 "India inc")
As large firms look to strengthen their in-house legal teams, a race to acquire talent is taking place in India's legal industry, according to a report in The Economic Times (ET). Companies are keenly pursuing skilled legal professionals for the roles of chief legal officers (CLOs) and general counsels.
Company officials said an ever-evolving regulatory environment, increasing focus on corporate governance, and constantly changing Goods and Services Tax (GST) structures have catalysed the clamber for legal talent.
Shailesh Haribhakti, chairman of audit and accounting firm Haribhakti & Co, said that the chief legal officer's job has become crucial with evolving governance norms and constantly changing regulations.
Haribhakti said the digitisation of litigation management, compliance, and interaction surfaces has led to the rising need for chief legal officers who have a firm grasp of technology. Audit committee members are looking at zero non-compliance.
The supply-demand gap has led to increased compensation for CLOs. Jyoti Bowen Nath, managing partner at Claricent Partners, said that the role of a CLO in India is much more complex and strategic than before. Companies are on the hunt for top leadership talent, leading to a pay surge. An experienced CLO can earn anywhere between Rs 3 crore and 10 crore or even higher, Nath added.
Rajesh K Sehgal joined Adani Power as chief legal officer- energy from Dentons Link Legal in October. Richa Mohanty Rao joined Urban Company from Cyril Amarchand Mangaldas; Anoop Khatry joined Ultratech Cement from Suzlon Energy; Sujeet Jain joined Nykaa from UltraTech Cement; and Sameer Chugh joined Games 24 * 7 from CAM.
More From This Section
Karl Fernandes, partner and head of the corporate practice group at specialist search firm Vahura, said that CLOs play an instrumental role in aligning legal initiatives with business goals. They also contribute towards protecting an organisation's reputation and managing risk.
Fernandes told ET that CLOs are members of the board of directors or executive committee, which gives an indication of their higher-level strategic involvement.
