A Pre-Eminent Rainmaker in Industry 4.0, Establishing Global Standards with Clasis Law in India
My professional journey as a lawyer began from the proverbial bottom of the pyramid with only one thought in mind "There is no substitute for hard work".
India is the world's 2nd largest legal professionals market having more than 600,000 lawyers, but it is one of the most restricted sectors on national as well as international levels.
Although new initiatives are being taken to open up the legal services sector India-globalization is booming, and the constant policy reforms have brought dynamic changes in the market in the past decade.
Traditionally, the view of lawyers is being apprised as the enemies of entrepreneurs. In the Western world, the famously risk-averse attitude of lawyers often frustrates cramped business leaders who find fault in over-layering and objection raising when receiving advice from their counsel.
At that instant, when the nation was taking steps towards legal growth, Vineet Aneja, an expert legal player within the industry with his team, laid the foundation stone of Clasis Law in 2010 to accelerate this transformation. Clasis Law presents an encyclopedic embodiment of the current scenario prevailing in Indian legal services– defining a global vision, scope, experience, and capability.
It supports people across the world to keep pace and remain relevant in light of dynamic international trends. The firm operates from New Delhi and Mumbai and acts for a diverse national and international client base across several industrial sectors.
It is maintaining the optimum quality of work that resulted in a trail of satisfied clients, in turn helping the firm steadily gain traction and grow at a rapid pace in nine years.
The strength of Clasis Law's corporate and commercial practice lies in the availability, determination, and ability of its seasoned lawyers to move projects forward with a focus on providing end-to-end services to clients.
We anticipate impending issues in transactions or opportunities from which our clients could benefit and offer seamless legal advice customized to our client's needs.
We believe that we succeed when the client succeeds and in the course of this commitment towards the client, no request is too small and no service is too big.
It's the of-the-box thinking, which is very important whether it be legal input or commercial advice based on the business of the client.
Class Law is a full-service Indian law firm that is truly international in its endeavor.
Expertise within the firm includes corporate and commercial transactions, aviation & aerospace, banking &finance, asset & project finance, insurance, infrastructure, real estate, intellectual property, employment law, competition, compliance & auditing, shipping & international trade law, TMT, litigation & dispute resolution, insolvency, white collar, and data privacy.
Vineet Aneja, the Managing Partner of Clasis Law stays under the limelight for his perseverance, diligence, and professionalism. Mr. Vineet is armed with B. Com (Hons) and LLB degrees.
He started his professional voyage with a litigation firm and worked with different firms, including Singhania & Partners, Fox Mandal, and L&L Partners.
Vineet has great expertise in varied sectors including foreign direct investment, transactions (mergers, acquisitions, and joint ventures), corporate commercial, retail, hospitality, employment, e-commerce, education, healthcare, compliance and regulatory, etc.
In an interview with Startup City Magazine, Vineet discussed Clasis Law and his professional journey.
After keeping my nose to the grindstone for many years and inhabiting the desire to go independent, I, along with other members, founded Clasis Law.
The circumstances that led me to take such a decision were the desire to move out of my comfort zone and to become an entrepreneur. The passion that I have for my work and the thrill of taking independent decisions coupled with working independently gave me the courage to move out and establish Clasis Law.
The major challenges are running a business and practising law at the same time, surviving unhealthy competition, lack of time, lack of resources, difficult clients to contend with, stress, and pressure to achieve targets and deliver results.
The greatest factor for success is hard work and diligence. Perseverance and the dedication to excel are the two main factors that have brought me this far.
The compulsory aspect to be filled is to deliver seamless legal advice irrespective of how big or small the assignments are. Also, initially, one needs to work without thinking of the profit or the outcome.
It is imperative to look at the bigger picture and get as much work as possible to shine one's way through. The primary challenge faced by law firms who jump out on their own is to develop the business and find clients.
Yes, the law varies from sector to sector. The nucleus of the firm is its clients, and our clients are at the heart of how we work, which is the reason why we put the interests of our clients first.
We invest in understanding our client businesses, their operating context, the opportunities and challenges they face, and anticipate what they will face next, which becomes the foundation for us to adapt to the changes and provide our clients with proficient people, processes, and solutions.
Staying at the forefront of the regulatory landscape creates both a significant challenge and opportunity for law firms. Having the investment capacity to innovate and compete in an increasingly diverse legal marketplace is perhaps the core challenge faced by us.
We have a huge opportunity to recognize the benefits of diversity. Technological advances like Artificial Intelligence (AI) are very beneficial and also support us to compete with new market entrants.
Do you manage to strike a work-life balance or are there still grey areas you'd like to better address? What are your other interests?
Perhaps one of the biggest challenges in running a law firm is to strike that perfect work-life balance. It is strenuous to have such a balance but, the effort is constantly on.
From the time when I started practice today, one of the main aspects is technology. Technology tends to keep you closer to your work irrespective of your location. My other interests are watching a good movie and reading books. My favorite author is John Grisham.
The firm has handled various notable matters over the years. By keeping the concern of confidentiality in mind, we do not name the clients. However, on a no-name basis, some of the notable recent works are as follows:
Advised an Irish company about the acquisition, by its Dutch group company, of a majority interest (51%) in an Indian company engaged in the business of manufacturing insulated panels.
Advised a leading multinational group. Engaged in the business of providing medical and dental imaging systems and IT solutions in connection with the Indian leg of the global acquisition of its dental digital business. By an acquisition vehicle controlled by certain private equity investment firms.
Advised on exit by a Singapore-based company (which is part of a global hospitality group) from its Indian joint venture company (which is engaged in the business of managing and operating hotels). By way of sale of its entire shareholding to the Indian joint venture partner.
Advised an Indian subsidiary of an Italian MNC. Engaged in the manufacturing sector about the acquisition of an equity stake from the Indian partner and structuring its exit from the Indian joint venture company.
Advised an Indian listed company. Engaged in the business of manufacturing automotive air condition systems, about investment in it by an existing public shareholder (which is a Japanese corporation), which was acquiring an additional shareholding in the Indian listed company.
Advised the Indian subsidiary of a leading Spanish fashion brand about the transfer of employees between group companies.
Represented Macquarie Bank Limited in a Civil Appeal against Uttam Galva Metallics Limited& Shilpi Cable Technologies Limited before the Supreme Court of India.
The Supreme Court, in its judgment, settled the law concerning certain provisions of the newly legislated insolvency and Bankruptcy Code and secured the right of the operational creditors, especially foreign operational creditors, to initiate insolvency proceedings without being restricted by non-mandatory procedural requirements.
Advised the Indian subsidiary of a multinational software company in insolvency proceedings initiated by it against the debtor for a financial debt owed by the corporate debtor under a wholesale finance agreement.
Represented Shobiz Experiential Communications Pvt. Ltd. in a domestic arbitration conducted by an arbitral tribunal comprising of a sole arbitrator against AsiaPacific Heart Rhythm Society, 2014 ("APHRS").
The firm represented Shobiz during the entire arbitral proceedings and succeeded before the arbitral tribunal. Shobiz received a favorable award directing APHRS to make payments as claimed by Shobiz, including the costs paid to the arbitral tribunal.
Advised a Hong Kong-based company engaged in the business of purchasing and selling a wide variety of consumer and industrial goods about a dispute with the Indian debtor in a company petition before the Bombay High Court based on the debtor's inability to pay the admitted debt. The proceedings resulted in a settlement between the parties and the client secured payment of the entire debt amount.
The firm has been ranked amongst the Top 40 Indian LawFirms by RSG Consulting Rankings 2017.
The firm has been awarded "Law Firm of the Year, 2018 for insurance and Reinsurance" by India Business Law Journal, a leading legal magazine .
Vineet has been named under India Business Law Journal'sA-List of India's top 100 lawyers.
Vineet has been awarded for outstanding performance in commercial Law by Advisory Excellence in the year 2018.
Vineet has been recognized as one of India's Most TrustedCorporate Lawyers by the Indian Corporate Counsel Association (ICCA) in 2017.
Vineet has been recommended for Corporate/ M & A expertise by Legal 500 in the years 2010, 2011 & 2012 .
Vineet has been awarded the ILO International ClientChoice Award for India in 2010 & 2011.
Present Your Perspective on the Indian legal system and its problems.
The pendency of cases, lack of infrastructure in the courts, and lack of noteworthy judicial appointments are the major issues in the Indian legal system. The good news is that the situation is changing, and it seems we are moving in the right direction in this fast-evolving and ever-changing legal system.
Over the years legal education has become far more focused and goal-oriented. The law schools in India have a proliferating culture of moot courts which has made legal education far more practical and behavioral than simply learning the letter of the law. Though legal education is not as practical as it should be in terms of corporate law.
The focus should be on providing the students with real-time insight into the life of a corporate lawyer, and it's compulsory to gain the practical side of corporate law as well.
It could be achieved by conducting corporate mock sessions of negotiation of the agreements drafted to grab the nuances of the deal, conducting mock due diligence activities to identify what actions should be included as representation and warranties or conditions precedent in the agreements. Including the sessions of client counseling to give a tangible feel of corporate/ business law to the student, etc.
The plans of the firm include:
Growing the business to attract clients from all emerging sectors .
Assessing current practice areas by a lawyer – level, and seniority.
Identifying high-potential lawyers within the firm.
Assessing career tracking and growth opportunities for younger lawyers.
Identifying opportunities for recruitment.
Understanding new technology and implementing.
Pick your courses, and engage in diverse subjects to understand your true calling. Try and gain as much practical exposure as possible by writing articles, attending seminars, regular internships (both in the corporate and litigation areas), interacting with alumni, and getting a flavor of what lies ahead as a lawyer. Lastly, focus on hard work and rewards will follow.