Law firms can retain talent by fostering supportive team culture: Founder of Saga Legal, Gaurav Nair

Saga Legal is a multi-service law firm that was set up in 2016 at Delhi, and which recently expanded its presence in Bengaluru, Karnataka. In this interview, the firm's Founder and Managing Partner, Gaurav Nair touches upon Saga Legal's journey so far, its growth trajectory, holistic salary structures, the likely impact of foreign law firms entering the Indian market, AI in the legal services industry, and more. .It has been 8 years since you set up Saga Legal. How has the journey been so far?Gaurav Nair (GN): The journey has been deeply gratifying and intellectually stimulating, to say the least. As we stood at the threshold of this venture, fully aware of the challenges that awaited us, we soon realized that our apprehensions were outweighed by the immense and unwavering support we received. The industry and our clients, whom we've had the privilege to represent over the years, embraced us wholeheartedly which accelerated the planting of our feet firmly on the ground. This enduring support has enabled us to evolve from a litigation-focused practice initially to a comprehensive corporate firm spanning diverse areas of law, with offices in New Delhi and Bangalore. Transitioning into a multi-service law firm presented us with numerous hurdles. However, surmounting each challenge has been instrumental in shaping the culture and identity of our firm today. We embarked on this journey with the understanding that we want to build a legacy centered around exceptional client satisfaction and the highest standards of professionalism, and as we look back, we strongly believe we have lived up to that vision.Reminiscing from this vantage point, it's clear that the impact we've made is just the beginning of what we aspire to achieve in the years ahead. We're committed to raising the bar in terms of service quality and innovation. The groundwork we've laid has positioned us to make a far-reaching impact in the future, striving for excellence and making a meaningful difference to the legal landscape..What is the salary structure at your firm? How would you compare the same with big law firms?GN: Our focus, over the years, has been to become progressively competitive and increasingly aligned with the salary structures observed in bigger law firms. This ever-evolving structure underscores our commitment to enhancing compensation packages and ensuring that we remain attractive to top legal talent in the industry.Our approach to salary structures goes beyond mere monetary considerations, adopting a holistic perspective that encompasses various factors. We recognize that viewing compensation solely through a financial lens can be limiting and simplistic. Instead, we take into account multiple parameters such as growth opportunities, client exposure, work policies, and the overall work environment when determining packages.We staunchly believe in prioritizing the wellbeing of our team members, which is why we invest in several initiatives that ensure the same. For instance we provide Mediclaim covers for all of our team. The idea behind incorporating such an approach is that we truly believe that our team members are the bedrock of our firm, and our success lies in their well-being. Moreover, we have recently implemented a referral-based policy that rewards team members for bringing new mandates to the firm through successful client referrals. This initiative incentivizes our team members to actively contribute to the firm's growth and fosters a culture of collaboration and shared success.In essence, our commitment to holistic salary structures and overall well-being reflects our firm's values and vision. We strive to create an environment where our team members feel valued, motivated, and empowered to achieve both personal and professional growth within our organization..Our approach to salary structures goes beyond mere monetary considerations.Gaurav Nair.What is the firm’s equity structure? What is the model you follow?GN: Currently, our firm is in the final stages of establishing an equity structure that embodies our core values of growth, entrepreneurship, and integrity. Working closely with professionals, we are designing a system that combines performance-based metrics with elements that promote practice area development and partner parity. Our aim is to foster a true spirit of partnership, where transparency and objectivity are paramount, allowing Partners the creative space to build their practices, yet have common and shared values that build the bond and joint vision for the firm.The firm highly values individuals who possess an entrepreneurial mindset, demonstrate creativity and innovation, exhibit unwavering commitment to common objectives, and show a willingness to take calculated risks. Collectively, these attributes exhibit a proactive, resourceful, and determined approach towards achieving goals and driving positive change within the organization. They also reflect qualities that are often associated with successful leaders who thrive in dynamic and challenging environments. The equity opportunity is open to all current and future team members who demonstrate these qualities.Our goal is to create an equitable and inclusive environment where every member of our team has the opportunity to flourish, contribute meaningfully, and share in the success of our firm. With the equity structure, the objective is to cultivate a dynamic and supportive ecosystem that empowers individuals to excel and realize their full potential within our organization..In terms of expansion plans, where do you see the firm in the next three to five years?GN: Saga Legal has recently expanded its operations with the opening of a new office in Bangalore and the relocation to a larger, modern office space in New Delhi, which represents significant milestones for our firm. Our state of the art New-Delhi office is equipped with the latest cutting-edge tech and has been designed with the view of providing our team with an inspiring work environment that promotes productivity, collaboration and supports their professional development, enhancing our ability to serve clients effectively. Our Bangalore office, strategically located in Indiranagar, allows us to actively engage with and support the dynamic community of entrepreneurs, innovators, startups, and established enterprises, fostering collaboration and growth within this thriving hub of innovation.In addition to our recent expansions, we are actively exploring opportunities to establish offices in Pune and Hyderabad, aiming to enter new markets and broaden our geographical reach. This strategic expansion will enable us to serve a more diverse clientele and further develop our expertise across various practice areas. Looking ahead, our vision is to establish Saga Legal as a leading presence in key cities across India, offering comprehensive legal services and upholding our commitment to excellence and innovation in the legal field.Concurrently, we are looking to onboard talented individuals who can join us as partners, whether they specialize in our current practice areas or have the capacity to introduce new verticals to our repertoire. This search extends to candidates who can make valuable contributions to our existing offices as well as the prospective locations in Pune and Hyderabad. In the coming years we aspire to serve a much wider range of clientele and establish our offices in various untapped markets and geographies.These initiatives reflect our firm's dedication to growth, client satisfaction, and strategic expansion, positioning Saga Legal for continued success and impact in the legal landscape..I am not of the opinion that legal jobs will be at stake owing to AI. However, I do think that AI is going to be a harbinger of change.Gaurav Nair.How do you see AI changing the legal profession? Do you think law firm jobs will be at stake as the technology becomes more advanced?GN: The far-reaching applications of AI are already being observed across various industries and we strongly believe that its adoption in the legal realm will continue to grow significantly. We are already witnessing the emergence of AI in certain aspects of the legal value chain, ranging from streamlining of processes to the adoption of AI driven tools for research, contract analysis and case prediction. However, I am not of the opinion that legal jobs will be at stake owing to AI. Software and technology, irrespective of how advanced they are, will never be sophisticated enough to replace the skillset a competent lawyer brings to the table. Especially the human connection, which is an integral part of the attorney-client relationship will be extremely challenging to replace. However, I do think that AI is going to be a harbinger of change in the way the legal industry has been functioning. Legal jobs as we know them today will go through an overhaul and lawyers who upskill themselves and make themselves familiar with various AI driven tools will come out the other side with exponentially better outcomes..Entry of foreign firms in the Indian legal market is a positive step for multiple reasons.Gaurav Nair.What kind of impact do you think the imminent entry of foreign law firms will have on firms like yours?GN: In my view, the entry of foreign firms in the Indian legal market is a positive step for multiple reasons. Foremost, it will create numerous opportunities for collaboration, the exchange of best practices, and knowledge-sharing, thereby catalyzing growth within the Indian legal sector. Small and mid-sized firms are particularly well-positioned to benefit from such collaboration, as they often are more flexible and adaptable, making them the perfect candidates to capitalize on this opportunity. With foreign law firms in the picture, opportunities for global outreach and cross border collaboration will also see a manifold increase. However, it's important to acknowledge that there are challenges, such as ensuring a level playing field for Indian law firms and addressing necessary amendments to the Advocates Act, which should be addressed concurrently with the serious consideration of market opening..How do you think Indian law firms can curb attrition and attract or retain talent?GN: Law firms can effectively address attrition rates and attract or retain talent by incorporating progressive policies and fostering a supportive team culture that understands and meets team members’ expectations efficiently. Forward-thinking initiatives, such as flexible work arrangements and comprehensive healthcare benefits, demonstrate a commitment to members well-being and work-life balance, contributing to lower attrition rates. In addition, providing clear career development opportunities and defined pathways for advancement enables members to enhance their skills and pursue professional growth within the firm. .Law firms can address attrition rates by incorporating progressive policies and fostering a supportive team culture.Gaurav Nair.Timely promotions based on performance are crucial for recognizing and rewarding contributions, advancing a sense of appreciation and job satisfaction within the firm along with offering competitive compensation packages with benefits. Furthermore, encouraging open communication and feedback channels promotes transparency, allowing persons to voice concerns and share ideas, which cultivates a supportive and inclusive work culture. Engaging members in decision-making processes and firm activities empowers them and advances a sense of ownership. A confluence of these efforts can effectively contribute to lower attrition rates and can act as a stimulus for attracting talent..Evolution of AI will influence the way legal services are delivered in the coming years.Gaurav Nair.What are the top three trends that we will see in the legal market in the next three years?GN: I speculate a significant transformation characterized by a shift towards further fragmentation of specializations and the emergence of niche practice areas within various verticals as they currently exist. This trend is likely to spur the creation of additional boutique law firms focusing on specialized areas of law such as technology law, cybersecurity, and environmental law. Concurrently, the increasing dominance of artificial intelligence (AI) across industries will lead to a notable impact on the legal sector. While AI adoption in legal practices is currently limited, advancements in AI technology are expected to enhance its sophistication and adoption rates in the coming years. This evolution will influence the way legal services are delivered. Additionally, the rise of Alternative Legal Service Providers (ALSPs) offering specialized legal services outside traditional law firm structures will present both competitive challenges and collaboration opportunities within the legal ecosystem.Adapting to these anticipated trends will be crucial for law firms and legal professionals to capitalize on emerging opportunities and navigate the dynamic terrain of the evolving Indian legal market effectively.