This year, along with AZB’s Ashwath Rau, Aakash Choubey of Khaitan & Co has made it to the Economic Times Hottest Business Leaders under 40..A law graduate from the National Law Institute University, Bhopal, Aakash Choubey joined Khaitan & Co in 2004, when the firm was still building its footprint in Mumbai. Recounting those days, Aakash Choubey says that their team was barely 15-lawyer strong at that time..“[The firm] was either unknown in the Mumbai market or was viewed as an Eastern India firm (as against much established Mumbai firms). Getting both top clients and good resumes were challenging. Forming a mind-set that I am here for a long haul and I should help my partners to build a strong leading Indian law firm was, perhaps, the ‘turning phase’ for me.”.He was made Partner in 2011..So what, according to him, makes a successful corporate lawyer?.Certain competencies like financial literacy, research skills, analytical skills, effective communication, ability to decipher risk, analytical thinking and tenacity are imperative for being a good corporate lawyer. But, in my view, strategic thinking, judgement, anticipation, people skills and integrity differentiates good corporate lawyers from great ones..And who has been his mentor?.Haigreve Khaitan. He must have been my age when he started Khaitan & Co’s. Mumbai office and given what he has built in a short span of 10 – 12 years, there is a lot of inspiration in the house! Apart from being a corporate lawyer par excellence, Haigreve is a strategic thinker, born leader, family person, and the lesser said about his humility the better..My only regret is that an early partnership took away few years where I could have worked with him as his associate and learnt more..Any advice to young lawyers?.Young lawyers are entrepreneurial and connected, seek instant feedback and recognition, and are global citizens. I would rather learn from them on how to remain ‘relevant’. I would adapt to the change they would bring to the practice of law with their fresh ideas instead of colouring them with my advice..I would, however, like to share the advice that I was given when I started my career. ‘Do the right thing at the right time. It may just be little things, but eventually makes the difference between winning and losing.’.How is Khaitan & Co fighting attrition?.Talent retention is more challenging than ever, not just for law firms but across sectors. People are exposed to global best practices without absence of opportunities..I have a theory on talent retention that I call the ‘EE2’. It stands for ‘Everyday Experience’ and ‘Equal Equity’. In my view, if people look forward to come to the office every day and have great working experience, they will be around for a longer time. Likewise, we are past the days of glass ceilings and family run organisations. Professionals at the same level with similar capabilities and drive should have equal opportunity and be rewarded alike..But what about the current churn?.Unfortunate but necessary. The Indian law firm market was built on the foundation of family-run or individual-centric law firms. Without this churn, professionally run law firms will not emerge. This churn has also led to focused approach to knowledge management, higher investment in technology and better compensation, which is great in the long run..Entry of foreign law firms .I personally feel this is a right time for international law firms to come in. We are going through a paradigm shift and the timing may not be better than this. Indian corporates have benefitted from liberalisation and entry of international firms will most definitely improve practice of law in India. Having said this, there are many interested parties who continue to oppose entry of international law firms. I hope better sense would prevail and the Government will take definitive steps on this.
This year, along with AZB’s Ashwath Rau, Aakash Choubey of Khaitan & Co has made it to the Economic Times Hottest Business Leaders under 40..A law graduate from the National Law Institute University, Bhopal, Aakash Choubey joined Khaitan & Co in 2004, when the firm was still building its footprint in Mumbai. Recounting those days, Aakash Choubey says that their team was barely 15-lawyer strong at that time..“[The firm] was either unknown in the Mumbai market or was viewed as an Eastern India firm (as against much established Mumbai firms). Getting both top clients and good resumes were challenging. Forming a mind-set that I am here for a long haul and I should help my partners to build a strong leading Indian law firm was, perhaps, the ‘turning phase’ for me.”.He was made Partner in 2011..So what, according to him, makes a successful corporate lawyer?.Certain competencies like financial literacy, research skills, analytical skills, effective communication, ability to decipher risk, analytical thinking and tenacity are imperative for being a good corporate lawyer. But, in my view, strategic thinking, judgement, anticipation, people skills and integrity differentiates good corporate lawyers from great ones..And who has been his mentor?.Haigreve Khaitan. He must have been my age when he started Khaitan & Co’s. Mumbai office and given what he has built in a short span of 10 – 12 years, there is a lot of inspiration in the house! Apart from being a corporate lawyer par excellence, Haigreve is a strategic thinker, born leader, family person, and the lesser said about his humility the better..My only regret is that an early partnership took away few years where I could have worked with him as his associate and learnt more..Any advice to young lawyers?.Young lawyers are entrepreneurial and connected, seek instant feedback and recognition, and are global citizens. I would rather learn from them on how to remain ‘relevant’. I would adapt to the change they would bring to the practice of law with their fresh ideas instead of colouring them with my advice..I would, however, like to share the advice that I was given when I started my career. ‘Do the right thing at the right time. It may just be little things, but eventually makes the difference between winning and losing.’.How is Khaitan & Co fighting attrition?.Talent retention is more challenging than ever, not just for law firms but across sectors. People are exposed to global best practices without absence of opportunities..I have a theory on talent retention that I call the ‘EE2’. It stands for ‘Everyday Experience’ and ‘Equal Equity’. In my view, if people look forward to come to the office every day and have great working experience, they will be around for a longer time. Likewise, we are past the days of glass ceilings and family run organisations. Professionals at the same level with similar capabilities and drive should have equal opportunity and be rewarded alike..But what about the current churn?.Unfortunate but necessary. The Indian law firm market was built on the foundation of family-run or individual-centric law firms. Without this churn, professionally run law firms will not emerge. This churn has also led to focused approach to knowledge management, higher investment in technology and better compensation, which is great in the long run..Entry of foreign law firms .I personally feel this is a right time for international law firms to come in. We are going through a paradigm shift and the timing may not be better than this. Indian corporates have benefitted from liberalisation and entry of international firms will most definitely improve practice of law in India. Having said this, there are many interested parties who continue to oppose entry of international law firms. I hope better sense would prevail and the Government will take definitive steps on this.
