Clydes targets India market with local alliance

Clyde & Co has sealed an Indian alliance, signing an agreement with three-office local firm ALMT.

Clydes said the two firms will work together to jointly develop Indian business, with an intention of merging when local Indian Bar rules allow it.

ALMT launched in the UK before India, opening in London in 2000 before setting up shop in Mumbai and Bangalore. Two of the firm's 15 partners are based in London, including one of the firm's founding partners, Shalini Agarwal.

The full service Indian firm has 80-90 lawyers, advising on banking and finance, tax, corporate, capital markets, employment and labour law, commercial, immigration, insurance, intellectual property, dispute resolution, M&A, outsourcing and property.

Clydes CEO Peter Hasson said in a statement: "There are already significant business flows between India, the Middle East, the UK, China, Singapore and increasingly Latin America. Clydes has a strong presence in all of these markets. It is, however, not yet possible to operate as a foreign law firm in India."

Speaking to Legal Week ahead of the announcement, an ALMT partner commented: "We have talked to a number of firms including Clydes regarding a referral alliance - we also talk to US firms. We have been approached by many firms since we are a comfortably-sized firm and with a presence in two main Indian cities."

Clydes' India strategy follows that of several UK firms including magic circle firms Clifford Chance (CC), Allen & Overy and Linklaters, which all have Indian alliances. CC was the most recent entrant into the group with its January tie-up with high-profile Indian player AZB, which also works closely with magic circle rival Slaughter and May.