India Business Law Journal –  November 2021

The value of empathy

An important soft skill for the corporate world?

According to Satya Nadella, the CEO of Microsoft, it is. He believes this often overlooked quality not only makes one a better innovator – as it is key to grasping the needs of the customer – but that it will become ever more valuable in a world “where the torrent of technology” disrupts the status quo.

Nadella has also been quoted as saying that, while ideas excite him, “empathy grounds and centres me”. These are interesting sentiments, especially when it comes from the head of a tech giant that not many would associate with anything quite so subtle and sensitive.

Yet, there is little denying the need for empathy as we creep up to a second Christmas that will be overshadowed by the pandemic. The status quo has been disrupted not so much by a torrent of technology as by a virus that continues to confound and cripple us. It is certainly pervasive in today’s world and may even top the list of what corporate leaders must overcome.

So then, how important is empathy in the legal world? While it may not be what clients seek out in a private practice lawyer – even when they want one who understands their business from the word go – it may well be critical for the in-house lawyer who needs to straddle multiple worlds. This so-called soft skill will certainly be critical for general counsel as they build legal teams to help take on the heavy lifting that has come their way thanks to the pandemic.

Identifying the best and most talented individuals in this increasingly demanding profession has been the front and centre of our efforts in the past several months and, in this issue, we present India Business Law Journal’s inaugural In-house Counsel Awards. The awards are split into individual and team categories and include General Counsel of the Year and In-House Team of the Year.

Vidyut Gulati, general counsel for the Bharti Airtel Group, wins the General Counsel of the Year award. A dynamic and versatile leader, Gulati has built “a fantastic team” of in-house lawyers as she seemingly effortlessly transitions between corporate, capital markets and dispute resolution matters, and in so doing commands the respect of both her business and in-house team.

Our In-house Legal Team of the Year award goes to the Tech Mahindra team, which comprises more than 75 lawyers across India, the Asia-Pacific, the US, UK and Mexico, and is headed by group general counsel Vineet Vij. The team is credited with negotiating and closing deals worth more than USD7.5 billion in the past year.

India Business Law Journal’s In-house Counsel Awards are based on nominations, references and qualitative information received from in-house counsel and other legal professionals in India and around the world, and on submissions made by nominated in-house lawyers in support of their candidacy.

This month we also present India Business Law Journal’s A-List for 2021, which comprises the country’s top private practice lawyers, many of whom have attained the coveted Legal Icon status. What sets A-List lawyers apart is their ability to go far beyond what is asked of them. As such Manan Lahoty, a partner at IndusLaw, is lauded for excellent troubleshooting, Ameet Datta at Saikrishna & Associates is recognised for his “deep knowledge of media and data privacy”.

Our list of Legal Icons mentor the profession and lead the country’s most admired legal teams. As such, while Pravin Anand is singled out for his “immense contribution to intellectual property”, Cyril Shroff is credited for his ability to be everywhere and know everybody. V Lakshmikumaran, meanwhile, is described as a “legend in tax law”.

In Return flight we look behind the scenes at the USD2.4 billion divestment of national carrier Air India, which returns to Tata Group. One of the most complex aspects of the sale was the due diligence process, both on account of the sheer scale of the company and the challenges posed by covid-19. The deal is yet to close.

This month’s The briefing analyses the recent lifting of the ban on the helicopter manufacturer AgustaWestland and its parent Leonardo from participating and bidding on defence contracts. Seen as a win-win for both the government and AgustaWestland, the ban and its aftermath suggest global giants cannot be expected to transfer technology unless better regulation and processes are put in place.

In our Intelligence report we present the results of our annual billing rates survey that shows hourly rates have made a remarkable recovery in the past year, climbing across all categories and even surpassing 2019 rates, except in the senior partner category. Yet legal fees remain competitive as clients push for predictability.

Now in its 14th year, our survey is based on an analysis of information from 76 participating firms – four more than last year. It includes Lakshmikumaran & Sridharan and Anand and Anand, which suggests a commitment towards transparent and best-practice billing among the top law firms. We hope the participation of these firms encourage others to share their rates in the future. [/ihc-hide-content]