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For most lawyers it has been business as usual this week despite much of India descending into swine flu panic, today's streets being awash with Hindu god Lord Krishna's birthday celebrations and Independence Day national holidays tomorrow.

Deals still need to get done, after all, and there are plenty of sides to be acting for.

Indian law firms are famously enamoured with the letters of the alphabet. But is it rubbing off on the Indian tax office?

After a near-hiatus for almost one year the IPO pipeline has finally filled up this July. No company wants to be left behind by the cheap cash-for-equity gravy train, the gold rush now appears to be self-sustaining – at least for the time being.

The distribution of spoils among Indian law firms is likely to be less even-handed.

Late salary payments are nothing new for some lawyers.

"It's a regular feature at some firms and the reason is that the managing partner might not feel like signing cheques on some days," muses one Delhi partner.

It is hard to establish to what scale Indian law firms have laid off associates during the down-turn.

One thing is clear though: the domestic war for talent has begun to heat up again, especially as foreign firms have lost buying power after a tough year of retrenchments and falling profits.

This week's email newsletter is all about friendship and we ask, can someone be your best friend if you are embarrassed to be seen together?

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