After having graduated in Law from UK, I gained a stint of training in London with Barristers Chambers and Solicitor Law Firms. Thereafter, upon my return to India, I commenced my law practice training in Mumbai with leading law firms in Mumbai – Crawford Bayley, Mahimtura & Co. And Majmudar & Co. With India having opened up in 1990’s there was an opportunity to develop a new area of practice i.e. Corporate Law practice. After having worked for nearly five years, I decided that I would like to start my own law practice by forming a law firm and being on my own. Being a third-generation lawyer probably made it easier to take this decision.
A law firm built on legacy comes with some advantages, but family legacy does not necessarily have the distinct advantage anymore these days unlike in the past where it helped unless it is very professionally managed. A law firm with a blank canvas has it easier in some ways since there are no legacy issues and in today’s changing India and global practices, merit and results only count before a client with competition having increased ten-fold and new firms being formed every other day. Of course, like any sector, the first 3-5 years are the tough given that you are a no body as a brand name.
India has long been derided for its dense labyrinth of laws and resistance to change. There is no doubt that the present government has introduced several legislations and have been constantly working towards the transforming the business environment by easing approval processes. All the changes represent important, positive legislative changes. Changes have been made and introduced to the ADR mechanism by introducing the Arbitration & Conciliation Act, 1996 by bringing about The Arbitration and Conciliation (Amendment) Act, 2015 (‘Amending Act’) and the he Arbitration and Conciliation (Amendment) Bill, 2018.
The Insolvency & Bankruptcy Code 2016 (“IBC”) was a game changing law which replaced India’s archaic bankruptcy laws and provides a much speedier resolution of insolvency proceedings and debt restructuring, for the benefit of operational and financial creditors, both onshore and offshore. There have been frequent amendments made to the IBC to cater the challenges being faced over a period of time to avoid the abuse of the system. Transparent regulators are a must for evolution of mature markets. Over a period of time, a number of sector specific regulatory bodies ranging from SEBI, TRAI, CCI, IRDA amongst others have been set up in India.
Significant improvements have taken place in the technology space and the rapid pace of growth in the digital payments sector over the last three years. Technology is one of the major forces transforming our lives. However, its misuse causes detrimental effects. The digital era has opened up a Pandora’s box of various concerns such as Data Theft, Scams, Eavesdropping, Cyberbullying, to name a few, with the overarching concern on the intrusion to the privacy of Individuals.
In the wake of the Supreme Court ruling on ‘Right to privacy’ as a fundamental right and the data protection framework, under the chairmanship of former Supreme Court judge Shri B N Srikrishna, is the first step in India’s Data Privacy journey. More recently the Personal Data Protection Bill, 2018 was introduced which provides for the formation of a Data Protection Authority of India to protect citizens’ data and privacy — a growing concern in an increasingly digitising economy. The proposed bill makes individual consent the centrepiece of data sharing, awards rights to users, imposes obligations on “data fiduciaries”- all those entities, including the State, which determine purpose and means of data processing. In essence, the Data Protection Authority will function as India’s privacy regulator.
Entrepreneurship within the law firm space has grown leaps and bounds. At the same time not, all are cut out as an entrepreneur. There are very few rain makers and most are workers. It helps being well connected to develop and generate work from time to time which is not an easy task given the cut throat competition.
Technology is already playing a vital role in our daily lives. A lot of the professional nuances is already driven by technology be it templates, search engines, precedents. On the one hand being tech savvy is useful to an extent only, but that is not enough. Ultimately, you have to put in the hours and interpret the legal issues in hand to which there is no substitute.
We are a boutique full service corporate law firm dealing in all areas FDI, Company/Commercial, Commercial Litigation/Arbitration, Intellectual Property, Banking and Real Estate.
As clients have a wide choice of law firms, understanding the requirements of the client and providing innovative commercial solutions within the legal parameters is very important.
Stay away from social media distractions! Being organised, disciplined and working hard is the key as there is no short cut to success. It comes after some years of experience.
India has long been derided for its dense labyrinth of laws and resistance to change. There is no doubt that the present government has introduced several legislations and have been constantly working towards the transforming the business environment by easing approval processes.
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