MUMBAI: A fierce war for talent is
unfolding in India's legal industry as demand for skilled legal professionals
outpaces supply. The talent crisis is leading India Inc to increasingly pursue
legal experts for the roles of chief legal officers and general counsels as
large conglomerates and new-age firms aggressively look to bolster their
in-house legal teams, according to board members and company officials.The
scramble for the best and the brightest legal talent has been ignited by a
constantly changing regulatory environment, rising focus on corporate
governance and ethical standards, and regularly evolving GST structures. This
is leading to a massive churn in CLOs, said HR consultants and company
officials.
independent director at several Indian
companies."A whole lot of new software coming into the market digitizing
things like litigation management, compliance and the various interaction
interfaces is also leading to the need for chief legal officers who have a
strons understanding of technology," said Haribhakti.
"I am looking for zero
non-compliance as an audit committee chair," he added.In October, Rajesh
K. Sehgal joined as chief legal officer-energy at Adani Power from Dentons Link
Legal. Other recent moves include Anoop Khatry who joined Ultratech Cement from
Suzlon Energy; Richa Mohanty Rao who joined Urban Company from Cyril Amarchand
Mangaldas; Sujeet Jain who joined Nykaa from UltraTech Cement; Sameer Chugh,
who joined Games 24 * 7 from CAM;
Shelly Kohli who joined United Breweries
from Unilever; Tejal Patil, GC at Wipro who joined from OYO.
Compensation too is soaring due to the
talent shortage.
"The role of a chief legal officer
(CLO) in India is much more complex and strategic than before," said Jyoti
Bowen Nath, managing partner, Claricent Partners.
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"There is a constant need for
organisations to attract top leadership talent, leading to pay surge," she
said.A seasoned CLO could earn anywhere between ?3 crore and ?10 crore or even
higher, said Nath. "CLOs are pivotal in steering a company's legal
strategy to support growth, manage risk and preserve the organisation's
reputation. They align legal initiatives with business goals, ensuring legal
compliance while enhancing operational efficiency," said Karl Fernandes,
partner and head of the corporate practice group at specialist search firm
Vahura. "They often oversee regulatory compliance, government
interactions, ethical standards, risk management, and
corporate governance."
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