Linklaters partners resign, join best friend's new lockstep

Talwar-Thakore-Narayan-Iyer
Talwar-Thakore-Narayan-Iyer

Talwar-Thakore_Kunal-Thakore
Talwar-Thakore_Kunal-Thakore
Two partners from Linklaters have resigned to join its Indian best friend firm Talwar Thakore & Associates (TTA) as equity partners.

The firm has also promoted two of its associates to non-equity partner level and put in place a lockstep system.

Linklaters Singapore project finance partner Narayan Iyer and Hong Kong corporate partner Kunal Thakore (pictured l. to r.) will become equity partners at TTA Mumbai from 1 December.

Linklaters India group head Sandeep Katwala said: “What this is intended to do is obviously, in respect of increasing higher demand, to add to the partnership of TTA so you are going from two partners to six partners.”

TTA has now completed its conversion from a founder partner equity model to a lockstep-style model that is closely modelled on Linklaters’ own 10-year lockstep.

TTA co-founding partner Shobhan Thakore said that he was very happy about the new joiners. “Suresh [Talwar] and I have been around all these years but we’ve obviously never been exposed to the sense of working in an international firm or dealing with large international clients.

“And that is largely the expertise that they will bring, apart from the obvious, from sort-of on-the-spot training for all the associates that we have.”

However, he added that the idea was not to “put a freeze on recruitment and just take Linklaters lawyers” but that the firm would continue to recruit domestic lawyers, even it it would take longer.

Linklaters core India group now consists of around 20 lawyers and two partners after the departure of Iyer and Kunal Thakore, although roughly 140 Linklaters lawyers are involved in India transactions from time to time.

Katwala said he hoped that internal promotions would replenish the top level in the core India group in the next round or two.

Katwala and Shobhan Thakore both stressed that Iyer and Kunal Thakore had severed all financial ties to Linklaters before joining TTA. “There is no way that we can try and cross that line,” said Shobhan Thakore.

Iyer has been a Linklaters partner since 2007 and Kunal Thakore since 2008.

In the last four months former Linklaters Singapore managing associates Sonali Mahapatra and Rahul Gulati have also joined TTA as managing associates.

Katwala said: “It is not part of a plan or strategy to move [Linklaters] India group lawyers into TTA… It was the particular situation in respect of these individuals and given we have the relationship with TTA that they were comfortable to move to TTA.”

TTA has also promoted managing associates Feroz Dubash and Kiran Khanna to its partnership, effective from 1 April 2010.

Dubash and Khanna are the most senior associates at TTA, having been with the firm since its inception in 2007. Previously, Dubash had worked at Linklaters between 1998 and 2006 and Khanna had been with Crawford Bayley.

Former Linklaters partner Kunal Thakore is the son of Shobhan Thakore and new partner Khanna is the daughter of TTA co-founding partner Suresh Talwar.

Shobhan Thakore said: “All of us, with a straight face and clean conscience, can say in this particular case there is no question of any nepotism in that he became a partner in Linklaters first…”

He also added that Khanna’s promotion to partnership was made strictly following the internal associate promotion guidelines.

TTA’s associate career progression framework has been modelled closely on Linklaters’ system.

TTA has also taken on new office space, which would enable it to almost double its lawyer headcount from its current 24, which now includes six partners.

Trilegal has also recently taken on a partner from its best friend Allen & Overy.

Comments

Guest 6 Nov 2009, 10:51
+0 -0
My best wishes to Linklaters. The Indian legal market will immensly benefit from this move.
Observer 6 Nov 2009, 11:06
+0 -0
This is a very interesting move by Linklaters, after seemingly rushed move to open TTA as its front office. This will also put an end to rumors of Linklaters' unhappiness with performance of the two veteran partners!
Guest 6 Nov 2009, 11:12
+0 -0
#2.......it will either put an end to those rumours, or it will majorly strengthen those rumours, depending on how one looks at it :-)
Stupid 6 Nov 2009, 11:19
+0 -0
It is stupid for someone to say that Linklaters is unhappy with Mr. Talwar and Mr. Thakore. They are stalwarts in their respective areas.

That being the case, Linklaters would have never strenghtened their bonds.
Guest 6 Nov 2009, 12:45
+0 -0
whichever way you look at it, Linklaters becomes the strongest foreign law firm in India and the only firm able to offer its global clients a global level of service in India.
Not Anon 6 Nov 2009, 19:19
+0 -0
@Anon - Now thats too broad a statement. The CC- AZB combination in terms of expertise and reach of both the firm in the Indian market is way ahead of any other "best friend" relationships.
LION 7 Nov 2009, 04:52
+0 -0
Whatever explanations are being given, I think the Bar Council will do well to demand an explanation from TTA and the partners who have moved to TTA, clarifying the arrangements between Links and TTA are not financial. Additionally, the partners and managing associates who have moved should be asked to demonstrate that they have no financial linkage with Links any longer, i.e. (a) their employment with Links has been terminated, (b) their pension fund accounts have been discontinued, (c) they are no longer part of beneficiaries of any Links' employee benefits, etc.
Guest 7 Nov 2009, 09:28
+0 -0
Why should they be required to prove anything? Where else is anyone required to make such declarations when changing their jobs?

Interesting indeed. One point to consider though is that Iyer has never worked in India and will need to make significant adjustments to be effective.
Anon 7 Nov 2009, 22:52
+0 -0
I am a bit surprised since Linklaters and all the other foreign firms have always focused on the issue of how Indian firms are family run. I have never dealt with either of the children so cannot comment about their competence, but all I can say is that it is a bit surprising that both the children have been elected to partnership. I am curious to know what the juniors at TTA have to say about this.
Observer 8 Nov 2009, 06:47
+0 -0
#9

Both Kunal Thakore and Kiran Khanna are very competent lawyers themselves. Kunal Thokore was in any case partner at Linklaters. I don't think TTA is a family run firm.
Guest 8 Nov 2009, 12:07
+0 -0
@9: This is nonsense, promoting or hiring family members should not be a problem if this is done transparently. Any professionally run organisation or company should have famly working there if appropriate, it makes it stronger.
LION 8 Nov 2009, 14:06
+0 -0
India is a funny country indeed - whether its politics, business empires or law firms - the best outfits are often family-run/ promoter-driven... I suppose Links realizes that "when in (India), do as the (India)ns do..." :-)

@Anon-8: I think in the Indian legal sector context, its upto the Bar Council of India to take a "no-nonsense" approach to this entire thing. Until the Govt permits liberalization of the legal sector, I urge the Bar Council and the law firms to ensure that nobody makes or is seen to be making a mockery of the current restrictions in this sector!
Mike H 9 Nov 2009, 05:30
+0 -0
No wonder they moved to the new building. Expect these new 'hires' to bring in more young blood.
Anon 9 Nov 2009, 08:52
+0 -0
@#5 - Though this move would strengthen Linklaters' India Best Friend (TTA), I doubt it is anywhere close to CC-AZB or Allen & Overy - Trilegal combinations, in which the India best friend firm has more visibility in the transaction space in India.