Cyril Amarchand Mangaldas (CAM) corporate partner Ashwath Rau has informed the partnership today that he would resign, according to several sources.
It is understood that he’s in advanced talks to join AZB & Partners, according to numerous sources.
AZB Mumbai managing partner Zia Mody yesterday declined to deny that she was in talks with Rau. We have reached out to her for further comment.
Rau has not responded to requests for comments for several days.
We have reached out to Cyril Shroff for comment.
Update 14:49: Cyril Shroff has confirmed Rau’s departure.
Rau is one of CAM’s top non-Shroff-family rainmakers who runs a semi-independent M&A practice within the firm.
He is a 1999 NLSIU Bangalore graduate who began his career at Amarchand, making partner in 2006.
Rau’s practice covers corporate and private equity, and includes large investment funds, as well as Kotak Bank (with which Cyril Shroff has a historically strong relationship) and the Tata Group (with whom Zia Mody also has a strong relationship).AZB Mumbai and Cyril Amarchand – or erstwhile Amarchand Mangaldas’ Mumbai office – had a long-standing informal no-poach agreement between Cyril Shroff and Zia Mody.
That already showed signs of cracking earlier this week, when former CAM principal associate Shyamali Singh joined AZB earlier as a partner, together with ex-CAM principal associate Harsh Maggon as a counsel, though both had technically resigned CAM and only later joined AZB.
If Rau were to join AZB, it would be a considerable booster shot for the still-top-ranked firm’s Mumbai corporate practice that has suffered the high-profile departures of a string of partners over recent years.
AZB’s Vaishali Sharma joined Khaitan & Co in 2010, chief executive officer (CEO) Abhijit Joshi started his own firm Veritas in 2014, also hiring partner Nandish Vyas, Essaji Vahanvati left in 2015 for his non-law related family business, and Shuva Mandal, who joined Shardul Amarchand Mangaldas in late 2015.
AZB Mumbai had hired Rishi Gautam as a corporate partner from Clifford Chance in 2014.
Also read: CAM and AZB both topped the first quarter mergermarket M&A league tables yesterday.
Story being updated.
Comments
Now thats some news..
"Rau has not responded to requests for comments for several days."
If Rau informed CAM only today, but Legally India has been asking Rau for several days - Kian, did you know/have an inkling beforehand?
This seems to have been brewing for a while but have only been able to get proper confirmation a few days ago.
Trilegal still be best, though
(a) Best Firm to Work;
(b) Best Firm to Earn; and
(C) Best Firm to Work and Earn.
Also has zia made this acquisition for better valuatuon¿
Shishir will not go & shall benefit the most. Lucky bum :-)
Interesting times!
That apart- never did I say they were rainmakers. For execution- there are enough people. Rainmaking will be all on Cyril and LV (despite him being a proj lawyer) with helo from Nivedita and Reeba. Atleast, until CYril hires a big gun.
Kian, you should investigate THAT and write a story about it too...
Our ethos. Our values. Not only do we not care about our support, we also do not give a damn about our lawyers.
Sab Naukar hain Saheb ke, madam ke and Chote baba (literally Chote Hain) ke.....
Permit me a joke: Two cannibals were eating a clown...and one said to the other: doesn't he taste funny!!
Is VPB joining AZB as well? Are his junior partners moving with him. He will be taking a big team for him to function.
Come here, let's have some fun. I'm serious, come here.
I wish you were an AZB associate, I would have asked you if you thought you could bill more than I do, you would have said No. I would have asked you, if knew someone personally who could decide how much I pay you? You would have again said No. I would have then hung you by the balls, but since you aren't, let me ask you
Do you think I have stopped being one of the biggest lawyers around? - No.
Do you think I can continue till whenever and still kick your ass daily? - Yes.
You have answered your own question.
Also, on a different note, waiting to see the number of comments this story fetches.
Clear for the CCI to investigate. lol
And for all the fanfare he does not drive a Audi R8 but the starting A4 & Q3. His Delhi colleagues drive better cars ;-)
Since you have used breaking in other headlines before too, may I suggest that you use The term shattering or another word of similar meaning to justify how big this is and junior lawyers could appreciate the seriousness of the situation
VC ne jo chance pe dance khela - ab sabak milega uska!! Zia never forgets any bargaining!! hehe
It's crazy how poorly most law firms treat their people and get away with it it too, because most of us actually believe it's worth the extra money and fancy FB pics on the weekends.
As a famous person once said, "kyun kamaate ho? Kiske liye kamaate ho?"
He smiled and stepped forward to greet him, one of his Lord Father's loyal bannermen, a great warrior and Lord, tall broad shouldered and lightly bearded, a man who had fought long and hard at his Lord Father's side. He felt rather than saw, the long blade, freed smoothly and invisibly slip between his ribs. The tall Lord's eyes were locked on the young prince's as he twisted and turned the blade.
"Zia Mody send her regards.."
We all know what happened next. People either started jumping out to save themselves or drowned with it. The management at CAM (if one really exists) needs to introspect before it gets too late and a lot of water seeps in from the cracks their own actions have created. The family cant expect to keep themselves as top priority and treat the rest as if they are doing a favour. There are places in the market which appreciate talent, if CAM does not, it had only itself to blame. N this cant be limited to only the partners. CAM needs to identify its stars throughout the vertical and keep its stars (and other partners/associates) happy.
Hope this move has some positive reaction from the managment, or else all is lost! Emerging star partners in the likes of Santosh, VP, Gurpreet, jejurkar and so so so many more are still there to hold the fort. You cant let them go, and u cant even let the emerging juniors go, or else these partners can do only that much!!!
I hear they ve been given the night to decide! true??
Taking a bigger office in Delhi, looking down on loyalist seniors in Mumbai/Bangalore, thinking that members of the support staff don't matter (HR Director, Compliance Director, etc), forcing the Mumbai/Bangalore partners to "make up the deficit of Delhi" by sweating harder, sending new Delhi partners on foreign trips while forcing loyal-for-years partners to stay in India because of "budget constraints", allowing that [...] of hers to run riot, and generally trying to make it look like "SHE" knows what she's doing is what has resulted in this mess.
I'm surprised how the generally astute "BIG MAN" can be so blind towards all this. Or maybe, he has no choice.
Either way, its all downhill from here. At best, they will remain a second tier firm.
"THE BIG MAN" taking in business development and execution, while "THE MADAM" going to manage the rest of the institution, was the biggest mistake made by the Shroffs in distribution of duties come CAM.
The clincher is: They are going to expand CAM Delhi by taking more space!
[...] from [...] is next. Mark this time and space.
Wonder what BCG is advising them now!
If I were Cyril, I'd make another Committee to find out why Rau left. After all, since CAM has formed, he has been mistaking movement for progress.
Narayana Murthy, Deepak Parekh, Uday Kotak, Janmejaya Sinha, Umakant Varottil...all illustrious members of the nototrious 27 Committees! Wonder why they didn't see this coming? I hope C is talking to them on what to do next.
[...] And BTW, where's C Junior in all this? Haven't heard his name for a longish time.
Thank you for your message here, though you sound like more of an insider than a in house counsel to me :-)
For the record, if I have to comment on Legally India, I would do so under my own name, and definitely not as a 'guest' and wouldn't do so anonymously either. Its just not my style, if you know me, cup cake. Unlike yourself, masking!
You have a good day ahead though and better weekend too. Enjoy trolling.
Best,
Avishek
P.S. Kian you have my IP too for the record, and my first comment on LI
Random Bystander: I don't know. I've heard him called the Fee Paying Client!
Heigh ho Silver!
If not for that Vahura HR, we could have really got better quality to build up!!
Also speaks volumes of what Zia and Bahram think of the rest of the current M&A partners at AZB.
1. AR Leaves Cam with nobody to replace him at Cam. Either Cyril takes over (which he can't and wont) or gets a replacement. Who are the possible AR like options in the market? Shuva, Chudasama and may be one more (I can't think of anyone in the same league available and appropriate to be poached)-so we may see a move there - SAM is new in Bombay, Cam is a bigger and a more ready platform and the non-poach is over
2. JsA has no star left to shine-lot of bright associates but no star to inspire- Merger makes sense- AZB looks like a great option-
3. SAM- irrespective of what they try to sell, they are lacking business- they need to hire a few more rainmakers and if they lose Shuva or ChudasamA-they will be back shopping-
4. Foreign Firms-if they get a foot in the door, with the help of BCCi (heard it may happen in next 3 minths), they will look to acquire, Cam may need to fill the AR void if they want to sell and merge. Lot more will happen if that happens..
5. Behram is MIA for a long time. AR may be a part of replacement strategy. Also, Zia has nobody as a succesor, this may be a strategy to get back full scale and sell the firm once Foreign firms cone to shop
Just some random thoughts worth considering
SAM-AZB merger?! Ashwath a precursor.
1. Doesn't make sense for Ashwath's team to stay back. There is virtually one rainmaker left in CAM mumbai corporate which is Cyril himself and he can't feed his own team and Ashwath's team.
2. This is not the end of CAM. They have done well this year and can repeat this performance. Only cyril can't expect others to pay for his unilateral decisions and he needs to take better care of his people.
3. Delhi office is half mess, needs to be fixed immediately. Cyril should fire new Delhi partners who had made big promises.
4. Lots of Ashwath's relationships are co-led by Cyril so business lost minus Ashwath team cost might not be such a big number.
5. This gives cyril space to hire a big gun with decent equity or incentivise performance for existing guys like Ravi, Nivi, Reeba, Harry, and other worthy corporate partners.
2) All the current pappus dreaming of partnership at AZB, please sit down, please sit down
3) All the CAM pappus - [...]
Which cabin is he getting at AZB? And is his ego going to share it or will it get a separate cabin?
But admiration for Cyril Saab aside, how is CAM looking after their long-standing loyalists, who also hold client credibility? Some names immediately come to mind: At the equity level, someone like Leena (who has always worked in the interest of the Firm); At SP level, people like Smruti etc who seem always deliver? Same at the PA level, for people like Anand and Varghese and Sourya (basically the next level deserving to make Partner?) What is being done to keep them motivated?
I understand its a negative comment, people will down vote it, but I dare anyone to be truthful to themselves and deny the reality of 'big six law firms'. Just ask them basic procedure, and they will tell there is a little pee coming out of them. Publish karo kian, these corporate-wallahs needs to be truthful and take a look in the mirror
If the comments above go on to prove that he is the biggest star and a larger than life figure, why does not he open up his own law firm or probably set up his own practice. Shunning CAM would do no good to anyone. A person like Ashwath should be more entrepreneurial and should ideally start on his own. Living under the shadow of Zia would probably mean Ashwath choosing to be dominated. Why dont we see another Abhijat? Look at Veritas now.
Though nothing is 100% until someone actually turns up on their first day and a lot can happen till then.
We'll keep you posted on when there's something new to report of course :)
A ruler who does slaughters those devoted to her is a ruler who does not inspire devotion..
Atleast this time it is much more structured.
Previously, when the two biggies resurrected albeit CAM and SAM, there was a lot of exchange that happpened.
Teams from firms like JSA literally took over the camp at SAM in hordes.
The likes of Chudasama,Thanks got their fair share of mileage after the flood gates to SAM were opened.
Can anyone confirm the herd which moved to SAM post the JSA fall out? heard many SA's got designated as PA's. any names?
Kian we badly need a story on this to further analyse the RAUgate.
Read this and wonder what will happen to the dream plans expressed in the article after this huge development. A new project probably !!