[Exclusive]: JSA’s Somasekhar Sundaresan set to leave for Counsel practice [Updated]

J. Sagar Associates Senior Partner and Executive Committee Member Somasekhar Sundaresan is all set to leave the firm to start Counsel practice, according to authoritative sources..However, the timeline as to when he will leave the firm is not clear yet. Somasekhar and Berjis Desai were not available at the time of publishing the story..Update: The firm has issued a statement on Somasekhar’s decision to go independent..“We are delighted and proud to announce that Somasekhar Sundaresan, our equity partner for the last thirteen years and a member of the Executive Committee, will begin the next phase of his professional journey as an independent counsel, with focus on securities and financial sector regulations. The transition is expected to be completed by 2016.”.Somasekhar, who heads the firm’s Securities Law and Financial Sector regulatory practice, joined JSA in 2003 along with Berjis Desai when Desai merged his practice with JSA to set up the firm’s Mumbai office..Desai, who has recently step down as the firm’s Managing Partner, will be retiring in 2017. In January this year, the firm elected Shivpriya Nanda and Dina Wadia as the Joint Managing Partners..Somasekhar’s exit comes at a time when the firm has seen some top-level exits. Last year, Equity Partner Akshay Chudasama, left the firm along with his team, to head Shardul Amarchand Mangaldas’ Mumbai office..Nor is JSA the only firm to see movement from the rainmakers. Earlier this month Trilegal co-founder Anand Prasad also announced his decision to leave the firm for counsel practice..Read the press statement issued by Jyoti Sagar and Berjis Desai