Magic circle firm Clifford Chance has signed a ‘best friends’ deal with Indian law firm AZB and hinted at a possible future merger just days after an Indian court laid the foundations for liberalisation of the market.
The best friends deal was signed with the intention to ‘move towards a closer association’ when Indian regulations permit, according to the firms. Clifford Chance senior partner Stuart Popham said the current arrangement will allow the firms to offer ‘the best possible service within the current regulatory restrictions.’
AZB was described by Alison Hook, head of international at the Law Society, as ‘one of the four Indian magic circle firms.’ AZB has offices in Mumbai, New Delhi and Bangalore.
The news comes after the Indian parliament passed a bill allowing the formation of limited liability partnerships (LLPs) [see [2009] Gazette 8 January, 1). When secondary regulations are passed, Indian law firms will be able to form LLPs with no limit on partner numbers, while foreign firms will be able to form their own India LLPs.
Under the current deal, Clifford Chance will refer work to be carried out in India to AZB, with AZB referring work to Clifford Chance to be handled in its international network.
Popham said: ‘It is an increasing challenge for both Indian and international clients seeking cross-border advice that they still have to look outside the country to access the requisite experience, resources and expertise.’
Clifford Chance global managing partner David Childs said: ‘This is a logical development of our growing Indian practice, which has been advising clients on Indian related matters for over fifty years.’
See our story on Indian liberalisation from this week's magazine - click here.
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