In the largest group move of the year so far in India’s legal market, Cyril Amarchand Mangaldas is set to add a 60-lawyer capital markets team, including eight partners, from IndusLaw, two sources with knowledge of the move confirmed to ALB.
The team will be led by partner Manan Lahoty and include eight partners and over 50 other fee-earners, according to sources.
Lahoty had been a partner at IndusLaw since 2019 prior to which he spent ten years as a partner at Luthra & Luthra.
According to IndusLaw’s website, he has advised on some of the largest Indian transactions in the domestic and international capital markets, including the IPO of Coal India, one of the largest in India; the IPO of Zomato, the first consumer tech unicorn listing in India; the CPSE Exchange Traded Fund, the first product of its kind in India; and the stake sale by Daiichi in Sun Pharmaceutical, the largest stake sale in India.
For CAM, the move indicates their focus on capital markets work and commitment to clients, avoiding disruption following the departure of practice leader for South India Vijay Parthasarathi and partner Vinay Sirohia to Trilegal earlier this month. Another capital markets partner Abhinav Kumar, also left the legal giant to join Talwar Thakore & Associates a fortnight ago.
Joining Lahoty on the move to CAM are partners Abhyuday Bhotika, Ravi Dubey, Abhiroop Lahiri, Manshoor Nazki, Puneet Passi, Priyadarshini Rao, Anshul Roy, and Vishal Yaduvanshi.
“While it is a loss, we wish the team well. In the industry, all major firms including IndusLaw are fighting for talent and we are having to deal with it like other firms. We look forward to maintaining a cordial relationship and collaborating in the future,” IndusLaw's founding partners Gaurav Dani and Suneeth Katarki said in a statement.
“As I look forward to new pastures and opportunities, I thank IndusLaw for all the support I have received during my time here. I have full faith in IndusLaw’s strength and story and wish the firm continued success,” Lahoty said.
CAM did not immediately respond to a request for comment on the move.
