S&R loses first partner ever: Bhakta Patnaik resigns, may get snapped up by Trilegal

Monday, 23 May 2016 By Legally India Law firms

Trilegal may get more capital markets bench strength...

S&R Associates partner Bhakta Patnaik has resigned from the firm on Friday, and is in advanced discussions to join Trilegal, as well as in talks with other firms, Legally India reliably understands from three sources.

Bhakta, a 2002 NLSIU Bangalore graduate, was promoted at S&R to partner in 2012.

He is a corporate and capital markets lawyer who had previously worked with Linklaters in Singapore and erstwhile Amarchand Mangaldas in Delhi.

He is the first partner to ever resign from S&R Associates since the firm was founded in 2005.

It is understood that an offer from Trilegal is on the table for Bhakta, although the Trilegal partnership has not yet held a vote on it.

Trilegal declined to comment.

Update: S&R Associates managing partner Sandip Bhagat confirmed his departure, and commented: “We wish him all the best.”

We have reached out to Patnaik for comment.

To be updated.

Comments

wow 23 May 2016, 09:13

+3 -3

Trilegal needed a heavyhitter on the cap marks side...both firm are great institutions

Supandi 23 May 2016, 09:13

+1 -9

Great lawyer, he will be the Pied Piper for Trilegal. All the very best :)

AMSS Alum 23 May 2016, 09:19

+7 -3

So after flirting with nearly every capital markets lawyer, Trilegal finally makes its choice! A good hire, and definitely an upgrade on the square-peg-round-hole situation they had going on. Doubt it will shake the market, but will at least help to get some of the underwriter mandates they were unable to convert before.

Mike Ross 23 May 2016, 09:34

+14 -11

Not Trilegal...Bhakta Patnaik is in advance talks with Cyril....He might replace Ashwath Rao absence at Cyril....

Replace? 23 May 2016, 18:22

+2 -3

replace ashwhat? That is a joke.

Hold the Door... Hodor 23 May 2016, 09:48

+10 -4

Good catch for Trilegal. They seriously needed some experienced CM lawyer. Partha kya kar rha hai?

Cap Marks 23 May 2016, 09:53

+5 -2

Heard Trilegal is still in talks with a more senior and experienced cap matks partner than Bhakta.

AMSS Alum 23 May 2016, 10:22

+3 -1

Despite getting the graduate, they still want the Post Graduate? ;)

Anony 23 May 2016, 20:31

+0 -0

Who?

Step down 23 May 2016, 09:57

+16 -9

AMSS, links, S n r and then Trilegal? Why the demotion from top tier to wannabe tier 1. Bad move if it materialises.

Step up 23 May 2016, 10:18

+2 -1

higher equity, no?

Step down Encore 23 May 2016, 10:42

+5 -1

cant dispute that.

Naa Baap (cyril) bada na maata (Zia).. Sabse bada rupaiya!!

Yara silly silly 23 May 2016, 10:19

+3 -2

@ step down, are u providing Bhakta with advisory services?

Step down Returns 23 May 2016, 10:39

+3 -0

Tch Tch...it's okay ...you shall also be a tier 1 law firm once a foreign law firm donates there name to the board. Maybe once your associate days are over, you can come consult me, not to make such calamitous mistakes again. Now go proofread!

Snrr 23 May 2016, 10:39

+17 -2

Heard some associates following him. Question is will he be able to pull any clients given Sandip is the king of capital markets and Bhakta was the junior executing partner.

Guest 24 May 2016, 06:01

+10 -0

He's never been known to have a big fan following. Also the SNR associates usually take time off and come back to join the firm, at least in recent times. So unlikely anyone will follow Bhakta.

Anakin 24 May 2016, 06:06

+4 -0

funny you say that @snrrr...Bhakta got clients to SnR from his days in Links. We clients are not cow or rats who follow the shepherd or the Pied Piper (refer comments above). Quality is the benchmark which determines the clientele. The empire exists and the empire striketh back..

Snrrrr 24 May 2016, 16:06

+1 -1

Apparently some delhi associates have agreed to move.

My two cents 25 May 2016, 11:58

The Delhi office is headless, it has been bleeding away its best talent for months..

capital markets 23 May 2016, 11:25

Yaha bhi mar kat suru ho gaya!

Bhakta Ka Bhakt 23 May 2016, 12:13

+12 -10

Trilegal doesn't even have access to the club on the high table of which Bhakta Patnaik has plied his trade hitherto. One can only hope it would be case of him pushing them up, into the big league, and not them pulling him down into obscurity.

Guest 23 May 2016, 13:06

Who says "hitherto" nowadays?! Do they also say "of the one part" / "of the other part" / "furthermore" / "in addition thereof" / "witnesseth"?

D&D Junior Associate 23 May 2016, 17:38

+8 -0

Desai & Diwanji use such archaic language. They are still stuck in the 1800's. Oh yes they call their Associates "Junior" Associates unlike other firms who call freshers associates. Way to kill your lawyers morale. Not to forget, they also pay 1800's level and increment is 3000-5000 per year. Highest one gets is 20000. Partners earn lesser than senior associates of better firms i.e. 2-4 lakhs a month after 10-20 years experience!!

You are asking about those words being used now-a-days? Well, some firms do not even know it is 2016.

Err 23 May 2016, 13:21

+12 -4

Are you referring to the firm that Chambers declared National Law Firm of the Year for 2016?

Guest 23 May 2016, 15:17

+8 -6

If that's how the National Law Firm of the Year for 2016 drafts, it's an argument for foreign firms to come to India.

Guest 23 May 2016, 13:37

+8 -4

In Cap market, S&R means Sandip, no one else. They already have one heavy weight and they really require a rain maker. Cap market practice is based on team wise not the individual. That is why CAM is number one in Cap Market practice. Till the time they make a good team, any move is point less.

pity 23 May 2016, 13:45

pity [restrained silence] [self-edit] [self-edit].. just pity.. for the [LI edit].anyway this move is small change in light of ashwath and other exits.

If you can find out 23 May 2016, 14:16

+15 -12

Wrong move Bro!! Take a serious thought, unless Sandeep is kicking you out because you are not generating enough business.

Bruvs Gotchya 24 May 2016, 05:48

+6 -1

what are you on bro? Seems pretty loaded to me.

BP was the cornerstone of the firm when it opened shop in Mumbai. Unlike the slanderous Big Law fights, smaller law firms have a culture. Sandeep and Bhakta are professionals and mutual admirers, who need to thrive in an extremely uncertain and competitive market... What with the imminent advent of the foreign law firms. These are interesting times and though a "hire and fire" policy plays to the rafters and makes for good pot time conversation, it ain't the realty, Bruvs!

No blow 23 May 2016, 17:35

+11 -8

I've seen this guy in action. He's bright, but quite overrated. He met a need at a given point of time, and with SB's home grown partners coming to scratch, that need has now probably outlived its necessity. I saw this coming - although I was expected Mandark to quit before him!

Interesting 24 May 2016, 04:38

Always interesting to see how a leaver is made to seem to be non-essential to the Firm he/she is leaving when earlier they were the lifeblood. The immediate implication of Patnaik leaving is that Bhagat will have to step in to supervise and execute his capital market matters. Also interesting to see if S&R will go out and hire a replacement - given that homegrown talent like Racheal and Jabarati are just way too junior. That leaves them with very few options to hire- Gaurav Gupte, Nikhil Naredi, Varoon Chandra are all liquid gold in today's game of musical chairs.

Guest 24 May 2016, 06:05

True that Sandip needing to be more involved but with Uday, Juhi and Venkatesh all experienced capital market lawyers, and with Jabarati added, they don't appear to be in any need for more hires.

Satisfied Client 24 May 2016, 06:23

+13 -8

Have worked with Bhakta on a number of deals and can say without reservation that he is a top notch problem solver. While folks like Asher know how to make all the right noises to give the impression that they are "fighting" for your cause, this guy always dismantles the arguments of the other side in a calm, composed, clinical fashion to the point that the promoters, the bankers and the other opposing counsels, all have to listen. Knowing Sandip, he could never fire him. While unsure about the Trilegal move, he'd be an asset wherever he goes. Wishing him the very best.

messi 24 May 2016, 07:08

bhagat could have retained him but true, unlikely he was let go. some of his clients stopped their investment banking business globally.
he has technical skills- but what about team skills? there should be a class on what they don't teach you in law school including [...]

Lionel 26 May 2016, 00:29

+1 -0

Do they teach technical skills at law school?

Jedi Bhakt 24 May 2016, 07:18

Seems like the SNR junior associates are having a field day on LI. A lil kitty whispers 'our time under the sun' and the other more seasoned troll says ''they are talking about us...finally".keep it together fellas, LI bans are not unheard of in the Law firm circles.
We know who you are, we will find you and pummel you with work. Seems Bhakta is indeed taking work away with him.

Guest 24 May 2016, 10:38

+21 -2

Why would the junior associates care about "having a field day on LI" when they still get paid better than their peers in any other law firm in the country?

Kuch bhi 24 May 2016, 11:07

+1 -6

how is remuneration linked to trolling (read field day) on LI?? Legal analysis much.

Anyways, thanks for letting us know the pay difference.

Willy Wonka meme says- Maybe you can tell us all about the pay packages across firms also, so that Kian can update his law firm salary charts. Right Kian? :)

Guest 24 May 2016, 13:31

+7 -1

I stopped reading at "Anyways". How old are you? Sixteen?

What crp 24 May 2016, 07:37

Uday doesn't practice Cap M!

Mark Capital 24 May 2016, 13:37

+4 -1

Done and dusted.

Commenting is closed for this article.