ET Circle: Cyril Shroff's enduring wisdom in law,legacy, and leadership, and the creation of lasting institutions

Cyril Shroff, with 42 years of legal practice experience across various domains including corporate, securities law, disputes, banking, and infrastructure, and 27 years in leadership roles, has been instrumental in evolving Cyril Amarchand Mangaldas. Expressing his gratitude, Shroff highlighted his enjoyment in reinventing the legacy firm and creating a substantial talent pool, shaping numerous careers. He believes these careers contribute to his legacy, as the values instilled in these professionals will endure beyond his tenure.

In a recent ET Circle interview with Abhinav Kejriwal from the Times of India, Shroff emphasized the crucial role of having a clear purpose for the firm's longevity. He proudly noted that the firm, with its 107-year history, is regarded by some clients and well-wishers as a national treasure.

The discussion with Kejriwal compared institution-building to cathedral construction, where builders often don't see the end result. Shroff revealed that the secret to creating lasting institutions lies in fostering a strong value system. Recognizing the inevitability of human mortality, Shroff pointed out that enduring brands are built on intangible elements that outlast physical assets, personnel, and clients.

He used an accounting analogy, emphasizing the importance of focusing on the 'balance sheet' of intangible assets. The firm's main investment has been in knowledge, which has defined its character and trajectory. Shroff shared the lesson of constructing a strong value system, referring to the firm's core values often highlighted in their email signatures. These values emerged from introspection on the firm's purpose and existence.