Former Dhir & Dhir principal associate Amit Prakash and Vaish Associates principal associate Vasu Dev have started up Imperial Law Offices together in mid-August of this year.
Prakash specialises in banking and finance, while Dev specialises in corporate.
Prakash said the firm was a “multi-disciplinary law firm” specialising in banking/finance, general corporate and insolvency”.
He said he was looking to add partners and consultants in other areas to become a full service law firm in the coming years.
“Further, we wish to create a model, suitable for the budding talent, wherein the work atmosphere is such that it compels the human resource internally to stay in for long and grow alongside the firm organically,” he added.
Currently, besides Prakash and Dev, their total fee-earner headcount was four, but the firm was looking to hit a headcount of 8 to 10 fee-earners in the next 12 months.
“Tough time is an opportunity to penetrate the market better and especially gain attention of mid sized and smaller corporates who are seeking quality legal solutions at competitive pricing. Further, lot of work is about to flow in the system due to financial stress especially in the domains like insolvency and restructuring,” said Prakash.
“There is no fresh funding, however, restructuring of existing debt has increased manifold thereby creating the vacuum for the lawyers well versed in debt restructuring,” he predicted. “On the general corporate side lot of compliance work has increased due to recent government circulars issued in wake of the situation. Also there is a big market for employment law advisory these days.”
While the firm had its head office in Noida’s sector 2, in terms of running a firm during such difficult economic times, he said: “Strategically we will keep the infrastructure and low overhead costs during pandemic to make a commercial breakthrough within next three months.”
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I have a similar story, hopefully your journey will give confidence to many of us to take the plunge.
All the best, do well