Commissioner of Income Tax (DCIT). The case is important to determine international firms' income tax liabilities while billing for work in India.
Clifford Chance senior partner Stuart Popham has always exhibited infectious enthusiasm for India. Legally India talks to him about the perennial joke of liberalisation, offshoring, India's legal future and nine months of best friendship with AZB & Partners.
The Indian festival season is now in full swing and almost everyone seems to be celebrating already. We will therefore keep this one brief and joyous.Clifford Chance and AZB have entered a new stage in their friendship as CC has opened up its training academy for a potentially limitless number of AZB associates. Expect queuing.
Legally India research has revealed Amarchand Mangaldas as the top IPO dealmaker of this financial year so far, while Khaitan & Co and Luthra & Luthra are in close contest for the runner-up spot. International and domestic firms are competing in a tightly bunched mid-field of the ranking.
AZB & Partners is sending four associates for training at Clifford Chance's European training centres as the start of a more organised "knowledge transfer" programme between the best friend firms.
Amarchand Mangaldas has acted on 70 per cent of qualified institutional placements (QIPs) in the first half of this financial year, with international firms, AZB & Partners, J Sagar Associates (JSA), Luthra & Luthra, S & R Associates and Crawford Bayley mopping up the rest.
Lawyers in Clifford Chance's Gurgaon "knowledge centre" have earned 12,000 hours of work in the last financial year, according to the firm's annual report which was published this week.
For an Indian firm, going under the wing of an international firm is not necessarily as appealing as some might suppose and could even be downright dangerous.
Clifford Chance's lateral Amarchand Mangaldas hire has reaped rewards, as Rahul Guptan brought the firm the third Indiabulls Group mandate this year, acting for its underwriting bank.
Clifford Chance has cemented its ties to Air India, acting on the $1bn (Rs 4,900 crore) asset finance loan from JPMorgan Chase, which was advised by Milbank Tweed Hadley McCloy.
Clifford Chance is seconding the head partner of its India practice group to its best friend AZB & Partners.
Clifford Chance project finance partner Chris Wyman (pictured) will relocate to AZB's Mumbai office this month and will spend at least several months there to improve the integration between the firms.
Wyman said that he would stay "as long as it takes" and added: "It is all about maximising the opportunities – if you just say nice words and do nothing else, you will soon cease to be useful."