Silicon Valley lawyers make hay in India
By agencies   |   Monday, 15 May 2006, 19:30 IST
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MUMBAI: The spate of private equity transactions and M&As (Merger and Acquisition) in India has revved up law firms and consultants. Legal firms are flying in lawyers from Silicon Valley to set up separate law practices in India, while consultants are doubling and tripling headcounts at speeds that can startle BPOs. Because Silicon Valley is home to VCs (venture capitalists), legal experience there is highly valued in India. India’s emerging ecosystem, dominated by buyouts and foreign funding, is welcoming consultants and lawyers from faraway lands with open arms. Shantanu Surpure, who has joined Mumbai-based Economic Laws Practice from California, said, “In the past few years, many engineers have moved from Silicon Valley to India. It’s now the turn of lawyers. Because Silicon Valley is home to VCs (venture capitalists), legal experience there is highly valued in India.” VCs and private equity investors are doing a much larger number of deals in India, increasing the demand for specialized lawyers. “An ecosystem similar to that of Silicon Valley is developing in India and experienced lawyers are an integral part of it,” he added. Not to be left behind, consultancy firms are increasing manpower to meet growing demand. “Private equity and buys are a focus area for us. In India, we have set up a 35-member team of people from separate departments to work on these. A senior executive in another leading multinational consultancy said, “Currently, we have around 140 people in the transactions practice, which includes M&As. The market is booming and staffing requirements are immense. We’ll increase headcount significantly in the next few years.” Indian companies acquired 244 foreign companies in the past six years (Jan 1, ‘00 to March 31, ‘06) and this was more than twice the volume of inbound deals in ‘05. India-focused VC funds are being raised and private equity is pouring in like never before.