In Conversation with Abhishek Dadoo, Partner, Khaitan & Co

Abhishek, would you please tell us where did this illustrious journey begin and at what age did you decide to study law. Please walk us through your early years of education and the decision of becoming a lawyer. 

I was introduced to the study of law at age 16, and was instantly hooked. At the time, I was studying at La Martiniere for Boys, Calcutta and wanted to be an engineer. I enjoyed the sciences (especially physics) but law piqued my interest in a whole different way. I continued to study science for my board examinations, but I knew I enjoyed the law too much to choose an alternate path. I was fortunate to secure admission at the National University of Juridical Sciences, Kolkata and the rest fell into place as life happened.  

Who have been your guiding North Stars (mentors) and the biggest inspiration in this journey? 

 I have been extremely fortunate to receive mentorship and guidance from some wonderful people. In particular, I have looked up to and learnt immensely while working with Late Mr. S. H. Bhojani, Mr. Cyril Shroff, Mr. Nihar Mody, Mr Haigreve Khaitan, Mr. Sudhir Bassi, Mr. Arindam Ghosh and Mr. Aakash Choubey. Each one of them has been an incredible mentor and teacher. True masters of their craft, they have all inspired me in more ways than one, and I have sought (and received) their valuable guidance on various aspects of being a person and lawyer.  

Equally (if not more) important are my 2 greatest guides and critics – my mother and my wife. They constantly keep me centred and I am eternally grateful for their constant guidance.  

Would you please tell us more about the array of work you handle at your firm? 

I specialise in Public M&A – it’s a practice area focussed on listed company transactions. I typically advise financial sponsors and strategic investors in navigating through a complex web of Indian securities laws (such as the insider trading regulations, takeover regulations, listing regulations, to name a few) which are triggered while dealing in shares of listed companies. Public M&A requires expert knowledge and experience about the interplay between various stages of the deal – for instance, a control deal of a listed company generally triggers a mandatory tender offer, requiring the contracting parties to upfront factor various possible outcomes on account of unpredictable public tendering. While most deals are friendly / negotiated, the listed space occasionally witnesses hostile takeover bids and this has been a source of great offensive and defensive learning in acquisition strategy.  

Would you please summarily tell us the current status of the sectors of the economy your work in, the roadblocks in our path and the way forward? 

Public M&A has been extremely active over the past few months. The Covid pandemic threw the global economy (including the Indian stock markets) in a tizzy, and a volatile market presents many investment and consolidation opportunities. SEBI (as securities market regulator) has played an important role in granting timely and well-reasoned relaxations. The number of deals in the listed space has been on a constant rise – for instance, we have witnessed certain prolific “take private” transactions such as Vedanta, Hexaware, INEOS, All Cargo, etc. all within a narrow window of a few months.  

I am an eternal optimist and believe in the India story – we have some great companies which present excellent investment opportunities (for instance, the pharma sector has already seen substantial investment, with more likely to follow). All in all, I believe we are looking at substantial investments and growth in the listed space over the next few years.     

Would you please share with our readers your expert views on the ‘Public M&A–Era of Specialization and Evolving Role of Legal Advisors’? 

 I believe the legal industry is rapidly moving towards specialisation. Clients look for efficient delivery of service at reasonable costs – the HQHF (High-Quality Honest Fee) model - this is best achieved by utilizing expert or specialised resources to deliver optimal output. For instance, a focused Public M&A team, having already navigated various nuances and complications of listed company deals, is far better equipped to structure, execute and complete a transaction in a time (and therefore cost) efficient manner. A legal advisor’s role has substantially evolved over time – a legal advisor can no longer choose to be myopic about the specific legal issue she / he is advising on. Instead, it is generally expected that legal advisors look out for the overall commercial (and not just legal) interest of their clients. This is the role of a ‘trusted advisor’, who thinks above and beyond her / his call of duty, all to protect the interests of her / his client.  

What in your opinion has been the biggest change or challenge looming over the legal landscape of India amid COVID-19?  

 Contrary to grimmer expectations, law firms in India appear to have adjusted extremely well to challenges posed by Covid. Most law firms (including Khaitan & Co.) have seamlessly transitioned into a full work from home model. The virtual interface does not completely measure up to the in-person experience – but technology has certainly helped enough to keep the motors running (sometimes, even at higher efficiency). Covid will continue to pose challenges, and I don’t believe we have seen the end of it yet – but whatever be the challenge, I am confident we can tackle it together, as we have been doing so far.  

What can law firms do today to ensure they survive in an era of disruption? How is your firm staying futuristic? 

Charles Darwin (while speaking of humans) famously expounded the importance of adapting to change. Law firms are no different – and must constantly reinvent themselves to adjust to a rapidly evolving world (for instance, we spoke of specialisation). To prepare for the future, Khaitan & Co has invested well in technology and infrastructure (this has already paid rich dividends during the pandemic, with the firm seamlessly transitioning through work models without any adverse impact to clients). In addition, the firm has not lost sight of some of the fundamental growth drivers, such as ‘learning and development’ and ‘people focussed’ policies.  

Other than work, what else keeps you busy? Would you please share your other interests and hobbies with our readers? 

 When I am not working, you will most likely find me reading a good book, or planning my next trip. I like mountains, and I like beaches – and I try to make it a point to visit them as often as I can. I also try and pursue a new hobby every once in a while – for instance, I have recently taken to gardening and spend some of my free time learning about plants and how best to care for them.  

Many Congratulations on joining the BW Legal World Elite 40 Under 40 Club of Achievers 2020. What to your mind has helped you get to where you are and what advice would you have for others who want to set off in a similar direction? 

Thank you very much – I am truly humbled by this recognition. Through my journey, I have tried to stay true to a few simple rules: (i) follow your passion, (ii) focus more on learning (and less on rewards), and (iii) constantly endeavour to grow and improve yourself. These traits have held me in good stead, and I would certainly advise the same to others.   

Is there anything else you’d like to share with our lawyers of the future, any golden piece of advice from the treasure trove of your experiences in the industry? 

Knowledge and experience are both privileges – always pay them forward. Use every opportunity you get to teach, educate, write about your learnings and help spread your knowledge to benefit those who might have use for it. This is bound to help create a better and smarter ecosystem and community of lawyers. 

As a final note, would you please recommend to our readers your favourite book or movie/series that left a lasting impression on you? 

My favourite book is The Fountainhead by Ayn Rand, it inspired me at an early age to always try and follow my passion, and I believe its equally (if not more) relevant today. It had quite a lasting impression on me, and I would certainly recommend it as an excellent read. My favourite movie is the Pursuit of Happyness – it’s a reminder to always stay grounded, take failure and defeat with grit and (hopefully) a smile – and take victory with humility and grace (always cognizant of those who contributed to the journey). 

*The interview was published in October 2020.

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