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Tag: ELP

  • Varun Sriram, Partner, J. Sagar Associates, Chennai on steering a successful corporate legal practice with a law degree and completing Company Secretary course

    Varun Sriram, Partner, J. Sagar Associates, Chennai on steering a successful corporate legal practice with a law degree and completing Company Secretary course

    Varun Sriram graduated from Symbiosis Law School, Pune in 2006 and thereafter also qualified as a Company Secretary Course from the Institute of Company Secretaries of India. He is currently a Partner at J. Sagar Associates, Chennai and practices mainly in General Corporate, Mergers & Acquisitions, Private Equity and Banking & Finance. He has over ten years of work experience in corporate legal work.

    In this interview he talks to us about:

    • His law school life at Symbiosis Law School Pune;
    • The essentials of a good corporate lawyer;
    • His experience and work strategies for ruling the corporate market;
    • Opportunities that a corporate practice has to offer;
    • His views on the current demonetization of high value currencies and the new Insolvency Code; and
    • His fondness for corporate and commercial laws.

     

    What interests or influences propelled you to pursue law as a career? What other options were you considering apart from law and how did you make the final decision?

    It wasn’t out of any specific interest at the beginning. Interest grew over a period of time, over a few years into practice. I took up a science group in eleventh standard since most of my friends chose science and I wanted to continue to be in the same class as them. It was during my mid-term that I started considering options for higher studies mainly due to peer pressure. I knew science wasn’t my cup of tea and I should not continue in that stream. I asked the school principal if I could change streams to commerce and she was gracious to agree. I joined the commerce stream just a week or two before our half-yearly exams and aced business studies, economics and accountancy.  That’s when I knew what my fundamental interests/strengths were even though I was not sure about future plans. I was considering my options in twelfth standard and one of my teachers mentioned that no student for several years had opted for law. Plus I was reading Perry Mason books back then and had seen quite a few movies with court room drama. Thereafter when I heard about Pune law colleges and life out there, I was quick to make my decision. I joined Symbiosis Law College in 2001 and never look back. My other option was to do a professional course in culinary arts and become a chef. I enjoy cooking and thought I would take it to a professional level. Then someone told me I could be a lawyer and still cook for people, but the other way round would not work. It made sense and I stuck to the plan.

     

    What were your objectives and plans in the preliminary years of law school? What curricular and extra-curricular activities and internships did you opt for while in law school?

    I did not have a plan, at least not for the first two years of college life. I spent time exploring Pune and making new friends. Sometime during my second year, I realised I had lot of time in hand and enrolled for ACS. I did one internship every year including outside of my home town Chennai. I did a few moot courts as well. I was also part of AIESEC, Pune. I would sum up my college life as academically above average, well rounded and a lot of fun.

     

    Straight after law school, you got an offer from HSB Partners, Chennai. What was the work profile you were entrusted with there and how was your experience there during your initial days?

    I joined HSB Partners by chance and not by plan. I was exploring my options after college. I took up a special project with a Danish MNC based out of Chennai to work on compliance aspects for them. I thought I would take the opportunity to get some perspective on management/strategy issues on the side. Within a few weeks, I realised it was not the right fit for me. I needed professional guidance. I met with some Industry leaders, entrepreneurs and lawyers to get suggestions. I even had an offer from an FMCG MNC based out of Mumbai for a legal role. Still, I was not convinced. I had done an internship with Mr. TK Bhaskar (TKB) in my third year of college and decided it would be good idea to meet him and discuss some options. That was the turning point. He offered me a position instantly after a brief discussion around 8:30 PM. I joined the next day not knowing that stint was going to be my beacon in the years to come. Initially, I worked with HSB Partners for two years. I was involved in a variety of work on corporate & commercial contracts, PE/VC and M&A work, corporate litigation matters, merger/de-merger schemes, drafting legal opinions on various corporate/commercial matters and occasionally even running to the consumer forum. Most weeks were six and half day working weeks. It was a good experience, especially the diversity of the nature of work that I was exposed to. I was also fortunate to get a lot of time from TKB.

     

    Within a few years, (if I am not wrong it might be shortest journey for a new law graduate) you got promoted to partner at HSB Partners Chennai, a reputed law firm in the southern circle.  What skills and qualities do you think helped you achieve you this position?

    While I continued to enjoy work at HSB Partners, I wanted to have first-hand experience in a Mumbai law firm specialising in PE and M&A work. So I started applying to various firms and had the opportunity to interview with a few of them. A very good friend and senior from college was working in Economic Laws Practice (ELP) and arranged for me to interview with one of the Partners. I interviewed with them and was offered a position instantly by Mr. Suhail Nathani and I took it up. I worked in ELP’s PE/M&A team and did some fantastic transaction work. I learned a majority of private-equity transaction related nuances during my stint here. I moved after a few years to ALMT Legal in Bangalore and worked with well-known names like Mr. SR Arun and Ms. Dhanya Menon. I had the opportunity to do capital market work like IPO, Rights Issue etc. besides some good and large M&A transactions.         I spent almost five years between Mumbai and Bangalore before moving back to Chennai. I re-joined HSB Partners although I had an offer from a national level firm in Chennai. While I started handling more of transaction related work, I worked on other matters from time to time. I was extremely moved when I was elevated as a salaried partner, especially considering I was the first associate to be elevated as such. I think my progression is a result of the combination of many attributes – exposure to a variety of work, good mentorship, strong fundamentals and liking towards corporate/commercial legal matters, my dual qualification (Law and ACS) and my associations with reputed firms and individuals.

     

    Your linked in profile says that you are driven by an “interest to find resolutions to intricate business requirements” and that your “practice emphasis has always been to add value to clients”. What interests lead you to such a yearning?

    The first sentence of the statement is based on my interest and passion. The second sentence of the statement is the end objective of my first sentence. That’s how I look at it. Without facing challenging requirements, there is no intellectual stimulation. Without finding lawful yet workable solutions to clients under such circumstances, there is no value creation. Without value creation, there is no client. Thus I feel there is immense logic and purpose in that statement and living by it.

     

    What are the opportunities that a practice has to offer? What are the essential requirements to rule the Indian corporate market?

    The legal profession is going to become more specialised in the days to come. This is the natural progression. Clients demand, and rightfully so, deliverables under tight time-lines to keep pace with various commercial and M&A activities, competition etc. This is possible only if the lawyer in question is fundamentally strong in the subject matter and has good exposure on ground. The requirements for developing into a good corporate lawyer and continuing to be one are always dynamic and not constant or a one-time effort. I think the use of technology effectively will make a difference going forward. It is important to be aware of legislative/policy developments, changes, general business news, developments in transaction structures and practices, new and changing business models etc. It is combinations of all of these that aidsand improves one’s legal acumen and helps one perform better as a corporate-commercial/transaction lawyer. Being level-headed, rational and solutions driven is vital.

     

    Do you feel that doing a company secretary course from the Institute of Company Secretaries in India will be add fuel to one’s work profile at a corporate practice?

    Completing a Company Secretary course together with Law certainly gives an edge with regard to certain fundamentals academically, in corporate and secretarial laws and adds weight to one’s resume. But I would not attribute more than that. Anything I learned out of a text book until I applied it on the job was to some extent surreal. Most of the real learning is on the job at least that has been my experience. I think if one has the time to study and get an extra degree, why not. It could CS, CA or MBA finance – all of them are good combinations with a law degree.

     

    The newly enacted Insolvency and Bankruptcy Code, 2016 has stirred a dynamic shift in the insolvency regime. What is in your opinion, efficacious about this code in the Indian corporate market?

    Prior to this legislation, there were multiple laws and forums that dealt with insolvency related issues. The insolvency code is a uniform and complete code dealing with insolvency issues and applicable to all companies (not banking companies), partnerships and individuals. The code has established a new framework, with a regulator, insolvency professionals and detailed adjudication mechanisms. The code if implemented properly, will lead to pro-active and effective resolution processes re insolvency matters.

     

    You are currently partner at J. Sagar Associates, Chennai. What is your work profile there? Could you share your experience at the firm so far?

    I primarily deal with private equity, M&A and other corporate and commercial matters. JSA is a tier-1 firm both in capability and culture. JSA is known and stands for work quality, expertise and good values. The organisation inculcates and encourages good ethos and transparency in dealing with people, both internally and externally. It is also interesting to note JSA’s active involvement in pro-bono activities. This year being the 25th anniversary, additional pro-bono initiatives are under-way. This milestone is being celebrated by reaching out and giving in ways we can, so that others may be lifted by an experience of equality, empowerment and justice. I feel fortunate, proud and a sense of satisfaction being associated with JSA.

     

    Why the special interest in corporate laws and commercial laws with a special focus on mergers and acquisitions, joint ventures, private equity, general corporate matters and corporate compliance over a number of sectors?

    While I worked on a variety of matters during the initial two years of practice, I gradually realised I needed to focus on some area of practice. My natural inclination towards corporate/commercial and M&A matters made the choice easier. I think it’s important for any fresh law graduate to get a feel and sense of as many diverse areas of practice as possible, initially. At some point it will naturally lead to a focus in one or more areas of their liking if all goes well.

     

    Do you think the current demonetization of higher value Indian currency is going to boost the Indian economy?

    The market sentiments are polarised on this. Professional write ups, views and emotions are mixed and economists in some cases have taken a cynical view. While I am no expert on policy issues, I think the logic behind the policy measure is sound. Implementation of the policy is another matter and there possibly could have been more systems and checks put in place for it being more effective and reducing hardship to sections of people relying on physical currency in their daily life. But now that the policy is already in play, improvising implementation dynamically is the need of the hour. Whether the policy will actually meet its purpose and objective i.e. eradicate black money/counterfeit notes, weakens the parallel economy thus consequently leading to better GDP, digitalisation of payments and receipts etc., only time will tell. It is also important to measure the purpose and positive effects of the policy against the cost of implementation of the policy factoring in all adverse ripple effects created, in some objective manner to test the success of the policy.

     

    What were the challenges you faced in shaping up your career as it stands today and where do you see yourself ten years from now?

    It will be unfair to say I faced any material challenges in shaping my career. I was reasonably dedicated, took a keen interest in work and looked out for client interest while never diluting integrity. I did not see or think of them as challenges. I don’t know where I see myself in ten years. I just hope I have the strength and opportunity to do and continue to do what I like and proud of.

     

    Do you agree that law students with a corporate legal legacy (family background) are more likely to succeed in practicing it?

    Not necessarily. It may give a person an edge with respect to learning, networking and an immediate name in the market. But I believe one earns the tag as a good corporate lawyer over a period of time based on merit and work quality. Therefore, it is possible for lawyers without legal family lineage to also succeed, catch up, and even go past those who have it. It entirely depends on the individual, his/her capabilities and conviction. It needs to kept in mind that success is subjective, a state of feeling and difficult to be objectively measured.

     

    What is your parting message to law students and young generation lawyers?

    It is good to try diverse legal work for a few years before focusing on something more specialised. During the initial phase of your career, give more weightage to working with a good and reputed senior rather than the size of the firm, brand of the firm, pay package etc. Don’t give into placement/peer pressure. If often you do not feel a sense of pride/satisfaction relating to the work that you deliver, start assessing the situation as rationally as possible. Never hesitate to make drastic changes in the way you work or your career options when you are convinced the outcome will be more positive. But never make them in haste. Always think through, talk to well-wishers and more experienced people before taking any drastic steps relating to your career.

     

  • Roshni MS, Associate, Indirect Tax Practice, ELP on a career in tax and Law School experience

    Roshni MS, Associate, Indirect Tax Practice, ELP on a career in tax and Law School experience

    Roshni MS graduated from ILS Law College in 2011. As a law student she has been quite active and participated in various co-curricular activities. By the time she graduated, she had received a job offer from PricewaterhouseCoopers where she worked for nearly three years. Later, she switched to Economics Law Practices and is currently working as an Associate there.

    In this interview, she talks about:

    • Law school experience at Indian Law Society’s Law College
    • First year work experience at PricewaterhouseCoopers (PwC)
    • Building a career in Indirect Tax law
    • Appointment and work at Economic Laws Practice (ELP)

     

    Please tell us what motivated you to pursue law as a career? How did you get through to ILS, Pune?

    I did a major part of my schooling in Nagpur, a city that I still hold very close to my heart. Studying at the prestigious Bhartiya Vidya Mandir, I was given ample opportunities to touch base with a lot of facets which could eventually culminate into a career, be it sports, fashion or academics. However, all my life I remember being leaning towards academics despite having a good run with sports. And to choose a profession which marries this interest had to be law, considering my aversion to the numerous doctors and engineers in the family!

    Numbers were a great deal in my family and board exams were euphoria in themselves. I’m sure it is like that in most of yours. The gruelling hours put into studying eventually paid off when I saw my name in the first merit list put up by ILS, Pune. My decision to take it up was well thought and well discussed and I am more than happy to say, it’s the best decision I could have made.

     

    Please tell us a bit about your time at ILS, Pune. Please tell us about the manner in which you approached academics while in college.

    My time at college, by no means of exaggeration, was the best time of my life. The best thing about ILS, apart from other things, was the college timings: the first two years were roughly 3 hours of college and the next three were about 4 hours. You have the rest of the day to figure out things for yourselves. There were the kind who would join language classes, typing classes, work somewhere, join a diploma. I do not think any other college would give you that kind of leverage.

    The first year of college was a mess. You actually didn’t know how to approach your academics. Studying did not help and my scores plummeted. But after two semesters, and speaking with seniors, doing meticulous research, I approached the exams in a smarter, better prepared manner. I would be lying if I said I did not study, honestly I put in 4 times the effort and ended up securing a place in the merit list. And proudly, that continued.

     

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    What is your opinion when people say that all that they have learnt is in their years of practice?

    Legal Education is just that, theory. It definitely gives you a ready reckoner in your head and can guide yourself appropriately to the law. But the problem is when you need to put them to use. Except litigation, where you are given practical experience in the form of moots, corporate practice differs in humongous proportions.

    The learning curve begins at college, but literally curves when you join a corporate. It is indeed funny, but true, when people say all that they have learnt is in their years of practice. The approach the majority takes in college is to clear the exam. Unfortunately, while it helps that time, it does nothing for you at the workplace. There was no one to tell us this when we were in college, but I hope this helps you.

     

    How do you think academic research and writing can be encouraged in Indian law schools?

    Students by their own volition take part in numerous competitions for academic research and legal writing. The drafting and nomenclature which is otherwise used once in awhile in these competitions become a way of life once you venture into corporate life. Hence, inculcating this habit should become a norm.

     

    How was your first year after graduation? What do you think were the biggest hurdles and challenges in the early days of your career? How did you deal with them?

    My first year after graduation was more or less like first year of college. You are mighty confused all the time. But the truth of the matter is everyone goes through this phase and it is more than okay to be that way.

    Apart from the learning you need to impart yourselves, another important factor which helped me immensely was the fact that I got to work with wonderful people. The work environment is an important factor which makes you the person you become.

     

    How did your appointment at PwC take place? How was your experience working there? Tell us what a typical day at work was like for you?

    PricewaterhouseCoopers, Mumbai (PwC) will always be special one for me, not only because I started my career there but because I met a lot of wonderful colleagues there. Be it my contemporaries or also the seniors I worked with and those I had a chance to mingle with. PwC had come to campus during our placement week in college and I was very happy to have made it through. What was challenging though was I did not study tax in college and to join a firm that specialized in Indirect Taxation which was a mighty decision in itself. My time spent at PwC taught me everything I know of Indirect Tax today.

    A typical day started with a quick meeting with my manager and discussing the things to do and the meetings to attend to. Everything was organised and of course, there was that break you had to take for a coffee with your friends at work. Once that was done, we were back on our seats and punching vigorously into our laptops. At the end of the day, I was mighty pleased with the things I worked on and the new facets of law I had learnt. Every day was a learning and I used to look forward to being there. I strongly recommend PwC Mumbai as one of the ideal work places to be in.

     

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    You left PwC to join ELP in their indirect taxes wing. What prompted you to make this choice and what made this shift possible?

    When I moved from Mumbai to Bangalore, a lot of things changed. They say location plays a major role on your work profile. Bangalore, as everyone knows is an IT dominated city and my profile had a major chunk of Indirect Tax compliance related assistance. This was a challenge initially but as I picked up this facade, I realised how important it is to understand the compliance involved in the subject you are working in. I strongly advise that everyone involved in indirect tax advisory must spend some time doing the compliance.

    But after spending a good 11 months in the compliance sector, I wished to move back to the advisory role in Indirect Taxation. And ELP arrived in Bangalore at the precise moment while this thought had initiated. And hence, the shift to move to ELP to join their indirect tax advisory practice.

     

    What kind of work and responsibilities generally an associate at ELP deals with? What should a student do so that he gets placed in a prestigious firm like ELP?

    An Associate at ELP is typically occupied with immense drafting and litigation assistance. You have some interesting legal opinions to work on and draft some meticulous replies to show cause notices and appeals etc.

    Typically, ELP hires post a scrutiny vide your internship and hence it is of utmost importance that you have a chance to intern here.

     

    What are the primary professional ethics you follow while at work? How do you deal with mistakes or errors?

    Professional ethics come naturally once you are in the workplace. Some simple terms like collaborate, share, speak, admit and question etc. will help you in a long way. The environment you are at work is what you create of it. If you do commit an error, admit it. But make sure you don’t repeat the same thing again. That will only mean that you are not learning from your mistakes and may tick off the Boss.

     

    How do you say one can gain expertise in tax law? What does it take to be a good tax lawyer?

    There is no substitute to experience. There is no prodigy in tax law. To be a good tax lawyer is not different from being a good lawyer. Be sincere towards the work bestowed upon you.

     

    Is the work significantly different from other transactional lawyers? How much of your work does involve litigation, if at all?

    Indirect taxation strives on litigation as much as other laws do. But what is great is that this subject also demands equal attention for the advisory work which improves your research, drafting and technical skills, ultimately which will help during the litigation.

     

    Tell us about the difference between being an In-house counsel and a Law Firm Associate.

    When I did have the chance to join an industry, this is something I thought about diligently. Being a client facing associate, I was exposed to a variety of industries and accordingly to a vast number of issues. That was something I did not want to lose.

    Alternatively, the clientele you interact with from the companies, be in the Legal team or the Finance team are one of the most passionate and brilliant minds in the legal fraternity. They are the go-to personnel of the Company before any major decisions are taken. That feeling should be irreplaceable.

    However, being in a firm, addressing varied client issues since the start of my career, I will be biased to a Law Firm Associate!

     

    Recently, the Supreme Court declared the National Tax Tribunal as unconstitutional. What is your take on this?

    While declaring the NTT could be construed as a progressive step, what is a matter of concern is the pending litigation for which the NTT was initially set up. This ruling could also affect all similar tribunals set up to decide substantial question of law. Nevertheless, there must be an alternate remedy for the speedy disposals of the pending matters and increase the confidence of the tax payers

     

    You have excelled in your academics, interned at top-notch Indian. How can one excel as a law student and enjoy college life?

    There were some seniors in college who told me that you must intern every vacation you had and there were the others who said that it really did not matter. So I did a bit of both.

    I made sure I did not intern in my first year of college. And that I would do a maximum of only 5 internships in the 5 years I spend in college. But what I did was to intern at different environments. So I interned with an individual lawyer, a company and law firms. This gave me a heads up on what to expect where.

    As for the fun part, I had a lot of time for that. I spent most of my free time with my friends or travelled back home to be with my family. I used to play tennis and would catch up on the game at a sports club nearby or you would find me drinking glasses and glasses of cold coffee in the cafeteria. Yup, definitely the best days!

     

    What do you cherish most about the experience you have had over the past two years?

    My time spent at PwC Mumbai is something that will linger on for times to come. It may not be completely true when someone tells you that you do not make friends at work. But fortunately for me, I was glad to have had that.

     

    What’s next for you?

    There are definitely some plans up my sleeve but for now, I am just going with the flow.