Super Lawyer

Tag: LLP

  • “The major problem that multi-million dollar companies face while entering India to expand is choosing the wrong shareholding structure and wrong business structure delaying the corporate compliances and inviting various penalties”- Nipun Khanna, Founder, Startup Solicitors LLP

    “The major problem that multi-million dollar companies face while entering India to expand is choosing the wrong shareholding structure and wrong business structure delaying the corporate compliances and inviting various penalties”- Nipun Khanna, Founder, Startup Solicitors LLP

    This Interview has been published by Pragya Chandni and The SuperLawyer Team

    Can you share with us your journey into law? What motivated you to pursue both chartered accountancy and a bachelor’s degree in law?

    Since I was born in the family of lawyers, I would further like to say that both my grandfather and my father, who themselves were in the field of law as regular practitioners mainly in the state High Court & from them I was fully inspired to join the profession of law. My elder brother who already had preferred to join the same profession in the established law firm Khanna And Associates. Being fully inspired & encouraged joining the law firm passionately, & finding fully satisfied positively ensuring myself in choosing this right path into the profession of law. 

    It needs no mention to state that the repute and the status that this profession owed to our family is un parallel and being able to make an impact in the society by using the law in the best interest of the society is always the motivation behind pursuing the law

    Not to forget the black uniform, the British formalities, and being able to express yourself more profoundly seemed charming to the younger version of me back in the days of opting for law.

    I always wanted to work with big corporations shoulder to shoulder and thus law and chartered accountancy both has opened this gateway for me. 

    Your expertise lies in a diverse range of legal areas, from corporate compliance to taxation and intellectual property. How did you develop such a multifaceted skill set?

    When you plan to work in business law, you have to equip yourself with whatever it takes. There is no exception to that. As a corporate lawyer your job expects you to guide your client in all the aspects of law applicable to them and since your client is a corporate entity you have to equip yourself with all the laws applicable to the entity and such dynamics keep changing with the change of law or change of business circumstances.

    Your expertise has to vary in various areas of corporate/business law :

    1. Whether it is forming/incorporating a company in the best business structure for your clients business.
    2. Devising the best tax strategy, acting as their legal architect, formulation of a plan for them to execute their business or routing the funds by abiding the banking laws thus forcing you to become an expert in banking law as well.
    3. Once when the company is set up then you have to devise various internal controls for which you have to be well versed with various auditing procedures, practices and standards enabling you to guide your client entity to manage itself without disputes and with full transparency. Thus Auditing knowledge comes into picture and you are required to have the knowledge of this field.
    4. When your client starts recruiting employees then you are assumed to be a contractual law expert along with tax and employment laws as applicable to the respective industry.
    5. When your client begins operation/production you are expected to be an expert in seeking various licenses and IPR laws.
    6. Then finally after all this spade work you reach corporate advisory. Advising provisions as applicable to directors and KMP and the entity as well.

    Thus as a corporate lawyer you have to put your mind in various branches of law that offshoots from company law itself.

    As the founder of Startup Solicitors LLP, you’ve been deeply involved in helping startups navigate legal complexities. Could you tell us about a particularly challenging case or project you’ve worked on and how you tackled it?

    As a law firm we are more likely than not to face challenges in terms of legal complexities. The world is evolving with unprecedented pace and keeping up with the AI and Web3.0 hand in hand with legalities which are not adapting with the pace of technology.

    Though there are many challenging project that came before us, but one interesting project that I would like to draw your attention to would be is of a US client who is working in the blockchain technology and wanting to launch their cryptocurrency few years back when lawmakers did not inked a word on the legality of cryptocurrency. The challenges that we faced were many :-

    1. Whether the cryptocurrency can be tendered as a legal currency in India ?
    2. Whether Crypto mining is acceptable in India ?
    3. Can Cryptocurrency be listed in regulated markets in India ? If not can a Crypto exchange be formulated ?
    4. What is the Tax applicability on crypto transactions in India ?
    5. How to report cryptocurrency to the government Authorities in India ?
    6. Which country in the globe is most suitable for ICO launch and Crypto mining if not India?

    It took us a lot of research work in both the legal and geo political field in understanding the mindsets of various countries towards crypto currency acceptance enabling us to advise the client in choosing India vs Rest of the world for its multi-billion dollar idea. Helping him find the right country for setting up business, choosing the right country for its distinctive operations keeping in mind the future plans of our client.

    Today, we can see the global acceptance of crypto currency. The law remains in grey areas in various parts of the globe.

    With your experience in assisting multi-million dollar companies expand into India and serving on their boards, what are some common challenges these companies face when entering the Indian market, and how do you address them?

    The major problem that multi-million dollar companies face while entering India to expand is choosing the wrong shareholding structure and wrong business structure delaying the corporate compliances and inviting various penalties.

    We address the same by emulating a documentary check and analyzing the business structure comprehensively from all corners and creating timeline keeping in mind the MCA compliances, RBI Compliance, FRRO Compliances and tax laws prior to executing the incorporation process for setting up company in India

    You’ve been involved in setting up new businesses and handling legal and financial consultations. Could you walk us through the process of setting up a new business, highlighting the key legal considerations and steps involved?

    Setting up a new business involves several key legal considerations and steps. Here’s an outline of the process:

    1. Choose a Business Structure: Decide on the legal structure of your business. Common options include sole proprietorship, partnership, limited liability company (LLC), or corporation. Each structure has different legal and tax implications, so it’s essential to choose the one that best fits your needs.
    2. Register Your Business: Register your business name with the appropriate government authorities. This may involve registering a “Doing Business As” (DBA) name or incorporating your business with the state.
    3. Obtain Necessary Permits and Licenses: Depending on your industry and location, you may need to obtain specific permits or licenses to operate legally. Research the requirements in your area and ensure compliance.
    4. Secure Intellectual Property Rights: If your business involves unique products, services, or branding, consider securing intellectual property rights through patents, trademarks, or copyrights. This can help protect your business from infringement and establish your ownership of valuable assets.
    5. Set Up Taxation and Financial Systems: Obtain an Employer Identification Number (EIN) from the IRS if necessary. Set up accounting and financial systems to track income, expenses, and taxes. Consult with a tax advisor to ensure compliance with tax regulations.
    6. Draft Legal Documents: Create legal documents such as contracts, agreements, and terms of service. These documents define the rights and responsibilities of your business and its stakeholders, including customers, suppliers, and employees.
    7. Hire Employees: If you plan to hire employees, familiarize yourself with employment laws and regulations. Create employment contracts, establish payroll systems, and adhere to labor laws regarding wages, working hours, and workplace safety.
    8. Protect Your Business: Purchase insurance coverage to protect your business against potential risks such as property damage, liability claims, or employee injuries. Consider general liability insurance, professional liability insurance, and other relevant policies.
    9. Comply with Regulations: Stay informed about industry-specific regulations and compliance requirements. Depending on your business activities, you may need to adhere to environmental regulations, health and safety standards, or data protection laws.
    10. Create a Business Plan: Develop a comprehensive business plan outlining your goals, strategies, and financial projections. A well-crafted business plan can help attract investors, secure financing, and guide your business’s growth and development.
    11. Open a Business Bank Account: Separate your personal and business finances by opening a dedicated business bank account. This will simplify accounting, tax reporting, and financial management.
    12. Market Your Business: Develop a marketing plan to promote your products or services and attract customers. Consider online and offline marketing channels, such as websites, social media, advertising, and networking events.
    13. Stay Compliant and Adapt: Regularly review and update your business practices to ensure ongoing compliance with legal requirements and industry standards. Stay informed about changes in regulations or market conditions that may impact your business operations.

    Your background includes work with Forbes Asia Pacific Enlisted clients and conducting audits for various organizations. How do you maintain a high level of professionalism and attention to detail in your audit processes?

    That is just experience and practice. You learn every day, you evolve and you grow every day.

    Could you share a particularly rewarding moment in your career, where you felt your expertise made a significant impact on a client’s success or outcome?

    Well, there are many and I would like to share few:

    1. Standing shoulder to shoulder with my father and assisting him in arguing a matter in High Court, witnessing him argue with perfection and representing the client was not less than a reward for me in my early days of career.
    2. Now today as the time has passed since my inception in the field of law and finance I feel very happy seeing that we helped some European Jewelry companies and US based IT companies set up their base in India leading them to scale volumes and generate employment in INDIA.

    Lastly, considering your extensive experience and knowledge, what advice would you give to fresh graduates aspiring to enter the fields of law and finance? What key lessons have you learned throughout your career that you believe would benefit them?

    Be genuine. Be Honest with your client. Say no if he cannot win the case.

    Get in touch with Nipun Khanna-

  • For me, adherence to professional ethics coupled with honesty and integrity is of prime importance- Jaydeep Mehta, Advocate on Record and Designated Partner, LexStreet Advisors LLP, Advocates & Solicitors

    For me, adherence to professional ethics coupled with honesty and integrity is of prime importance- Jaydeep Mehta, Advocate on Record and Designated Partner, LexStreet Advisors LLP, Advocates & Solicitors

    This interview has been published by  Priyanka Karwa and The SuperLawyer Team

    Can you tell us about the journey that led you to pursue a career in law and establish LexStreet Advisors LLP?

    Let me start with a quote of Nasir Ali “The journey always goes, but it is not easy. It is always wrapped up with struggles and surprises” 

    My career in law was never a choice but a chance. When you do your work with good intentions with honesty & integrity, superpower plays its role. Profession of law has always been close to my heart. When I completed law graduation way back in 1989 from one of the prestigious law colleges, K.C.Law College, Mumbai,  I wanted to join practice right from day one but did not get motivation from my family and friends. Legal profession was always close to my heart. I was forced to take up a job in a private sector organization. But in my job also, I stick to the profession of law only. All throughout my career in private sector companies also, I worked in legal departments only and that is where I got opportunities to interact with various law firms and individual lawyers in Mumbai & Gujarat. During my job, 1st time way back in 1992, I got an opportunity to interact with a Senior Partner of Manilal Kher Ambalal & Co. (now MKA), a well-known law firm during the days when Harshad Mehta scam had just exposed and the Govt had then started a Special Court for tainted securities. I got an opportunity to coordinate with MKA in those days when I was employed with one of the companies of Kirloskar Group.

    After spending almost 20 years in various organizations, finally I straight away jumped into practice. Initially I started on my own and later in 2014, along with my old friends in the legal profession, we incorporated Lexstreet Advisors LLP on 5th November, 2014 and since then we have never looked back and our journey as a law firm started….

    LexStreet Advisors LLP is known for its integrity and value-based proactive services. Can you share some examples of how your firm has helped clients effectively navigate the complicated legal and regulatory landscape in the country?

    We stick to our policy and vision. We have never compromised with professional ethics, honesty & integrity. Irrespective of the size of clients, whether individual, partnership firms and corporate clients, we have dedicated the same time and resources with a proactive approach. The true value of proactive approaches does not lie in their predictive abilities. The true value lies in the disciplined process. Such approaches can examine the strengths and weaknesses in systems and services being rendered by a law firm. We listen to every client’s problem and their difficulties and understand in depth what they expect from us. The situations have arisen when we had to refuse one of our corporate clients as we were preoccupied with important assignments. This has certainly given a positive and powerful message to the corporate client. The corporate client had really appreciated our approach and next time, the same client had approached us with positive thoughts and we helped them and when they needed our assistance. 

    As a full-service law firm, LexStreet offers a wide range of legal services. Could you highlight some of the key areas of expertise and specialization within your team?

    If I have to highlight key areas, I must mention Securities law, Corporate & Commercial laws, Insolvency laws, Arbitration law, employment laws, DRT & Civil litigations as well as advisory services. Nowadays new generation law firms are not keen on civil litigation but I feel there is a big vacuum as far as civil litigation is concerned. I must also mention the non-litigation area as a practice as we have been advising the private sector as well as a couple of PSUs on legal issues. 

    Today’s  young lawyers are after M&A & PE practice but I personally feel that is not the end. Law is an ocean and it’s very crucial to select areas of practice.  At the end of the day clients must be happy and satisfied with the services.  

    LexStreet has a strong network of partners, lawyers, associates, and counsels with domain expertise. How does this network contribute to the firm’s ability to provide prompt and accurate advice to clients?

    All the partners of Lexstreet are highly experienced legal professionals having wide experience in their respective domain areas of practice ranging from 18 years to 34 years. Wide experience of every partner and associate partners have certainly contributed to the growth of the firm. We are also expanding our horizons as far areas of practice are concerned. With the introduction of new statutes by the government like Data Protection laws, Artificial intelligence, our law firm is committed to induct new talents. 

    As a designated partner and advocate-on-record with extensive experience, could you share some notable achievements or cases that you have worked on throughout your career?

    I, as an individual Partner and experienced law professional, realised that knowledge sharing is a very crucial factor. Since the last 6 years I have been regularly sharing articles on LinkedIn regularly and In-house Counsels, legal managers working in various organizations have been appreciating it. Today I have crossed close to 2700 followers / connections on LinkedIn, which is a testimony of my passion for knowledge. I have also been invited to various moot court competitions being organized by various law schools including HPNLU & Narsee Monjee. This has certainly helped to get connected with many In-house Counsels who, in turn, have been assigning briefs to our law firm.

    LexStreet places high importance on maintaining professional ethics, integrity, and moral values. How do these values translate into your day-to-day operations and interactions with clients?

    Well, let me say very honestly that today, the legal industry has turned into a big industry rather than a noble profession. However, doing business and revenue generation is one side of the profession and following professional ethics and moral values is another side of this noble profession. For me, adherence to professional ethics coupled with honesty and integrity is of prime importance, which in-turn have certainly helped us to retain our valuable clients which include large domestic as well as non-domestic companies. Business and ethics go hand in hand, if one does not follow them, they are finding it difficult to survive in today’s competitive market. 

    In the rapidly evolving legal landscape, what skills and qualities do you believe are crucial for young lawyers to develop in order to succeed in their careers?

    In today’s highly competitive market, the crucial factor is retaining existing clients and at the same time attracting new clients. I would advise young lawyers to remain very humble, diligent in his / her work is very important and more important is to maintain humility is a core value of this noble profession. For the first time, When I met one of our family friends, a retired High Court Judge for his guidance before starting my practice, he just told me, once you take up an assignment of any client, small or big, do it wholeheartedly, irrespective of any fee you get. I have kept these words in my mind.

    As a leader in the legal industry, what are some of the emerging trends or challenges that you see on the horizon, and how is LexStreet adapting to stay ahead?

    For law firms, the experience of navigating COVID-19 has accelerated the pace of change and will continue to significantly impact operations, organisational culture, and the way lawyers work. The trends that were underway before the pandemic struck to continue challenging and transforming the industry at an accelerated pace. These include client empowerment, technology adoption, law firm consolidations, new players entering the legal services sector, and value-based pricing. We are committed to adapt to the changing technology in the era of upcoming AI.

    For fresh graduates who are considering a career in law, what advice would you give them based on your own experiences and insights?Let me tell young lawyers that there is no short cut to success. Patience and perseverance will bring desired results. I would advise every young lawyer not to adopt any shortcuts to achieve success. They must be humble and respect this noble profession. Increasingly, customers expect lawyers  to demonstrate extreme trust — that is, to proactively watch out for their customer’s interests. My school batchmate, who is now a Judge in the apex court, always says that there is something like a rule of Law.

    Get in touch with Jaydeep Mehta-