ET BureauTwo new firms have emerged from the split of the country’s largest and iconic law firm Amarchand Mangaldas & Suresh A Shroff & Co. In a conversation with ET’s Maulik Vyas, Shardul Shroff, executive chairman of Delhi-based Shardul Amarchand Mangaldas & Co, talks about the past, his new firm’s blueprint, and how things are likely to pan out. Edited excerpts…
We understand that you have a passion for astrology. Was the new beginning of the firm on May 11 also related to that?
I am an amateur astrologer since I was 14, and I always select dates for doing good things. Most things happened for us on good days. All days are good, but some days are better. Today, we started a new firm that was anatural choice. We couldn’t start on Sunday, so we chose the next day — this is more of a natural event rather than a planned one.
How will the separation work out on an operational level?
We have started operations in Mumbai; we have three offices that are functional as of today. I have shifted from being a managing partner to being an executive chairman which is more of an oversight and supervisory role. So, Pallavi (Shroff) is becoming a managing partner of the entire firm. We will have two more managing partners joining shortly. So, we will have three regional managing partners. We are putting in place a succession process and there will be an operation’s board and a management board.
Does it mean that the two managing partners who may come to Mumbai and Bengaluru would be from the firms that you may acquire in those regions?
No, they may not be from the firms we may acquire, but like-minded individuals. They may be people who have great skills, experience, and a good market standing.
We keep on hearing names of various firms in talks with you in Mumbai. How far talks have progressed on acquiring a firm here?
There’s lot of speculation. Everybody has associated me with every firm possible, so you have to discount all that. This shows that market is looking at this as a disruptive and opportunistic event, they want to come together and consolidate. If it happens, it’s good, if it doesn’t, it’s alright. I am not talking to anybody as this point of time.
How many partners and lawyers do you have now?
We are now about 60 partners, and new partners are coming in Mumbai. We are in the process of bringing in people in Bengaluru, and will be 70-80 partners by the next two-three months — that’s the plan. The firm is about 380 moving forward, and it is a sizeable firm, notwithstanding the split. We will easily surpass 400-450 by the end of the year.
How do you look at the Mumbai market where Cyril Shroff used to work exclusively earlier?
Let me share with you that I am originally from Mumbai. I started my career in Bombay, then started the Delhi office from scratch. There are lots of people who know me in Mumbai, and the market is known to me.
Is there any no-poaching agreement between you and the Mumbai branch?
No, there is no such bilateral poaching agreement. We are competing firms and there’s no difference between AZB or Cyril Amarchand, and it’s a market which is open. We are competing for clients, and that’s the way it goes.
The near 100-year-old law firm will transform into two new firms — how do you feel?
We have preserved the legacy because we have both maintained the name, and still doing so. And yes, we will not celebrate 100 years of the firm jointly, but we will celebrate nevertheless.
What’s new thing that you would like to talk about the firm?
There is something unusual about the logo. Lot of thought has gone into its making. It has been derived from Emperor Justinian, a first emperor who codified law which is the base of law across Europe and England and that’s how the law evolved.
We understand that you have a passion for astrology. Was the new beginning of the firm on May 11 also related to that?
I am an amateur astrologer since I was 14, and I always select dates for doing good things. Most things happened for us on good days. All days are good, but some days are better. Today, we started a new firm that was anatural choice. We couldn’t start on Sunday, so we chose the next day — this is more of a natural event rather than a planned one.
How will the separation work out on an operational level?
We have started operations in Mumbai; we have three offices that are functional as of today. I have shifted from being a managing partner to being an executive chairman which is more of an oversight and supervisory role. So, Pallavi (Shroff) is becoming a managing partner of the entire firm. We will have two more managing partners joining shortly. So, we will have three regional managing partners. We are putting in place a succession process and there will be an operation’s board and a management board.
Does it mean that the two managing partners who may come to Mumbai and Bengaluru would be from the firms that you may acquire in those regions?
No, they may not be from the firms we may acquire, but like-minded individuals. They may be people who have great skills, experience, and a good market standing.
We keep on hearing names of various firms in talks with you in Mumbai. How far talks have progressed on acquiring a firm here?
There’s lot of speculation. Everybody has associated me with every firm possible, so you have to discount all that. This shows that market is looking at this as a disruptive and opportunistic event, they want to come together and consolidate. If it happens, it’s good, if it doesn’t, it’s alright. I am not talking to anybody as this point of time.
How many partners and lawyers do you have now?
We are now about 60 partners, and new partners are coming in Mumbai. We are in the process of bringing in people in Bengaluru, and will be 70-80 partners by the next two-three months — that’s the plan. The firm is about 380 moving forward, and it is a sizeable firm, notwithstanding the split. We will easily surpass 400-450 by the end of the year.
How do you look at the Mumbai market where Cyril Shroff used to work exclusively earlier?
Let me share with you that I am originally from Mumbai. I started my career in Bombay, then started the Delhi office from scratch. There are lots of people who know me in Mumbai, and the market is known to me.
Is there any no-poaching agreement between you and the Mumbai branch?
No, there is no such bilateral poaching agreement. We are competing firms and there’s no difference between AZB or Cyril Amarchand, and it’s a market which is open. We are competing for clients, and that’s the way it goes.
The near 100-year-old law firm will transform into two new firms — how do you feel?
We have preserved the legacy because we have both maintained the name, and still doing so. And yes, we will not celebrate 100 years of the firm jointly, but we will celebrate nevertheless.
What’s new thing that you would like to talk about the firm?
There is something unusual about the logo. Lot of thought has gone into its making. It has been derived from Emperor Justinian, a first emperor who codified law which is the base of law across Europe and England and that’s how the law evolved.
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