Kalra’s firm, a tight-knit team of 50 lawyers, prides itself on a unified equity model and single-book culture.
Call them the proverbial Davids giving the Goliaths a run for their money.
Amidst the dominance of family-owned Big Law firms, alongside the mid-tiers and small players, a new category has emerged—premium, highly specialised boutique law firms that are reshaping the Indian legal landscape. These lean, agile outfits are punching well above their weight, challenging conventional notions of size, scale, and success.
“Following the tradition where the client-attorney relationship was deeply personal and based on trust and accessibility, these firms are bringing back much-needed intimacy which is a casualty when firms become too large,” says Majid Afsar Siddiqi, co-founder of Lex Consult, one among this growing league of elite boutiques. Estimated at around 25 in number, these firms have sprung up over the past few years, signaling a clear shift towards specialisation, agility, and value-driven legal services.
According to Ankita Malik, a consultant with legal search and consulting firm Vahura, “Premium law firms are highly specialised legal practices that offer top-tier expertise while maintaining a leaner structure. They’re known for high-quality advisory capabilities, direct partner involvement, and a reputation for excellence in complex or high-stakes mandates across corporate, disputes, or niche sectors such as tech, IP, regulatory, or fund work.”
“These firms are redefining success not through scale, but through clarity of offering and a commitment to premium service delivery, competitive senior compensation, transparent partnership models, sectoral depth, and a client-centric approach,” she adds.
And no, they’re not winning work by undercutting the big firms. On the contrary, they charge higher fees given the high value and expertise they bring to the table.
“Most clients who come to us are in dire straits and consciously choose us over Big Law firms,” says Sherbir Panag, founder and managing partner of Panag & Babu, India’s foremost white-collar crimes and corporate governance law firm. “If you have cancer, you don’t go to a multi-specialty hospital. You go to a cancer specialist.”
At the time Panag founded his firm, white-collar crime wasn’t even a recognised vertical at most large firms. “Back then, Big Law tried to enter the space by hiring forensic teams,” he recalls. Today, Panag & Babu commands an estimated 70% market share in this niche practice and is globally regarded for its work in business crimes and corporate defence.
Echoing the philosophy, Siddiqi of Lex Consult—focused on corporate and transactional law with 25 lawyers and 4 partners—emphasises, “Deep specialisation, partner-led delivery, and the ability to move with speed and precision enable us to compete in high-stakes matters. It’s not about doing everything. It’s about doing a few things exceptionally well.”
That sentiment is shared by Rahul Rai, co-founder and partner of of Axiom5, a specialist in competition law. “The size of the pie is increasing, and top-tier firms can’t capture all of the additional work. This is a hugely exciting time for us—clients come to us for the personalised attention and domain depth we offer.”
Rai acknowledges that a major advantage large law firms have is their ability to handle mega-transactions, which demand significant bench strength. “Only Big Law can delegate a Rs 10,000 crore deal to 100 lawyers for a 60-day closure.”
But he also believes that in cases which require expertise in allied verticals, specialised firms have started collaborating with each other. “I may, for instance, refer a client to a specialised firm in securities law or mergers and acquisitions. However, at such junctures it’s crucial to resist the urge to expand beyond our core competencies.”
Vishnu Jerome, founding partner of JMP Law, a niche banking and finance player, agrees that niche firms are being able to “survive and thrive by collaborating with each other”. He also adds that artifical intelligence (AI) tools have helped democratise access to information and speed, giving smaller firms new competitive advantages.
Karan Kalra, founder of Bombay Law Chambers, is more forthright. “In family-run firms, there’s limited autonomy as a lawyer. Even equity partners are often just glorified employees. And that’s one of the reasons we are seeing an exodus at the top levels because there is no loyalty which binds them to the firm.”
Kalra’s firm, a tight-knit team of 50 lawyers, prides itself on a unified equity model and single-book culture. “We aim for work-life balance, flexibility, and reduced toxicity,” he adds. “We’re challenging the old model.”
Interestingly, big brands are not a deterrent for specialist firms.
“The name of the firm matters less today,” says an industry insider. “If you provide high value advice and service, clients will automatically come to you. The franchise does not matter but the individual lawyers and the work that they do speaks for itself now.”
Compensation structures also play a big role in the talent migration to boutiques. “Median payouts for principal associates and salaried partners are on par with—or even better than—those at full-service firms,” says Malik of Vahura. “Boutiques are now viable destinations for lawyers seeking autonomy and reward.”
Different boutiques are experimenting with different models. Moksha Bhat, managing partner of AP & Partners, focused on corporate, M&A, and employment law, says, “We are focused on delivering greater value rather than competing on pricing strictly. We believe there is space in the market for a team of lawyers who are driven, hands on and responsive to client needs.”
Pradeep Nayak, founder of Keystone Law, a litigation-focused firm, believes clients now view specialists not as budget options, but as credible peers. “We’re not just cost-effective substitutes. Clients are recognising the true value of domain and forum expertise.”
Similarly, Ramesh Vaidyanathan, co-founder of BTG Advaya, which specialises in disputes and transactions, reflects on the limits of scale. “In the rush to grow, we were running out of time. We chose not to scale indiscriminately. We tell our clients upfront—we’re not everything to everyone, but we’re excellent at what we do.”
Siddiqi of Lex Consult wraps it up with a fitting metaphor: “The future belongs to firms that blend trust, focus, and agility with sharp sectoral insight. In a world defined by scale, sometimes it’s David with a simple sling and sharp stones that could change the way an industry operates.”