Lovells becomes latest top UK firm to seal India foothold with local alliance
Lovells has entered into a formal tie-up in India, with the top 10 City firm linking up with local player Phoenix Legal. The UK law firm is thought to have been working with Phoenix for around six months, making it the latest in a growing list of firms targeting Indian firms in preparation for the market opening up.
June 18, 2009 at 04:41 AM
2 minute read
Top 10 City firm latest to tie up with Indian player as UK firms await market liberalisation
Lovells has entered into a formal tie-up in India, with the top 10 City firm linking up with local player Phoenix Legal.
The UK law firm is thought to have been working with Phoenix for around six months, making it the latest in a growing list of firms targeting Indian firms in preparation for the market opening up.
The non-exclusive relationship means the two firms will refer work to each other, although both declined to comment further on the exact details of the collaboration.
Phoenix Legal launched last October. It was founded by three partners from local firm Trilegal – Abhishek Saxena, Saket Shukla and Sawant Singh – as well as Kochhar & Co senior partner and banking specialist Manjula Chawla.
The firm, which focuses on corporate and finance matters, has five lawyers in Mumbai and 10 in Delhi.
A growing number of UK firms have linked up with Indian firms in anticipation of the liberalisation of the country's legal market.
Local Bar rules mean that firms are entering into non-exclusive agreements. News of Lovells' relationship with Phoenix comes after it emerged earlier this month that Clyde & Co had secured a deal with three-office Indian firm ALMT.
The two firms will work together to jointly develop Indian business, with the intention of merging when local Indian Bar rules allow them to do so. ALMT launched in the UK before India, opening in London in 2000 and then setting up offices in Mumbai and Bangalore. Two of the firm's 15 partners are based in London, including one of the firm's founding partners, Shalini Agarwal.
Magic circle firms Clifford Chance (CC), Allen & Overy (A&O) and Linklaters also have Indian alliances. CC was the most recent entrant to the group after teaming up with high-profile Indian firm AZB in January this year. AZB also works closely with Slaughter and May.
A&O linked up with Trilegal last May, while Linklaters has a best friends alliance with niche Indian law firm Talwar Thakore & Associates, set up in January 2007.
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