Vaish Associates has signed a 'Best Friends' agreement with Singapore-based Dacheng Central Chambers (DCC). DCC, a joint venture between China-based Dacheng and Singapore-based Central Chambers, is currently operating out of the latter's Singapore office.

Central Chambers' alliance with China's biggest law firm commenced earlier this year specifically to retain clients venturing into the Indian and Asian markets. DCC is managed by Central Chambers' founding Director, Aloysius Wee (pictured), who heads their China and Regional Practice Group.

"In the next 10 years, the Chinese and Indian economies will be at their best, and we want to make sure that we are present to tap it. Vaish has a strong corporate and tax advisory practice and those are the areas that we focus on", Wee told Bar & Bench. He firmly believes that India's political situation vis-à-vis China has little or nothing to do with the economic co-operation between the two countries.

Confirming that the agreement was non-exclusive, Vinay Vaish, Founding Partner, Vaish Associates said, "The essence of the agreement is that when DCC's clients come to India, we are their first point of contact and when our clients are to go to China, they will be the first point of contact." He added, "We see immense potential in China and they, in India. We had been speaking since the beginning of this year, and we struck a good rapport with them. We are positive that our agreement will be mutually beneficial."

With this alliance, Vaish has successfully managed to break the traditional 'Best Friends' mould. Most 'Best Friends' arrangements till date are mostly US and UK law firms. AZB & Partners are allied with Clifford Chance, Trilegal with Allen & Overy, Talwar, Thakore & Associates with Linklaters, ALMT Legal with Clyde & Co., P&A Law Offices with Jones Day and Platinum Partners with Freshfields. Poovayya & Co., had an agreement with US firm Brown Rudnik that was later terminated. This is the first instance of an Indian firm allying itself with a Singapore-based firm.

The only other firm that has broken the traditional US/UK mould is Bangalore-based MMB Legal, a J.Sagar breakaway, which has a non-exclusive affiliation with Australian firm, Rotstein Lockwood Reddy.