There are a number of family-owned Big Law firms, some mid-sized firms and some small firms in India. Of late, we find boutique law firms emerging in India which operate in highly specialized field. These are lean and agile outfits. Being small, they maintain excellent client-attorney relationship. The intimacy between client-attorney is a casualty while dealing with a Big Law firm. Some 25 such firms are practising now in India. It is a clear shift towards specialization. There is direct partner involvement, a reputation for excellence in complex, high stake mandates.
These specialized firms operate the field of corporate disputes, technology, IP, regulatory or fund work, They are committed to premium service. They have sectoral depth. It should not be assumed that these specialized firms undercut the big firms. On the contrary, they charge higher fees. They bring high value and specialization to table.
Some firms specialize in white collar crimes and corporate governance law. Some operate in transactional law. These small firms have 25 lawyers and some 3 to 5 partners. They do a few things, but they do it exceptionally well. Some firms specialize in competition law.
Big law firms have one major advantage. They have formidable bench strength — say they can assign a 10000-crore deal to 100 lawyers for a 60-days closure. Small law firms have started collaborating with each other. A firm may refer a client to another firm, say one that specialized in mergers and acquisitions. AI tools too help the small firms by democratizing access to information. Family-owned firms have limited autonomy. The partners are just glorified employees. There is no loyalty that binds the manpower to the firm.
Small firms maintain work-life balance. They are flexible and the work environment is not toxic.
Brand names do not matter. Individual expertise is valued these days.
Compensation structure attracts talents to the specialized firms. Specialized firms are not merely budget options. Clients recognize their true value. They are not everything to everyone, but excel at what they do.
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