Very interesting move. Let's see how it pans out.

Wasnt Partha a banking lawyer? Or does he do capital markets and banking work?

Also noted that TriLegal have a lock-step structure. I thought AMSS have been busy claiming that they are the only ones with a lock-step model?

Notwithstanding the positive spin, this move actually highlights two key chinks in Trilegal's armour that A&O seems to have become aware of, namely (i) Trilegal's lack of a strong domestic client base and (ii) Trilegal's very limited abilities in certain key practice areas, including capital markets. A&O was possibly expecting a higher number of referrals from Trilegal, but the same have likely failed to materialize on account of factor (i) above. Unlike Tier 1 firms like AMSS, JSA, AZB and Luthra, Trilegal has very few large Indian corporate accounts, and relies mainly on referrals from foreign firms for big ticket transactions (where it usually represents the overseas parties). As a result, A&O has made very limited progress insofar as the India market is concerned, and has had relatively few opportunities (from the Trilegal end) to obtain mandates from Indian clients for thier overseas investments. Factor (ii) is an important limitation, and Trilegal remains a largely corporate and banking focussed firm, rather than a full service shop. It has never had a worthwhile capital markets practice, and also has gaps in other important areas. Hopefully, this move will try to address the same to a small extent. One also wonders about whether the transferee was able to pull in any significant work while based with A&O in Singapore, since JSA was able to retain the bulk of the clients earlier serviced by him. Perhaps the move to Bombay will enable the transferee to market more aggressively and win over some of the clients that he had worked with during his JSA stint.

Not particularly surprising, given that Partha has been a long time friend of the Trilegal Mumbai equity partners (they were batchmates in NLS). Wouldn't be surprised if the move was in the works when he moved to A&O from JSA.

Good move for Trilegal though, since they needed to expand their capital markets footprint.

Trilegal has had a lockstep for a while now (probably before Amarchand). Didn't you get that presentation last year on the Trilegal lockstep which was for "internal circulation" only?

@3 Insider's Joy - very good take on the situation, I agree entirely.

@5 - And trilegal has a real lockstep too unlike Amarchand. But didn't get the memo - what did it say?

@ 6 Interested observer - the presentation is supposed to educate the associates on what the lockstep is all about. Not a bad idea given that the concept is not that well known in India. The only insight it gives into Trilegal's partnership is that they have a 13 year lockstep with a maximum of 40 points and entry at 10 points. The presentation itself is very slick - I wonder if they got professional help to put it together. I know I needed a software upgrade to even open the presentation! Would have shared it but for the fact that I wasn't supposed to even view it - it is marked confidential. Since so many people have it already, maybe its time to ask the Trilegal management to have a public release for the record - what are you trying to protect anyway?

@3 - The Insider's joy - the 2 limitations you mention seem to defy logic. A firm which is less than 10 year old and reaches the top league logically cannot either lack good domestic clientele or have "very limited abilities in certain key practice areas".
@7 Anonymous - Trilegal is amongst the first to announce that they follows the lockstep model and there are others who talk on similar lines. I guess the proof of the pudding is in the eating and one will have to wait to see how these models get implemented but these firms deserve full credit for the bold first step.

@8 Arcturus - the observations that I have made (@3) are factual ones. Of course, if you can elaborate on Trilegal's domestic client base by providing a few examples of large Indian corporates that instruct them regularly, I would stand corrected - but I suspect that you would find it difficult to come up with a roster of Trilegal's domestic clients that is comparable to the Tier-1 firms that I have mentioned in my earlier post. Similarly, if you can list some significant Capital Markets, Dispute Resolution, Real Estate or IP work that Trilegal has undertaken, I'd be pleased to concede to your point. Personally, I can't think of any major Capital Markets transactions where Trilegal has played a pivotal role. However, Trilegal certainly has a first rate practice in Corporate and Banking, and that (combined with savvy marketing overseas and high service levels that meet the expectations of foreign firms) is what has enabled them to make excellent progress despite being less than 10 years old. A&O's strategy seemed to be dictated by the need to have an early tie-up and obtain a first movers advantage, and given the bullish environment in 2007 with lots of work to go around, they likely did not do a very deep analysis of Trilegal's Indian client base and its capabilities across various practice areas. However, the past few months have brought the gaps to the fore and A&O is now working to try and correct the same, which is positive.

The lack of capital markets experience is something which Trilegal has always acknowledged, so I would not want to read too much into this issue. As with most such gaps pointed out, this gap too is rectifiable by nature and Trilegal are indeed moving in the right direction. Look at JSA – prior to the Bergis merger, they did not have a strong securities practice. Now things are completely different and JSA has one of the most enviable capital markets’ practices in India.
That being said, I hope that this particular move was not something which A&O forced upon Trilegal. I say this only because Partha’s core area of expertise, at least based on my personal observation, is corporate and not capital markets. So was this a wrong choice – I think only time will have an answer for this question.
On the issue of Indian clientele, one must remember that during the early part of this decade, it was highly unlikely that the big Indian corporate would look at a firm like Trilegal. For small law firms it was only the foreign clientele and dollar billing which propelled growth. Hence Trilegal’s prioritisation till date. Moving forward, do I think the likes of the Reliances will ever leave their strong relationships which has been forged over decades to join the Trilegal success story (by this I mean move the bulk of their work and not one of matters) in the immediate future, I have my own doubt. However, there is no doubt that the rising Indian corporate houses that are outward looking (the likes of Suzlon and GMR), ought to start looking at Trilegal more seriously and I believe will start looking at Trilegal more seriously. It is simple Trilegal will bring the A&O alliance on to the table, which is indeed an attractive proposition.
I believe Trilegal is “the firm” to look out for. Yes they may lack certain areas of expertise, but Trilegal is still in the developing stage and if the management continue to do what they are, I have no doubt that Trilegal will be a formidable player in the market. Trilegal has been a success story and I have always been a fan of this firm despite having never worked for them.

It is difficult to believe that A&O would not have analysed all aspects of Trilegal's practice as they have been working together for many years. They may not be as strong in some of those areas but there is no way that A&O would not have enquired after their capital markets practice as that is an area in which A&O is very strong. It is probably something they accepted.

Two of Trilegal's Indian clients are Reliance ADAG and Godrej. There must be others as well

Good for Trilegal! Welcome home, Partha!! :-)

Trilegal might be having some of the finest partners to have reached where it is but honestly their associates are very very mediocre in both the work and their communication skills. - just an observation and my personal opinion.