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.