Latest news with #NishantParikh
Economic Times
4 days ago
- Business
- Economic Times
AI suits are here
ETtech Top legal firms leaning on GenAI tools are cautiously ushering in a radical reform of the profession as they wean away the traditional practice of billing clients by the hour to value delivered services. The legal sector, generally considered slow to adapt, is now actively experimenting with AI. While concerns around confidentiality, billing model, and hallucination persist, Indian law firms are mapping a careful path. This combination of human judgment and machine intelligence could reshape the economics and efficiency of legal practice, provided clients are willing to evolve with it. The transformation is not immediate. However, the growing role of AI in routine legal tasks such as contract drafting, document summarisation, and due diligence is beginning to challenge the very foundation of time-based billing. Partner of Mumbai-headquartered law firm Trilegal Nishant Parikh is seeing tangible improvements in due diligence tasks by using tools like Lucio. 'We follow a mix of hourly and flat-fee rates,' he said. 'Clients want faster results but aren't always willing to pay more. The market is still anchored to time spent. But ideally, I'd want value-based billing to become the norm.' Some firms are going further. Khaitan & Co. has developed its own AI platform, KAI (Khaitan & Co. AI), with tools like and for internal research, drafting, and workflow automation. 'Faster analysis and automated document parsing are already showing results,' said Haigreve Khaitan, senior partner. 'But it's still early to attribute billing changes solely to AI. We remain flexible in our structures, but our current billing still depends on complexity, practice area, and client needs.'Firms are clear on their stand that 'AI is an assistant and not a replacement'. 'The 'lawyer in the loop' model is fundamental,' Khaitan emphasised. Kartik Ganpathy, founding partner at IndusLaw, also believes AI brings efficiency but not necessarily savings, at least not yet. 'The technology comes at a cost. Clients expect us to deliver faster, but they're not willing to pay more. We're not seeing profit margins increase yet, but maybe in 4-5 years,' that may allows only experienced lawyers to use GenAI tools, citing prompt quality as a key factor. 'You need at least 2-3 years' experience to get the best results from these tools,' he said. 'About 50-60% of larger firms already use GenAI tools, at least to some extent. 'These tools have been tested thoroughly,' according to Parag Srivastava, partner at Bombay Law Chambers. While BLC is still in the early stages of GenAI adoption, the firm recognises the potential. 'Due diligence has been streamlined massively. But billing models are still hybrid, a mix of hourly, flat, and blended fees. We'll only see a shift to value-based billing if clients see measurable gains.' ButAI hasn't yet moved the needle significantly on profitability. 'We don't make much on diligence work,' Parikh admitted. 'Margins are still very, very low.' Finally, client-side adoption will be the real game changer. 'Right now, there's fixed pricing for some GenAI-driven tasks, which makes sense. But once clients start associating AI with better outcomes, not just faster ones, we'll see serious movement toward value-based billing,' said Vasu Aggarwal, cofounder, Lucio, a widely adopted GenAI legal platform. 'The next 12 months are crucial. The Indian market is way ahead of its Western counterparts in GenAI adoption. If that momentum continues, pricing based on value delivered might become a competitive necessity,' added Aggarwal. 'Lucio is a horizontal legal AI platform but adapts vertically to specific needs,' said Aggarwal. 'The most prominent use cases are drafting and due diligence.' GenAI tools like Lucio can cut task time by up to 90% or 20% depending on the type of task. 'If drafting took 75 minutes before, it now takes 15. Summarising a document that took 40 minutes can be done in 10.'While AI hasn't been transformational yet, it's rapidly gaining traction, including in Tier-2 and Tier-3 cities.'Adoption will take its natural course,' said Aggarwal. 'Once that happens, the shift toward value-based billing will follow. Right now, there's no uniform model, but the mindset is changing.' Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. As 50% US tariff looms, 6 key steps that can safeguard Indian economy As big fat Indian wedding slims to budget, Manyavar loses lustre Why are mid-cap stocks fizzling out? It's not just about Trump tariffs. The airport lounge war has begun — and DreamFolks is losing Stock Radar: UNO Minda eyeing fresh 52-week high in next few weeks; check target and stop loss for long positions Buy, Sell or Hold: Antique recommends buy on Siemens; Avendus upgrades SBI to Buy post June quarter results Stock picks of the week: 5 stocks with consistent score improvement and upside potential of up to 25% Weekly Top Picks: These stocks scored 10 on 10 on Stock Reports Plus
Time of India
4 days ago
- Business
- Time of India
AI suits are here
ETtech Academy Empower your mind, elevate your skills ETtech Top legal firms leaning on GenAI tools are cautiously ushering in a radical reform of the profession as they wean away the traditional practice of billing clients by the hour to value delivered services. The legal sector, generally considered slow to adapt, is now actively experimenting with AI. While concerns around confidentiality, billing model, and hallucination persist, Indian law firms are mapping a careful path. This combination of human judgment and machine intelligence could reshape the economics and efficiency of legal practice, provided clients are willing to evolve with it. The transformation is not immediate. However, the growing role of AI in routine legal tasks such as contract drafting, document summarisation, and due diligence is beginning to challenge the very foundation of time-based of Mumbai-headquartered law firm Trilegal Nishant Parikh is seeing tangible improvements in due diligence tasks by using tools like Lucio. 'We follow a mix of hourly and flat-fee rates,' he said. 'Clients want faster results but aren't always willing to pay more. The market is still anchored to time spent. But ideally, I'd want value-based billing to become the norm.'Some firms are going further. Khaitan & Co. has developed its own AI platform, KAI (Khaitan & Co. AI), with tools like and for internal research, drafting, and workflow automation.'Faster analysis and automated document parsing are already showing results,' said Haigreve Khaitan, senior partner. 'But it's still early to attribute billing changes solely to AI. We remain flexible in our structures, but our current billing still depends on complexity, practice area, and client needs.'Firms are clear on their stand that 'AI is an assistant and not a replacement'. 'The 'lawyer in the loop' model is fundamental,' Khaitan emphasised. Kartik Ganpathy, founding partner at IndusLaw, also believes AI brings efficiency but not necessarily savings, at least not yet. 'The technology comes at a cost. Clients expect us to deliver faster, but they're not willing to pay more. We're not seeing profit margins increase yet, but maybe in 4-5 years,' that may allows only experienced lawyers to use GenAI tools, citing prompt quality as a key factor. 'You need at least 2-3 years' experience to get the best results from these tools,' he said. 'About 50-60% of larger firms already use GenAI tools, at least to some extent. 'These tools have been tested thoroughly,' according to Parag Srivastava, partner at Bombay Law Chambers. While BLC is still in the early stages of GenAI adoption, the firm recognises the potential. 'Due diligence has been streamlined massively. But billing models are still hybrid, a mix of hourly, flat, and blended fees. We'll only see a shift to value-based billing if clients see measurable gains.' ButAI hasn't yet moved the needle significantly on profitability. 'We don't make much on diligence work,' Parikh admitted. 'Margins are still very, very low.' Finally, client-side adoption will be the real game changer. 'Right now, there's fixed pricing for some GenAI-driven tasks, which makes sense. But once clients start associating AI with better outcomes, not just faster ones, we'll see serious movement toward value-based billing,' said Vasu Aggarwal, cofounder, Lucio, a widely adopted GenAI legal platform.'The next 12 months are crucial. The Indian market is way ahead of its Western counterparts in GenAI adoption. If that momentum continues, pricing based on value delivered might become a competitive necessity,' added Aggarwal. 'Lucio is a horizontal legal AI platform but adapts vertically to specific needs,' said Aggarwal. 'The most prominent use cases are drafting and due diligence.' GenAI tools like Lucio can cut task time by up to 90% or 20% depending on the type of task. 'If drafting took 75 minutes before, it now takes 15. Summarising a document that took 40 minutes can be done in 10.'While AI hasn't been transformational yet, it's rapidly gaining traction, including in Tier-2 and Tier-3 cities.'Adoption will take its natural course,' said Aggarwal. 'Once that happens, the shift toward value-based billing will follow. Right now, there's no uniform model, but the mindset is changing.'
Economic Times
26-06-2025
- Business
- Economic Times
Law firms need to rethink strategy for AI era with focus on innovation and governance
As global firms prepare to enter the market and technological change accelerates, domestic law firms are rethinking their business models, culture, and growth strategy. With more than 1,100 lawyers and a fast-growing national footprint, Trilegal is positioning itself as an innovation-led platform, balancing institutional governance with entrepreneurial ambition, said Nishant Parikh and Sridhar Gorthi, partners and members of the Management Committee at Trilegal. We see the entry of international law firms into India as a catalyst for sectoral growth and increased competitiveness. The opening up of the market is a welcome development. Our structure is aligned with global best practices and positions us well to compete and collaborate in this new landscape. As the legal sector matures, Trilegal expects Indian firms to adopt more institutionalised models, mirroring global standards in governance, transparency, and client service. Trilegal sees generative AI as a transformational force, not a threat, for the legal profession and is betting early on its potential to redefine efficiency and client service. It would be naïve to think law firms will remain untouched by the AI wave. Lawyers who embrace AI will outperform those who don't. Among India's early adopters of legal AI, Trilegal has built a proprietary in-house solution integrated across all lawyers' devices. The tool is widely used across teams for high-volume, low-complexity tasks such as document review, contract summarisation, and due firm is also rolling out an AI-powered document management system that auto-classifies and indexes content, boosting searchability and knowledge access. Ongoing training ensures lawyers adopt these tools responsibly, with an emphasis on improving client outcomes. AI-driven efficiencies have freed up valuable lawyer hours, allowing teams to shift focus toward strategic, high-value work. We expect further disruption ahead from predictive analytics to collaborative client platforms and we will continue to invest in legal tech aligned with our innovation-led strategy. We are set to launch a new office in Chennai within the next three months as part of our broader strategic push to deepen capabilities in high-growth areas over the next five years.A key focus is the firm's Dispute Resolution practice, which has expanded significantly in response to rising demand for complex litigation, arbitration, and regulatory work. With growing regulatory scrutiny and cross-border exposure, the need for sophisticated dispute resolution is only increasing. We are also ramping up our M&A and private equity advisory work, anticipating sustained interest from global investors in Indian markets. Also, we are scaling our transactional capabilities to capture a greater share of high-value, strategic and regulatory compliance, particularly in fintech, data privacy, and emerging digital frameworks, are also priority areas, with the firm building specialised teams to stay ahead of evolving legal and policy developments. India's mergers and acquisitions landscape in 2025 is being shaped by domestic consolidation and rising cross-border interest, particularly in technology, financial services, renewable energy, infrastructure, and healthcare. These sectors are seeing strong domestic momentum and drawing sustained international attention, as India cements its role in global supply chains. Regulatory reforms, including liberalised FDI norms and streamlined reverse merger procedures, have improved the ease of doing deals, while geopolitical trends such as the China-plus-one strategy have bolstered India's appeal for foreign acquirers. Despite global headwinds caused by geopolitical scenarios and trade uncertainty, India's economic resilience is underpinning robust deal activity. Trilegal reports continued demand for counsel on complex, high-value transactions and remains focused on delivering integrated advice in this dynamic environment. We maintain a balanced client portfolio, with 60% of revenue generated from the domestic clients and 40% from international mandates. The firm remains sector-agnostic, advising across a wide spectrum of facing high-stakes, multi-dimensional matters, particularly those requiring a blend of regulatory, corporate, and disputes expertise, tend to turn to us. We are regularly engaged in complex mandates such as large equity buyouts and distressed acquisitions under India's Insolvency and Bankruptcy Code. These deals often span multiple practice areas and demand deep sectoral insight, legal precision, and commercial alignment. What sets us apart is our ability to deliver integrated, business-focused legal solutions in fast-moving, highly regulated environments. As clients grow more commercially astute and globally connected, Indian law firms are evolving service delivery to meet rising expectations for speed, insight, and still want responsiveness and quality, but they also expect strategic alignment and proactive advice tailored to their business. We are emphasising long-term partnerships, aiming to act as business enablers rather than just legal advisors. This shift has led to a deeper focus on understanding clients' commercial objectives and delivering solutions that extend beyond the legal enhance efficiency and responsiveness, Trilegal has invested in advanced legal tech, including real-time tools and process automation, to offer data-driven, cost-effective outcomes. Combining legal expertise with commercial acumen and tech-led delivery allows us to meet the demands of a rapidly evolving, globalised lawyer count has crossed 1,100 across its offices in Bengaluru, Delhi, Gurugram, and Mumbai, with its equity partnership standing at 144 as of June 2025. The growth reflects the firm's ongoing elevation of senior talent across key practice areas, including Corporate, Projects, TMT, Banking & Finance, and do not chase headcount for its own sake. Growth will continue to align with client needs, market dynamics, and emerging areas of legal complexity. We are aiming to deepen expertise and broaden capabilities as part of our long-term strategy, focusing on sustainable growth rather than scale adoption of an all-equity partnership model has set it apart from traditional law firms, challenging the conventional, hierarchical structures that often restrict career model was born from a desire to eliminate glass ceilings and promote genuine meritocracy. Every partner shares the same balance sheet, which fosters alignment, accountability, and traditional firms where equity is concentrated among a few, Trilegal's structure ensures equal ownership and transparent decision-making. Clear governance rules and open financial disclosures underpin the model, creating a culture of shared responsibility and collective success. Our success has prompted others in the market to rethink their structures. We are seeing a shift across the profession toward broader equity participation, a reflection of the model's impact and has instituted a structured and transparent compensation and profit-sharing model designed to align rewards with individual performance, not hierarchy. The framework combines fixed retainers with variable components tied to clearly defined performance incorporate both quantitative metrics, such as billable hours and revenue, and qualitative factors, including client satisfaction, relationship-building, and professional development. Our system ensures comparable pay for comparable performance, regardless of team or location. By minimising discretion and ad hoc decisions, the model promotes fairness and consistency across the firm. We regularly review the compensation structure to reflect evolving market conditions and internal business growth trajectory over the past decade has been underpinned by early investments in institutional infrastructure, a transparent and meritocratic culture, and a focus on scalable systems. According to the firm, these foundational pillars have enabled it to consistently attract top-tier talent and build one of the most sought-after platforms for legal professionals in set out to build a firm rooted in strong systems, technology, and competitive compensation. This has paid dividends—both in our financial performance and our ability to retain and attract high-calibre differentiates Trilegal from its peers is the autonomy granted to senior professionals and a collaborative environment that supports entrepreneurial practice-building. While market-wide comparative data remains limited due to the opaque nature of Indian law firm disclosures, Trilegal has achieved robust growth across topline, profitability, and headcount as evidence of its market position. In FY24, the firm posted a 28% rise in revenue and a 33% increase in profits, signalling both strong demand and operational are also the country's biggest equity partnership firm. Over 50 lateral partners have joined in recent years, a movement that is unmatched in the history of the legal industry. Also, internal promotions remain rigorous, reflecting the firm's selective approach to expanding the partnership. As rival firms scale up in size and diversify practice areas, Trilegal is banking on its institutional depth and people-first strategy to maintain its competitive one of the country's leading first-generation law firms, has taken a structured approach to succession planning, an area still in its early stages across the Indian legal in a people-driven business is complex, but we have deliberately moved away from a founder-led model to a democratically elected management committee, which is a milestone in our institutional journey. To cultivate future leadership, we have created multiple committees focused on strategy, legal tech and emerging practice areas, offering partners a platform to take on key roles. The firm prioritises early identification and mentoring of potential leaders and has partnered with leading institutions to support this effort. Our structured leadership processes and a strong internal pipeline are key to ensuring continuity and long-term sustainability.
Time of India
25-06-2025
- Business
- Time of India
Law firms need to rethink strategy for AI era with focus on innovation and governance
As global firms prepare to enter the market and technological change accelerates, domestic law firms are rethinking their business models, culture, and growth strategy. With more than 1,100 lawyers and a fast-growing national footprint, Trilegal is positioning itself as an innovation-led platform, balancing institutional governance with entrepreneurial ambition, said Nishant Parikh and Sridhar Gorthi , partners and members of the Management Committee at Trilegal. As the legal sector matures and global firms eye India, how do you see the structure and business model of Indian law firms evolving over the next decade? We see the entry of international law firms into India as a catalyst for sectoral growth and increased competitiveness. The opening up of the market is a welcome development. Our structure is aligned with global best practices and positions us well to compete and collaborate in this new landscape. As the legal sector matures, Trilegal expects Indian firms to adopt more institutionalised models, mirroring global standards in governance, transparency, and client service. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. How do you see GenAI affecting law firms and how they deal with clients? Do you see technology significantly reshaping how law firms operate? Trilegal sees generative AI as a transformational force, not a threat, for the legal profession and is betting early on its potential to redefine efficiency and client service. It would be naïve to think law firms will remain untouched by the AI wave. Lawyers who embrace AI will outperform those who don't. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo Among India's early adopters of legal AI, Trilegal has built a proprietary in-house solution integrated across all lawyers' devices. The tool is widely used across teams for high-volume, low-complexity tasks such as document review, contract summarisation, and due diligence. The firm is also rolling out an AI-powered document management system that auto-classifies and indexes content, boosting searchability and knowledge access. Ongoing training ensures lawyers adopt these tools responsibly, with an emphasis on improving client outcomes. Live Events AI-driven efficiencies have freed up valuable lawyer hours, allowing teams to shift focus toward strategic, high-value work. We expect further disruption ahead from predictive analytics to collaborative client platforms and we will continue to invest in legal tech aligned with our innovation-led strategy. What are some of the key strategic areas of growth Trilegal is betting on over the next 3–5 years? Are you looking at new practice areas or geographies? We are set to launch a new office in Chennai within the next three months as part of our broader strategic push to deepen capabilities in high-growth areas over the next five years. A key focus is the firm's Dispute Resolution practice, which has expanded significantly in response to rising demand for complex litigation, arbitration, and regulatory work. With growing regulatory scrutiny and cross-border exposure, the need for sophisticated dispute resolution is only increasing. We are also ramping up our M&A and private equity advisory work, anticipating sustained interest from global investors in Indian markets. Also, we are scaling our transactional capabilities to capture a greater share of high-value, strategic deals. Technology and regulatory compliance, particularly in fintech, data privacy, and emerging digital frameworks, are also priority areas, with the firm building specialised teams to stay ahead of evolving legal and policy developments. How would you describe the current M&A landscape in India? Are there any particular sectors driving deal activity in 2025? Also, do you see any regulatory shifts or geopolitical trends that influenced the appetite for cross-border mergers and acquisitions involving Indian companies? India's mergers and acquisitions landscape in 2025 is being shaped by domestic consolidation and rising cross-border interest, particularly in technology, financial services, renewable energy, infrastructure, and healthcare. These sectors are seeing strong domestic momentum and drawing sustained international attention, as India cements its role in global supply chains. Regulatory reforms, including liberalised FDI norms and streamlined reverse merger procedures, have improved the ease of doing deals, while geopolitical trends such as the China-plus-one strategy have bolstered India's appeal for foreign acquirers. Despite global headwinds caused by geopolitical scenarios and trade uncertainty, India's economic resilience is underpinning robust deal activity. Trilegal reports continued demand for counsel on complex, high-value transactions and remains focused on delivering integrated advice in this dynamic environment. What is the composition of the clients in terms of Indian/foreign, and also in terms of the sector/industry? Are there any specific sets of clients who are more geared towards law firms like Trilegal? We maintain a balanced client portfolio, with 60% of revenue generated from the domestic clients and 40% from international mandates. The firm remains sector-agnostic, advising across a wide spectrum of industries. Clients facing high-stakes, multi-dimensional matters, particularly those requiring a blend of regulatory, corporate, and disputes expertise, tend to turn to us. We are regularly engaged in complex mandates such as large equity buyouts and distressed acquisitions under India's Insolvency and Bankruptcy Code. These deals often span multiple practice areas and demand deep sectoral insight, legal precision, and commercial alignment. What sets us apart is our ability to deliver integrated, business-focused legal solutions in fast-moving, highly regulated environments. Clients today are more commercially and globally savvy. How are Indian law firms evolving their service delivery to stay ahead of changing expectations? As clients grow more commercially astute and globally connected, Indian law firms are evolving service delivery to meet rising expectations for speed, insight, and value. Clients still want responsiveness and quality, but they also expect strategic alignment and proactive advice tailored to their business. We are emphasising long-term partnerships, aiming to act as business enablers rather than just legal advisors. This shift has led to a deeper focus on understanding clients' commercial objectives and delivering solutions that extend beyond the legal remit. To enhance efficiency and responsiveness, Trilegal has invested in advanced legal tech, including real-time tools and process automation, to offer data-driven, cost-effective outcomes. Combining legal expertise with commercial acumen and tech-led delivery allows us to meet the demands of a rapidly evolving, globalised market. What is Trilegal's current bench strength in terms of partners and lawyers, and where will you see it in the next three years? Trilegal's lawyer count has crossed 1,100 across its offices in Bengaluru, Delhi , Gurugram , and Mumbai , with its equity partnership standing at 144 as of June 2025. The growth reflects the firm's ongoing elevation of senior talent across key practice areas, including Corporate, Projects, TMT , Banking & Finance, and Disputes. We do not chase headcount for its own sake. Growth will continue to align with client needs, market dynamics, and emerging areas of legal complexity. We are aiming to deepen expertise and broaden capabilities as part of our long-term strategy, focusing on sustainable growth rather than scale alone. How has Trilegal's adoption of an all-equity partnership model fundamentally differed from the traditional partnership structures? Trilegal's adoption of an all-equity partnership model has set it apart from traditional law firms, challenging the conventional, hierarchical structures that often restrict career progression. Our model was born from a desire to eliminate glass ceilings and promote genuine meritocracy. Every partner shares the same balance sheet, which fosters alignment, accountability, and collaboration. Unlike traditional firms where equity is concentrated among a few, Trilegal's structure ensures equal ownership and transparent decision-making. Clear governance rules and open financial disclosures underpin the model, creating a culture of shared responsibility and collective success. Our success has prompted others in the market to rethink their structures. We are seeing a shift across the profession toward broader equity participation, a reflection of the model's impact and sustainability. Could you explain the firm's approach to internal compensation and profit-sharing formula? Trilegal has instituted a structured and transparent compensation and profit-sharing model designed to align rewards with individual performance, not hierarchy. The framework combines fixed retainers with variable components tied to clearly defined performance bands. Evaluations incorporate both quantitative metrics, such as billable hours and revenue, and qualitative factors, including client satisfaction, relationship-building, and professional development. Our system ensures comparable pay for comparable performance, regardless of team or location. By minimising discretion and ad hoc decisions, the model promotes fairness and consistency across the firm. We regularly review the compensation structure to reflect evolving market conditions and internal business goals. What distinguishes the firm from its peers, and what has driven its growth over the past decade? Could you share quantitative indicators that reflect its performance? Trilegal's growth trajectory over the past decade has been underpinned by early investments in institutional infrastructure, a transparent and meritocratic culture, and a focus on scalable systems. According to the firm, these foundational pillars have enabled it to consistently attract top-tier talent and build one of the most sought-after platforms for legal professionals in India. We set out to build a firm rooted in strong systems, technology, and competitive compensation. This has paid dividends—both in our financial performance and our ability to retain and attract high-calibre lawyers. What differentiates Trilegal from its peers is the autonomy granted to senior professionals and a collaborative environment that supports entrepreneurial practice-building. While market-wide comparative data remains limited due to the opaque nature of Indian law firm disclosures, Trilegal has achieved robust growth across topline, profitability, and headcount as evidence of its market position. In FY24, the firm posted a 28% rise in revenue and a 33% increase in profits, signalling both strong demand and operational efficiency. We are also the country's biggest equity partnership firm. Over 50 lateral partners have joined in recent years, a movement that is unmatched in the history of the legal industry. Also, internal promotions remain rigorous, reflecting the firm's selective approach to expanding the partnership. As rival firms scale up in size and diversify practice areas, Trilegal is banking on its institutional depth and people-first strategy to maintain its competitive edge. Succession planning is a relatively nascent concept in Indian law firms. Being a first-generation large law firm, how has Trilegal approached this challenge internally, and what lessons have you learned? Trilegal, one of the country's leading first-generation law firms, has taken a structured approach to succession planning, an area still in its early stages across the Indian legal sector. Succession in a people-driven business is complex, but we have deliberately moved away from a founder-led model to a democratically elected management committee, which is a milestone in our institutional journey. To cultivate future leadership, we have created multiple committees focused on strategy, legal tech and emerging practice areas, offering partners a platform to take on key roles. The firm prioritises early identification and mentoring of potential leaders and has partnered with leading institutions to support this effort. Our structured leadership processes and a strong internal pipeline are key to ensuring continuity and long-term sustainability.
