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Indian law firms eye longer arms

Oct 28, 2024

Synopsis
Indian law firms are expanding internationally, setting up offices in key global hubs like Singapore and Dubai. This move, driven by increasing cross-border deals and international arbitration, is aimed at supporting multinational companies entering India. Firms like Cyril Amarchand Mangaldas and Khaitan & Co are leading this trend, establishing strategic partnerships across Europe and Africa to tap into new markets and uphold international standards.

At a time when numerous multinational companies are seeking to enter or expand their presence in India, domestic law firms are establishing practices abroad to support these companies while exploring new opportunities in international markets.

Indian law firms are increasingly competing in the global arena for cross-border deals, international arbitration, and fundraising. They are now setting up offices in international financial hubs like Singapore and Dubai, with some also forging formal collaboration or partnerships with firms in Europe and Africa.

Cyril Shroff, managing partner of Cyril Amarchand Mangaldas (CAM), said, "Opening offices in foreign locales demonstrates our commitment to these jurisdictions and enhances cooperation. It also allows us to tap into new markets with an India connection."

In March, CAM opened its second overseas office in Abu Dhabi, following the launch of its first international office in Singapore in December 2021.

"Expanding overseas helps globalise the practice of law - especially in terms of learning about and incorporating global best practices and ensuring service offerings are up to an international standard. It also furthers the notion of 'bringing India to the world'," said Shroff.

Investment fillip
According to the India Brand Equity Foundation, a body under the commerce ministry, foreign direct investment inflows reached $71.35 billion in FY23, with provisional figures for FY24 standing at $70.95 billion. These investors will need Indian legal advisors.

Haigreve Khaitan, senior partner at Khaitan & Co, said the law firm's expansion into Singapore was a carefully considered strategic move, given its prominence as a key hub for India-related legal work. "We will continue evaluating the potential of new markets, be mindful of our clients' global aspirations, and remain agile in our approach," said Khaitan.

"As the landscape evolves-especially with the potential entry of foreign law firms into India-global offices may also serve as a hedge against any loss of referral work." In March 2021, the over 113-year-old Khaitan & Co opened its first overseas office in Singapore.

Strategic tie-ups
Last month, New Delhi-based law firm Areness Law entered a strategic partnership with Polish firm Dudkowiak, Kopec & Putyra to offer cross-border legal services. In March, the firm also signed a memorandum of understanding with German law firm Schmidt, von der Osten & Huber.

Mumbai-headquartered firm Vertices Partners is considering opening its first overseas office in the Middle East in the coming months and is exploring potential expansion into Africa.

"We are at a size and stage where we are 'large enough to be significant, yet nimble,' making us adaptive to the needs of clients and collaborative partners," said Vinayak Burman, managing partner at Vertices Partners.

"As a result, several firms are in conversation with us and so are we in talks with firms in other geographies. The firm is actively discussing opportunities in Southeast Asia, including Singapore, Malaysia, and Indonesia, as well as major hubs like London, Paris, and Frankfurt," he added

In recent years, Jaipur-based Capstone Legal has entered into collaboration agreements with Nigerian law firm Olisa Agbakoba Legal and Singapore's Vanilla Law.

While several Indian law firms are now venturing overseas, some have been operating abroad for several years. Nishith Desai Associates has offices in Silicon Valley, New York, and Singapore, while Kochhar & Co operates in Dubai, Chicago, and Toronto.

Rohit Jain, managing partner at Singhania & Co, said it was the first Indian law firm, "way back in the 1990s, to open a London office when even the concept of a national law firm was nascent in India". "Also, sensing the growth opportunities in the UAE, we opened an office in Dubai last year and plan to increase focus on the Middle East and African regions," he added.

[The Economic Times]

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