Had to happen sooner than later. With the average gestation to reach partnership in the market ranging from 6-8 years not many firms will be able to justify lack of elevations in case of senior people like AJay. Maybe its time for old school law firms to rationalise their approach to these aspects.

This is just the begining. Watch this space. Not just the old school but the leading names will be in the same boat (or the leaky boat...)

I think they are already on this leaky boat - it is just a matter of time that their name comes to limelight (or dimlight). Some of these oldie players are actually financially bankrupt because the family has siphoned off all moneys ! Do you know it?

it is sad indeed [...] .. the situation in Crawford Bayley & Co. what [...] people can do to a flourishing firm is very evident for all to see, their loss is desai diwanji\'s gain

[ed: this comment has been moderated.]

In my view, most of these old Mumbai based law firms, including Mulla & Mulla, Crawford Bayley, Desai Diwanji, Gagrats and Udwadia Udeshi, need to reposition themselves in the market. Increasingly many of these firms are losing out the bigger deals to other large Indian firms with better PR management and aggressive marketing/ recruitment skills. If these old Mumbai establishments are to survive and compete, they need to identify their focus areas/ clients and concentrate on those specific areas. Its difficult for them to remain a full service corporate outfit and still do well. I think consolidation is inevitable now, if these firms are to survive and Fox Little & Co provides a good example of how merger of such firms can provide synergies while pitching for work to prospective clients. Good examples of old mumbai which have recognised the need to reposition themselves include Thakker & Thakker, Kochhar & Co. and Kanga & Co. in my view, both of which have identified strengths in cvertain practice areas.

to 138: Kochhar is neither old nor a Bombay firm.

While I agree with most comments about these old Bombay firms, I must add that there are a few experts sitting in each of these firms who offer a very good value for money. The so called leading firms are good for fancy corporate M&A and capital market work being handled by young (and sometimes less experienced people). I have noticed that these old timers offer a very good value for money in addition to old fashined attention to detail and client care.

It will be good for the old Bombay firms to become democratic and get out of the old Bomaby boys club.