There has been a highly competitive environment when it comes to servicing India Inc. for their legal, risk and compliance related mandates. Lex Witness recently got into a conversation with Raju Misra, Partner, King Stubb & Kasiva – Advocates & Attorneys, on several aspects that impact a firm’s growth and his thoughts behind his new stint with the firm.
Comparative studies reveal that the litigation practice in the West is predominantly on a lower scale as compared to the scenario in India at present. As a country dealing with such complex litigation issues on a day-to-day basis, we are definitely a notch higher on qualitative aspects.
On the other hand, international law firms/setups are perceived to have slightly higher standards in terms of providing legal services in areas that do not pertain to litigation.
Comparatively looking at the litigation and non-litigation service areas, competition in the latter is but natural and an approachable facet. The reason for the same being that we have a considerable number of well-established and prestigious law firms that provide services almost equivalent to the ones provided by law firms of international repute.
I would say that India’s Judicial system is still developing in these aspects, not developed. We have a whole lot of ongoing work in areas that pertain to appointments and other allied functions. Now, the system – be it the old Collegium or the brand new National Judicial Appointments Commission – would be more efficient and complete with assured transparency and accountability on the part of the body recommending and appointing judicial officers. This, in turn, will help minimize interference from the executive and legislature.
Clients have always preferred service providers with quicker response and adept turnaround time. Alongside, ensuring commercially advantageous legal remedies and solutions is a facet that clients will not want to compromise with. Advanced means of communication have only pushed the expectation of clients on higher note.
There is a need to balance core intellect with qualities like management, strategy, and leadership. It is this balance that will help in striking equilibrium in terms of profitable, sustainable and quicker outputs which is what is the foremost demand of any client.
Talking about my work plans in KSK, an opportunity of the like would be a complete turn-around in comparison to my initial 4- 5 years of struggle in terms of wanting to gain a right position in Admiralty Law Practice in Mumbai. I, thereafter, opted to take up my first offer as a law officer in one of the biggest private-sector shipping companies, i.e., The Great Eastern Shipping Co. Ltd. This was followed by my stints as in-house counsel in the Essar Group, Essel Group, Bajaj Hindusthan and the last of them being ACC Limited.
I joined ACC Limited in 2008 as the head of law, and in the last few years was positioned as Director- Legal Services and remained responsible as such inter alia for all litigation involving varied matters in various courts and tribunals; strict compliance with the Lafarge Holcim Group’s stringent directives on Anti Bribery & Corruption, covering inter alia relevant statutes applicable in different jurisdictions of the operating companies including Foreign Corrupt Practices Act (in USA), Bribery Act (applicable in UK), Prevention of Corruption Act, Prevention of Money Laundering Act and Right to Information Act (in India); adherence to the Group’s Code of Good Conduct and Fair Practices as a member of the Fraud Risk Management Committee (later renamed Ethical View Committee); acquisition/merger of companies/undertakings involved in cement manufacturing and other holding resources including: coal, gypsum and limestone; setting up of Coal Blocks through joint ventures established with State Government PSUs and other private entities; drafting/vetting of Turnkey Contracts/Documentation involving modernization/expansions of cement plants, CPPs and Coalfield development; setting up and implementation of the Legal Policy on the basis whereof legal work is segregated/distributed amongst the Corporate Office and Regional Offices; advising Senior Management from time to from time in areas involving Competition Law, Related Party Transactions, Mining related issues, including those pertaining to Royalty demands, Forest and Environment issues, Terms of Mining Rights, etc.; management of Real Estate resources involving huge tracts of land throughout the country, including identifying property, regularization of title, transactions involving such property; and high value litigation involving old transactions; and rendering legal advice to 5 (five) ACC Joint Ventures and/or Subsidiaries in the business of Coal Block Development & Production; and Bulk Distribution & Sale of Cement, as Member of Board of Directors of such entities.
The knowledge of the aforementioned combined with the network I may have established would help me add to KSK in a way that will help me not only grow at an individualistic level but also take the Firm to greater heights at an exponential rate with assured harmony.
Although demands in various practice areas would remain dynamic, cyclical and ever-shifting, M&A and consequent corporate restructuring will always continue to be in demand. Financing will most certainly remain a consequent practice in areas of related documentation. Insolvency and Bankruptcies practice will also continue to excel as a topic of discussion. Real Estate practice as well will steadily continue with its ups and downs. I additionally expect ‘Compliance’ to become a multitudinous practice area with separate streams in training, monitoring, audit, and problem-solving.
My recommendation, especially in the corporate sector practice area, would be for electronic tools for compliance and litigation tracking. I would also suggest strong adherence to appropriate documentation management systems. This would bring in a foundational balance to better control in terms of desired analysis from time to time and ready information on one’s fingertips.
Law firms are expected to use a combination of core law intellect with economic and commercial management sense, for delivering expeditious and commercially advantageous and sustainable solutions to modern-day clients. Law firms need to have the right mix of legal knowhow combined with marketing and business development skills to draw harmony in prestigious assignments. Such business development plays an important role today in all growing and sizeable businesses, legal profession included.
My recommendation to the budding lawyers of the next-gen would be to rummage through as many many areas of law practice, which would in turn afford them the opportunity to pick the best of them all – to which they are most drawn to. This would not only help determine their most preferred work area but also give them a chance to check out for the sustainability of inflow in their desired streams of work. They would additionally be able to allocate time, importance and attention to various aspects of their work area; and at the same time avoid unnecessary deliberations and discussions around areas less likely to be blown up into contentious issues.
One more secret for my ‘next-gen’ friends: While they must remain prepared to face all kinds of situations, they must try and minimize instances of failure to keep themselves pepped up as far as practicable – and one way to achieve this would be to develop Plan B, in case of Plan A not sitting in place. After all, targets seldom fail if you conjure up plausible alternate options.
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