The Institutionalist: How Shardul S. Shroff Redefined the DNA of Indian Law Firms

India’s legal landscape has witnessed a fundamental shift over the past three decades. Once characterised by tightly held family chambers and opaque structures, the profession is now undergoing a quiet but determined transformation. The opening of markets, the emergence of new business models, the expanding role of corporate governance, and the slow march towards liberalisation have collectively redefined what it means to practise law in the country today. Amid this dynamic change, there has been a growing need for institutions that are not only trusted by businesses and governments but also built to endure, adapt, and lead. In this context, the evolution of Indian law firms from founder-led partnerships into professional organisations is perhaps the most significant narrative shaping the legal world—and one of its most influential authors is Shardul S. Shroff.

A name synonymous with legacy, reform, and resilience, Shardul S. Shroff has shaped the corporate legal ecosystem in more ways than one. As the Executive Chairman of Shardul Amarchand Mangaldas & Co. (SAM & Co.), he has played a pivotal role in transforming India’s most storied legal enterprise into a future-ready institution. His leadership—marked by moments of personal trial, institutional reinvention, and strategic foresight—has made him a key figure not just within Indian law, but in the broader architecture of business and policy in India.

From Delhi’s courtrooms to boardroom strategy

Shardul’s entry into legal practice was grounded in responsibility, not convenience. In 1980, shortly after earning his LLB, he was sent to head the firm’s Delhi office, a modest practice struggling to find its footing. It had recently been acquired by the family firm, Amarchand & Mangaldas & Suresh A. Shroff & Co., and was burdened with over 3,000 pending cases. With no trial experience and no time to ease in, Shardul was thrown into what he later described as a baptism by fire.

Over the years, he developed both legal acumen and an instinct for institutional management. By the time of his father’s passing in 1994, the Delhi office had not only survived—it had grown into a formidable practice. That same year, Shardul officially took over operations in Delhi, while his younger brother Cyril managed Mumbai. What followed was a two-decade-long partnership defined by growth, complexity, and eventual divergence.

Guiding the legal shape of liberalised India

The 1990s marked a watershed moment for India’s economy—and for the legal profession. As the country liberalised, it required a new framework of rules, contracts, governance models, and compliance systems. Shardul Shroff was at the forefront of this change. Amarchand advised on some of the earliest and largest transactions of post-liberalisation India. Clients like Reliance, ICICI Bank, and Tata trusted the firm to navigate cross-border deals, IPOs, and regulatory transitions.

Shardul himself served on various government-appointed committees, including the ones drafting critical legislation such as the Companies Act, 2013. He was instrumental in shaping the contours of modern corporate law, particularly in areas of board accountability, shareholder rights, and compliance frameworks. As industrialist K.V. Kamath once reflected, “Every institution we built, Amarchand was there. They gave us the clarity and confidence we needed to move forward.”

The Amarchand split and the birth of SAM & Co.

Despite its towering presence, the firm’s internal structure was becoming increasingly fragile. The Mumbai and Delhi offices, though under the same brand, had begun functioning as two culturally distinct entities. While Cyril’s practice in Mumbai became known for polished dealmaking and client diplomacy, Shardul’s Delhi operation was defined by courtroom grit and operational discipline. As the disparities grew, so did the friction.

After the passing of their mother Bharati Shroff in 2014, who held a controlling equity stake, matters reached a tipping point. In 2015, the firm split. Shardul retained the Delhi arm and rebranded it as Shardul Amarchand Mangaldas & Co. The transition was more than legal—it was existential. The firm had to rebuild its systems, retain top-tier clients, and assure its people that the future was secure.

Rebuilding with purpose and pace

Many expected SAM & Co. to take years to recover from the split. Shardul had other plans. Within months, the firm was fully operational across multiple cities—New Delhi, Mumbai, Bengaluru, Kolkata, Chennai, and Ahmedabad. It not only retained major mandates in M&A, banking, and competition law but expanded its influence across new practice areas. The firm reestablished its position in landmark cases and major corporate deals.

What set the firm apart under Shardul’s new leadership was its commitment to structure. He prioritised systems over personalities and process over impulse. Strategic consultants were brought in. Governance models were redefined. The goal was clear: move from a legacy firm to a professionally governed institution.

Equity, empowerment, and Project Moses

One of the most defining reforms Shardul ushered in was through a bold internal transformation plan called Project Moses. The initiative addressed long-standing concerns over equity ownership, which had previously been concentrated within the Shroff family. Under Project Moses, the firm:

• Expanded the equity partnership to include 17 non-family members
  
  
• Introduced a modified seven-step lockstep system tied to performance
  
  
• Reduced the family’s stake from over 90% to 75%, with a roadmap to eventual parity
  
  

The aim was not simply to reward loyalty but to retain the best minds and ensure continuity. “We had to dismantle the glass ceiling,” Shroff once remarked privately to a partner. “Otherwise, we would lose our best people to firms that value merit more than legacy.”

Balancing leadership with culture

While Shroff is known for his structured thinking, those who work with him also speak of his emotional intelligence. He is deeply spiritual, a believer in Sathya Sai Baba, and an avid reader—his personal collection exceeds 70,000 books. He’s currently completing a book of poetry, revealing a side of his personality rarely associated with law firm leaders.

His wife, Pallavi Shroff, a prominent litigator and managing partner at the firm, plays a critical role in culture building. Associates often speak of the firm’s unexpected warmth—chocolates on Valentine’s Day, handwritten notes, and firmwide birthday celebrations. These gestures, small as they may seem, help reduce the emotional toll that the legal profession often takes.

Tackling talent loss and foreign firm pressure

Shardul is fully aware of the two biggest pressures facing Indian firms today: attrition of top talent and the looming entry of foreign firms. The departure of high-potential partners in earlier years—like Rahul Guptan and the Bharuchas—was a wake-up call. It exposed flaws in career progression, equity distribution, and client transition. “We failed to institutionalise leadership early enough,” Shardul has said candidly.

His response has been systematic. SAM & Co. now offers structured mentorship, transparent appraisals, and dual career tracks—one for transaction specialists and another for knowledge and policy work. Moreover, consultants like BCG have been engaged to unify operations across cities and instil a culture of mobility and cross-practice collaboration.

As for foreign firms, Shroff maintains a clear stance: strengthen from within. SAM & Co. has not pursued joint ventures or equity partnerships with foreign firms. Instead, it has focused on deepening domain expertise, building long-term client relationships, and institutionalising its legal IP.

The internal paradox and emotional stakes

Running a professional firm with a family legacy is a paradox few manage well. Shroff is among the few who have attempted to untangle it. While his children work at the firm, they were made to start from the bottom. No cabins. No special access. No shortcuts. “Legacy should open doors, not carry you through them,” he says.

But the challenges of separating family from firm remain. A now-famous anecdote involved his teenage daughter Paridhi sending a firmwide email asking for help with homework. Though lighthearted, it raised eyebrows. The episode became a metaphor for the blurred lines that often define legacy organisations—and the effort it takes to draw them anew.

Legacy beyond the Shroffs

Shardul Shroff understands that his real legacy will not be the firm he inherited or even the one he rebuilt—but the institution he leaves behind. The goal is not merely to create India’s top law firm. The ambition is to build an institution where leadership is not inherited but earned, where systems are resilient, and where the culture enables excellence at every level.

His approach is not ideological—it is practical. At a time when law firms across India are at an inflection point, SAM & Co. stands out not only for its client list or revenue, but for the way it has professionalised legacy and positioned itself for the next generation.

The final word

Shardul S. Shroff has never been a headline-chaser, nor one to dominate industry panels or social media feeds. But his influence is etched in the contracts, laws, and institutions that shape India’s economy today. He represents a rare blend of legacy and reinvention, tradition and modernity, continuity and change.

As India’s legal profession moves into a more competitive, globalised future, Shroff’s journey offers a blueprint. Not for replication—but for reflection. He has not just built a law firm. He has built an institution, one that may well outlast its founders—and that, in the end, is the true mark of leadership.