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Indian lawyers reflect on the challenges facing the legal profession.

Vandana Chatlani reports

Brothers Shardul and Cyril Shroff, the managing partners of Amarchand Mangaldas have been engaged in mediation since November in an effort to resolve differences over their mother’s will. The outcome of the dispute, presided over by mediators Nimesh Kampani, the founder of JM Financial, former Supreme Court Justice BR Srikrishna and senior counsel Harish Salve, is expected to be known by March 31 at the latest.

The country’s legal community and corporate clients are watching the Shroff debacle unfold with great interest and some trepidation. Over the past five years, entrepreneurship has been a defining characteristic of the Indian legal services sector, with leading lawyers setting off on their own to pursue new directions and small firms mushrooming every few months. The risk of splinters at one of India’s legacy law firms gives new meaning to competition for legal services, and puts the spotlight on the changing dynamics of, and the challenges faced by, the Indian legal market.

Risks, rewards & loyalty

For lawyers who want to break free from the limitations of family-controlled legal enterprises, going solo no longer seems too risky, thanks in part to a high level of fragmentation. Lawyers with five to 10 years of experience are willing to experiment by partnering with old friends from law school, tying up with peers who share similar interests, or connecting with experts whose practice specialties complement their own. The risks of new startups cannot be ignored, but for clients, the rewards may be rich. With leaner and meaner operations, these outfits are increasingly able to undercut competitors in the market, with fees in price brackets that are hard to match.

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