'Let's go for growth': India's Cyril Amarchand Mangaldas, on track to become 2,000-lawyer firm, says 'no' to foreign alliances and mergers
Cyril Amarchand Mangaldas has been dominating legal industry headlines.
Last month, the firm hired a team of more than 50 capital markets lawyers led by nine partners from smaller rival practice IndusLaw, depleting the latter firm’s capital markets offering entirely. Over the past two weeks, it has continued to aggressively hire partners laterally from competitors such as Luthra and Luthra Law Offices, Trilegal and S&R Associates.
More hires will be made shortly, CAM managing partner Cyril Shroff told Law.com International, adding that new partners would be brought in to the firm’s banking and finance, private equity and corporate practices.
Shroff calls it the “let’s go for growth” exercise, which, he said, has been triggered primarily by the growth trajectory of India itself.
“The backdrop to our strategy is what is happening to the country, with the economy that is moving forward,” Shroff said. “The next five years look very exciting and full of growth as well so the expansions that we have done and the hiring that we are doing is in the context of that anticipated growth.”
The growth Shroff refers to is backed by hard numbers.
According to Deloitte, India ended the fiscal year from 2023 to 2024 surpassing all gross domestic product estimates, with 8.15% year-over-year growth. For three consecutive years, India’s economy exceeded growth expectations despite global market volatility.
While the volume of outbound mergers and acquisitions fell in the year’s first half, six of India’s outbound M&A deals each
