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India Business Law Journal – October 2024

Volume 18, Issue 4

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Highlights:

New blood

A young generation of lawyers is imprinting change on their organisations

When covid-19 happened, it was called a once in a generation pandemic. But almost coincidentally, it accelerated trends that further set apart a young generation of lawyers from the old.

For instance, a notable rise in attrition rates was seen in the post-pandemic period that had seniors grappling with younger lawyers’ preference for flexible, inclusive and collaborative work environments.

This generational change of direction in the legal workforce presents an opportunity for firms to adapt and build a workplace attuned to modern values. Conversely, an inability to do so will see younger lawyers leave for more progressive opportunities.

This issue’s Cover story, The young ones, emphasises how the attitudes of a new generation is reshaping the legal profession. These young lawyers are more discerning and demanding of their workplaces, preferring to see changes in step with the evolving times. Their focus seems to go beyond financial rewards to include concepts such as work-life balance, mentorship, and meaningful professional and personal growth.

Unsurprisingly, financial disparities between tier 1 and smaller firms have contributed to attrition. In response, firms have introduced innovative approaches, such as Trilegal’s flexibility for lawyers to return to the firm after completing their studies overseas, and Nishith Desai Associates’ AI-driven knowledge management system, “NaiDA”, which leverages the workplace communications of current and past employees. The strategies aim to foster a modern workplace aligned with evolving values.

This issue’s Spotlight shifts to Arjun Chaturvedi’s article on the road ahead for ed-tech companies after prominent players in the sector suffered serious missteps. With India having more than 400 million learners across schools, higher education, and skilling institutions, ed-tech’s role is critical for the country. Chaturvedi, who held the post of vice president-legal and compliance at ed-tech unicorn Lead School, highlights the priorities for companies operating in this space in key areas such as intellectual property, data privacy, consumer protection, and corporate governance.

The article underscores issues like IP theft, which saw prominent player Unacademy taken to court, and governance lapses in Byju’s, once India’s most valued startup. However, given India’s demographics and growth trajectory, the sector holds promise for companies that take the right steps.

Moving to this year’s Intelligence report, 2024 has been marked by monumental IPOs, regulatory advancements, and evolving corporate landscapes, and India’s leading lawyers have demonstrated unparalleled expertise and foresight. The A-List celebrates the legal minds who have driven transformative deals, cross-border transactions, and innovative business strategies.

This year’s edition saw nearly 4,000 nominations and testimonials coming from professionals at a wide range of Indian and international companies, international law firms and other organisations.

In Vantage point, Hands off my property highlights that the Supreme Court’s ruling in Property Owners’ Association v State of Maharashtra, which has reshaped the balance between property rights and public welfare in constitutional law.

At the core of this long legal battle lies a constitutional dilemma of whether privately owned resources can be classified as “material resources of the community” under article 39(b).

The article emphasises how the judgment reaffirms the state’s authority to regulate property for the common good, while ensuring procedural safeguards against arbitrary acquisition along with the nuanced interpretation of “material resources”, balancing redistributive justice with constitutional principles to protect private rights.

The ruling offers a framework for responsible state intervention. It strikes a careful balance between public welfare and individual property rights, reinforcing the constitutional vision of equitable governance while safeguarding against arbitrary overreach.

In our Expert briefing, Prithi Suri and Associates lawyers writes about the revised provisions of the Competition (Amendment) Act, 2023, which introduces a deal value threshold (DVT) of INR20 billion (USD236 million) for merger control, requiring CCI approval if the target has “substantial business operations” in India.

This article highlights the five key changes in the new regime, and its expected impact on Indian M&A. The DVT review will include all payments made for two years from the effective date of the transaction, covering technology transfers, IP licensing, and branding arrangements.

The amended act introduces a DVT for digital mergers, revises control tests, expedites review timelines, and permits derogation from standstill obligations in stock acquisitions.

In this issue

The A-List 2024-25

Based on insights from in-house counsel and top business leaders, India Business Law Journal celebrates India’s most popular lawyers making the A-List

Protecting the brand demands vigilance and determination

By Manisha Singh and Kratika Patel, LexOrbis

Skechers actively protects its IPR in India through legal actions

Allowing the accused to put their case

By KV Singh and Madhavi Dutta, Kochhar & Co
Settling Tax Disputes

Draining the endless swamp of tax disputes

By Aman Avinav, Phoenix Legal
Carbon Credit Trading Regulation

Regulations for trading carbon credit certificates published

By Abhishek Tripathi and Nirmal John, Sarthak Advocates & Solicitors
Simplifying Tax Legislation

Trust needed for tax simplification

By Seema Kejriwal, BMR Legal
renewable energy transition problems

Storing up problems in renewable energy transition

By Gautam Chabra, Trilegal
Property Rights Maharashtra

Hands off my property

Final decision in Property Owners’ Association v State of Maharashtra is here. What does it mean?

Reforming-India-s-merger-control-regime

Reforming India’s merger control regime

By Priti Suri and Aastha Mathur, PSA

Recent changes in competition law bring India’s antitrust laws to global standards.

Legal Workplace Revolution

The young ones

How law firms are coming to terms with young lawyers who are motivated by more than ambition and job security

Trademark Infringement and Passing Off

Court wipes floor with breachers of contracts

By Manisha Singh and Ritika Agarwal, LexOrbis
Draft National Sports Governance Bill 2024

Sports governance legislation: A game well played

By Rajat Prakash and Naina Chandok, Athena Legal
Regulatory Changes for RE Investments

AIF downstream investing faces uphill compliance battle

By Devyani Dhawan and Aniket Sawant, SNG & Partners

The taxing conundrum of secondments

By Agrima Awasthi, Shivanshu Sharma and Diksha Singh, Wadhwa Law Offices
India’s BioE3 Policy

New policies to boost biotech’s commercial DNA

By Essenese Obhan and Charul Yadav, Obhan & Associates
Edtech’s legal landscape

Edtech’s legal landscape

Regulations for edtech compliance are changing, and one expert is urging businesses to get up to speed

Whistleblowing should be heard throughout the system

By Jatin Pore, Vikrant Singh Negi and Sneha Barange, DSK Legal
AI Regulation in India

Balancing AI, ethics and the constitution

By Varun Pathak, Yash Karunakaran and Vishwajeet Deshmukh, Shardul Amarchand Mangaldas & Co
Internal Investigations DPDPA Compliance

DPDPA means treading lightly when investigating internally

By Ada Shaharbanu and Hamsadhwani Alagarsamy, Spice Route Legal

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