Banking and finance industry experiences a structural change following a strategic merger, altering the legal terrain.
In a significant move, Solicis Lex, a leading Indian law firm with a strong domestic presence and a footprint across 12 countries, has announced the acquisition of Mumbai- and Delhi-based SJ Law. The acquisition, which took place on 2 August, sees the addition of over 300 lawyers to Solicis Lex's roster.
As part of the deal, Mr. Jagad, a renowned legal expert in the banking and finance sector, has joined Solicis Lex as Partner to exclusively lead their Banking & Finance practice. Mr. Jagad, the 1993 Solicitor's Examination topper, is known for his role in breaking the deadlock between NHAI and banks and setting a sector-wide precedent with the 'Security Clause' he introduced. His commercial insight, innovation, and pioneering solutions in transactions have been extensively recognised by industry guides.
SJ Law, recognised as a leading Indian Banking and Finance firm, has handled debt transactions exceeding ₹2 trillion (₹2 lakh crores), including ₹1.5 trillion during Mr. Jagad's tenure at the firm. The acquisition bolsters Solicis Lex's presence in finance, banking, pharma, and real estate.
The Indian Bar Council has amended its rules to allow foreign lawyers and firms in the non-litigation domain to practice foreign law, international law, and international arbitration in India. This rule change carefully balances opening India’s legal market to foreign expertise in foreign and international law while preserving the exclusivity of Indian lawyers over domestic law practice. Foreign law firms must register with the Bar Council by submitting letters of regulatory standing, reciprocity, and certificates of good standing for solicitors intending to practice as foreign lawyers in India.
The acquisition of SJ Law by Solicis Lex strengthens the firm's banking and finance capabilities, positioning it as a formidable player in the Indian legal landscape. Ms. Swetha Poojary, Senior Lawyer at Solicis Lex, commented on the acquisition, welcoming Mr. Jagad as Partner. Adv. Ameet Mehta, Managing Partner at Solicis Lex, announced the acquisition, stating that SJ Law was acquired through its Sole Proprietor Mr. Jagad, who joined as Senior Partner to exclusively lead their Banking & Finance practice.
The International Comparative Legal Guide to Project Finance 2016 recognised Mr. Jagad for his extensive expertise in project finance and infrastructure. Dealogic ranked SJ Law among the top ten law firms globally and in the Asia-Pacific region as a 'Project Finance Law Firm', including first in the Asia-Pacific during H1 2016.
The acquisition does not include any advertisements.
[1] Indian Bar Council regulations on foreign law firms [2] Mint, "Foreign law firms can now practice in India, but with conditions", 18 July 2017 [3] Bar & Bench, "Bar Council of India allows foreign law firms to practice in India", 18 July 2017
- The acquisition of SJ Law by Solicis Lex bolsters the firm's position in the banking and finance industry, making it a significant player in India's legal landscape.
- Mr. Jagad, a renowned expert in banking and finance, is known for his pioneering solutions in transactions, which have been widely recognized in legal industry guides.
- The acquisition enhances Solicis Lex's presence in sectors such as finance, banking, pharma, and real estate.
- The Indian Bar Council has introduced new rules allowing foreign law firms to practice foreign law, international law, and international arbitration in India, with certain conditions.
