Latest news with #ShardulAmarchandMangaldas
Mint
2 days ago
- Business
- Mint
Iqbal Khan steps down as national corporate lead from JSA
Mumbai: Iqbal Khan has stepped down as national corporate lead at JSA Advocates and Solicitors. Khan joined JSA from Shardul Amarchand Mangaldas in October 2024, along with a team of 18 lawyers, including three retained partners, strengthening mergers, acquisitions and private equity teams in JSA's corporate practice. "Iqbal Khan has communicated his resignation to JSA. The exit modalities will be worked out mutually keeping in mind the interest of clients, teams involved and the firm,' Vivek Chandy, JSA's managing partner, said in a statement on Wednesday. 'JSA has grown exponentially over the last 18 months and has integrated well with all its lateral partners who are aligned with the culture and values of the firm. The firm will continue to aggressively pursue its growth path and wishes Iqbal well." Khan's exit comes as top law firms witness mass movement to rivals. He was brought into JSA to work closely with the joint managing partners, practice area chairs, and the executive committee to fortify the firm's corporate practice and augment its range of services. Prior to joining JSA, he was with Paul Weiss and Kirkland & Ellis in the United States. Khan also holds a J.D. from Columbia Law School (Harlan Fiske Stone Scholar); the Parker School Certificate for Achievement in International and Comparative Law; and LLB from the London School of Economics and Political Science. He was the editor of the Columbia Journal of European Law and has been ranked as one of the top M&A and private equity lawyers in India by various legal rankings. Prior to joining JSA, Khan, along with his partners, led deals for clients including Advent, Bain, Brookfield, TPG, Biocon, L&T, LIC, PharmEasy, Reliance, Serum and Tata.
New Indian Express
3 days ago
- Business
- New Indian Express
ICICI Prudential AMC plans Rs 10,000-crore public issue
MUMBAI: The second largest asset management company in terms of managed assets, ICICI Prudential Asset Management Company, is planning a mega Rs 10,000-crore initial share sale that will purely be an offer by the foreign promoter. The company has roped in as many as 15 investment banks, including Citi, Goldman Sachs, Morgan Stanley and BofA Securities, a record in the IPO space. According to two sources, ICICI Securities and Citi were hired earlier this year for the deal and the 26-year-old company, in which the British financial powerhouse Prudential Plc owns 49%, recently mandated Goldman Sachs, Morgan Stanley, Kotak Mahindra Capital, BofA Securities, IIFL Capital, Nomura Securities, JM Financial, Motilal Oswal, Avendus Capital, Nuvama, BNP Paribas, CLSA Securities and SBI Capital. On the legal side, the company has roped in law firms Cyril Amarchand Mangadlas and Shardul Amarchand Mangaldas as legal advisors for the issue. In comparison, when Bharti Infratel went public in 2012, it had engaged 13 investment banks for the issue. As of March 2025, ICICI Prudential AMC had an AUM of Rs 9.15 trillion with over 1.1 crore investors across 133 schemes, while the market leader SBI Funds has around Rs 10.76 trillion in AUM. There are only three listed AMCs-- HDFC AMC, Nippon Life India AMC and UTI AMC. The largest fund house SBI Funds is not listed yet.
Mint
3 days ago
- Business
- Mint
India's legal sector is booming—so why are 98% of law grads left out from the top jobs?
The majority of fresh law graduates in India are missing out on the country's booming and higher-paying corporate legal market for reasons afflicting students of other professional courses as well—a lack of job readiness. Fewer than 2% of India's fresh law graduates secure positions at the country's top corporate law firms, according to data shared by legal recruitment firm Vahura with Mint. Nearly 100,000 law students graduate annually, and about 69,000 clear the All India Bar Exam, which makes them eligible to practice law in any court across the country. But out of more than 1,700 law schools in the country, only graduates from the top 25-30 colleges consistently land jobs in corporate or mid-tier law firms. Leading law firms such as Shardul Amarchand Mangaldas, Cyril Amarchand Mangaldas, and Khaitan & Co. collectively hire only 400-600 fresh graduates annually, mostly for specialized practices like corporate law, private equity, banking, dispute resolution, infrastructure, tax, and regulatory law. 'Many graduates struggle to enter the organized legal workforce, often starting in local litigation or informal setups. It's not that mid-tier firms offer fewer opportunities, but there's a sharp drop in readiness and access beyond top colleges," said Akanksha Antil, recruiter and mentor for lawyers and law students at Vahura. While just 2% of law school graduates make it to leading corporate firms, another 15-20% manage to find work in boutique and second-tier firms, contributing to the broader corporate legal landscape. Most of the other fresh graduates begin their careers in small litigation practices or depend on personal networks, missing out on the organized corporate legal sector. Also read | Big Four feel the heat as promotions drop, clients tighten purse strings This is comparable to the engineering sector, where, despite producing a large talent pool of around 1.5 million graduates annually, only about 10% secure jobs due to a persistent skills gap, according to a recent report by Unstop. The struggle to find enough suitable and job-ready law graduates comes at a time when India's legal sector is growing rapidly. Rising compliance demands, digital transformation, and increased deal activity drove India Inc's legal expenses past the ₹60,000-crore mark in 2024-25, up 15-18% from the year before, according to Vahura data shared with Mint earlier in March. This surge in demand for legal services has sparked intense competition among law firms seeking to strengthen their teams, with about 60% of their hiring needs met through lateral recruitment from other companies and the remaining 40% met by campus hiring, according to Vahura. 'We have seen steady and encouraging growth in our hiring of fresh graduates over the past few years. This year, we onboarded 43 freshers, marking a 79% increase from last year," said Suman Rudra, chief human resources officer at JSA Advocates & Solicitors. 'On average, we hire between 60 to 100 fresh graduates each year. The fresher intake has increased due to expansion across our practice areas and firm-wide growth," added Amar Sinhji, executive director, human resources, at Khaitan & Co. Anupriya Anand, head, human resources, at Cyril Amarchand Mangaldas, said the firm recruits 150-200 graduates annually, with numbers steadily increasing in recent years. Also read | Startup hiring cools as AI, money worries sweep businesses Casting a wider net India's premier National Law Universities (NLUs) remain the primary talent pipelines for law firms. These include the National Academy of Legal Studies and Research (NALSAR) in Hyderabad, Gujarat National Law University (GNLU) in Gandhinagar, National Law Institute University (NLIU) in Bhopal, West Bengal National University of Juridical Sciences (NUJS) in Kolkata, and O.P. Jindal Global University in Sonipat. But law firms are now also recruiting from a wider pool of 20-25 top colleges. 'A top-ranked student from a lesser-known law school may now get preference over a mid-ranked student from a top law school, especially if the candidate demonstrates clarity of interest, relevant internships, and better retention potential," Antil from Vahura explained. A spokesperson for Gujarat National Law University told Mint that more than 100 students secure placements annually through the school's internship and placement division, with an average placement rate of 80-85% the past three years. More than half of the recruiting firms at GNLU are regular visitors, offering roles across corporate law, dispute resolution, finance, and regulatory advisory. India's top legal firms also recruit graduates through pre-placement offers extended during internships. Once hired, the firms emphasize soft skills and cultural fit—considered as important as academic credentials. Compensation packages for freshers range from ₹14 lakh to ₹22.5 lakhper annum, typically including base salary, performance bonuses, and other benefits. Also read | Jumping jobs? A Supreme Court judgement just made it tough, especially for freshers The readiness gap The challenges faced by fresh law school graduates mirror broader issues in India's job market. A recent report by hiring platform Unstop found that 83% of engineering and 50% of MBA graduates lacked job or internship offers last year, with unpaid internships rising sharply. Data from TeamLease show that although India produces 1.5 million engineering graduates annually, only 60% are employable and just 45% meet industry standards. Law firms, too, see significant skill gaps among fresh law graduates, particularly in technological proficiency, negotiation, analytical thinking, and persuasive advocacy. 'A common challenge is the gap between academic learning and the fast-paced, client-driven nature of law firm practice," said Parul Gupta, chief human resources officer at Trilegal. 'Fresh graduates often need time to polish their communication skills—especially in articulating complex legal concepts clearly—and develop client-focused thinking to understand priorities and deliver practical solutions." Anupriya Anand of Cyril Amarchand Mangaldas added that technological proficiency and negotiation skills are common deficiencies among fresh graduates, especially in M&A (mergers and acquisitions) and regulatory law. Also read | Soon, your job contract will have a tariff clause 'To address these gaps, law schools like BITS Law School offer practical training in client counseling, mooting, legal drafting, and AI applications, through initiatives such as RAW (Readiness at Workplace), CIA (Counsels in Action), and EIA (Entrepreneurs in Action)," said Ashish Bhardwaj, founding dean, BITS Law School. Gujarat National Law University supports aspiring litigators through its GNLU Litigation Assistance Scholarship Scheme (GLASS), which provides financial aid to help overcome early career challenges in litigation. According to the National Statistical Office's first monthly labour force survey released in May, India's unemployment rate stood at 5.1% in April, with urban unemployment at 6.5% and nearly 14% of youth unable to find work. Also read | Rising demand, escalating costs: staffing firms feel the heat
Time of India
09-05-2025
- Business
- Time of India
Bhushan Power creditors weigh legal options after SC scraps JSW Steel deal
Mumbai: Creditors to Bhushan Power & Steel, including State Bank of India , Punjab National Bank , and Asset Care Reconstruction Enterprise (ACRE), are assessing the legal paths available to them after the Supreme Court decision to annul JSW Steel's ₹19,350-crore resolution plan and order liquidation. The lenders are weighing a review petition and may reappoint legal advisors Cyril Amarchand Mangaldas and Shardul Amarchand Mangaldas, who had advised on the earlier resolution, sources said. "There's a lot of uncertainty both legal and procedural. For now, lenders are convening informally under the joint lenders' forum," said a source. The Insolvency and Bankruptcy Board of India and the department of financial services are also examining the court ruling's broader implications, which could have far reaching consequences on the Insolvency and Bankruptcy Code (IBC) framework."There are significant implications if the transaction is unwound, taxes have been paid, capital expenditure has been initiated, and funds have been deployed. The practical challenges of returning the money are enormous," a senior banker involved in the process told this publication, requesting anonymity.
Time of India
08-05-2025
- Business
- Time of India
Bhushan Power creditors weigh legal options after SC scraps JSW Steel deal
Bhushan Power & Steel's creditors, including SBI and PNB, are evaluating legal options after the Supreme Court overturned JSW Steel's resolution plan and ordered liquidation. Lenders are considering a review petition and may re-engage legal advisors. The IBBI and DFS are also analyzing the ruling's broader implications for the IBC framework, given the practical challenges of unwinding the transaction. Tired of too many ads? Remove Ads Mumbai: Creditors to Bhushan Power & Steel, including State Bank of India Punjab National Bank , and Asset Care Reconstruction Enterprise (ACRE), are assessing the legal paths available to them after the Supreme Court decision to annul JSW Steel's ₹19,350-crore resolution plan and order lenders are weighing a review petition and may reappoint legal advisors Cyril Amarchand Mangaldas and Shardul Amarchand Mangaldas, who had advised on the earlier resolution, sources said."There's a lot of uncertainty both legal and procedural. For now, lenders are convening informally under the joint lenders' forum," said a Insolvency and Bankruptcy Board of India and the department of financial services are also examining the court ruling's broader implications, which could have far reaching consequences on the Insolvency and Bankruptcy Code (IBC) framework."There are significant implications if the transaction is unwound, taxes have been paid, capital expenditure has been initiated, and funds have been deployed. The practical challenges of returning the money are enormous," a senior banker involved in the process told this publication, requesting anonymity.
