Podcasts & Interviews

Podcast with Rukmini Sinha, Legal Counsel, Aditya Birla Finance Limited (Part-2)

Join our host, Avinash Tripathi, in an enlightening episode of LexDiscuss Cafe as he sits down with Rukmini Sinha, Legal Counsel at Aditya Birla Finance Limited. Get ready for a deep dive into the legal world, where Rukmini shares her experiences, perspectives, and valuable advice. 🚀

Key Questions Explored:

The Role of an In-House Counsel

Rukmini sheds light on the pivotal role of in-house counsel. What’s the most critical aspect of their work? Discover the behind-the-scenes responsibilities that drive legal excellence within organizations.

Generative AI and the Legal Landscape

The buzz around Generative AI is undeniable. Rukmini discusses its impact beyond legal departments. How does AI shape legal processes, and what does it mean for the future of law?

AI and Mundane Tasks

Can AI handle mundane legal tasks, freeing up human minds for high-impact issues? Rukmini shares her perspective on the symbiotic relationship between technology and legal professionals.

Cross-Departmental Communication

Rukmini reveals what she wishes other departments understood about legal work. Bridging the gap between legal and non-legal teams is essential—she explains why.

Finance-Specific Compliance

In the finance industry, compliance is paramount. Rukmini highlights specific regulations she’s encountered over the years. Learn how finance professionals navigate this complex landscape.

Regulatory Compliance for Startups

Young startups often operate with small teams. How can they ensure compliance with regulations? Rukmini provides practical insights for budding entrepreneurs.

When to Hire the First Lawyer

Startups face critical decisions. Rukmini shares her thoughts on the right time for startups to bring legal expertise on board. Timing matters—discover why.

Staying Current with Evolving Laws

As an in-house counsel, Rukmini stays informed about ever-changing legal norms. How does she keep up? Her strategies are invaluable for legal professionals.

Legal Research Tips and Tricks

Rukmini offers practical advice for effective legal research. Whether you’re a law student or a seasoned lawyer, her insights will enhance your skills.

Rapid Fire Round:

  • One Law for Life: If Rukmini could choose only one law for her entire career, which would it be?
  • Litigious Animals: Imagine animals could sue. Which species would be the most litigious?
  • Favorite TV Show or Movie: Rukmini shares her entertainment preferences.
  • Law Degree at Home: Does having a law degree help win arguments at home?
  • Dream Legal Debate: If she could argue against any lawyer (dead or alive), who would it be?

Advice for Aspiring Lawyers

Rukmini leaves us with inspiring advice for young legal minds embarking on similar paths.


Tune in for a captivating conversation that blends legal insights, AI exploration, and career wisdom! 🎧📚

Feel free to share this episode with fellow legal enthusiasts and ignite meaningful discussions. 🌟✨


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Welcome back, dear listeners, to another enlightening episode of LexDiscuss Cafe.

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Today, we are thrilled to continue our conversation with Rukmini Sinha.

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She is an accomplished legal counsel currently at Aditya Birla Finance Limited.

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With a rich background spanning both litigation and non-litigation sectors, Rukmini's expertise

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in digital lending space, compliance, and contract management is invaluable.

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In part one, we delve into her initial journey and experiences in the legal field.

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We also discuss how she transitioned from an LPO to an in-house counsel role.

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Today, we will explore more about her insights into the evolving landscape of law,

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fintech, and technology.

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Hey, Rukmini, welcome back.

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Thanks for coming again on our podcast.

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How was your experience the first time?

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Thanks for having me again.

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And the experience was very nice.

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And I thoroughly enjoyed it.

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And I think I did perform well.

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And that's why I'm here for the second time.

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That's what we have been listening as well.

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Last time, we delved into starting your professional career as a human rights lawyer,

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then making a transition to an LPO, then from that an LPO to as an in-house counsel or legal manager.

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Now, in this podcast, I want to go more deeper into your work as an in-house counsel.

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So my first question is, in your opinion, in your broad experience part,

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what is the most important job of an in-house counsel?

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What is the most important job of an in-house counsel?

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The most important job of an in-house counsel starts with knowing the products,

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line of businesses, and services that the organization is catering to.

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And connecting and networking and having an amicable relationship with different departments

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is very important because only then you get the required cooperation and understanding from people.

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And thirdly, all the laws which are ancillary and incidental to your line of business

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you should have a good knowledge or at least some kind of knowledge wherein you can build further

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on something on those lines.

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And of course, you should have a good communication skill and negotiation power

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because it comes handy a lot of times.

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Your first negotiation is with your internal stakeholders

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and only then with the external stakeholders.

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I mean, one should need to have a very good communication skill

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which is backed by the sound knowledge of the subject matter.

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Wow, let's talk about the buzzword these days, generative AI.

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So my question is how legal departments are adapting to the fact that other than them,

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everybody else is using generative AI as much as they can?

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I think I'm a very traditional kind of a lawyer so I'm pretty satisfied and happy

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that we are not using AI to that effect as it is being used by people in other professions.

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Because see, we are still encountering events or episodes where the law is constantly building,

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developing, changing because, you know, it is said that the law of a particular state

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reflects the kind of the society that we live in.

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So the law is always evolving and changing.

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And we all know and with my limited understanding, you can correct me if I'm wrong,

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the AI is only able to deliver as much as we are able to feed in the intelligence in them.

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And we can only feed in the intelligence in them as much as we have.

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So we don't know exactly what is going to happen five years down the line or ten years down the line.

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And therefore, these AI tools cannot be provided in intelligence with respect to that.

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So in that way, I think for a limited profession,

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AI will not be a very foolproof kind of a solution and I'm pretty happy about it.

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At least I have my job.

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Yeah, see, the thing is, I think any AI tool is not trying to replace lawyers.

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But the fact is, and as you rightly said, that you can't give them the intelligence we already don't have, right?

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Absolutely.

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Where AI tools really excel is, imagine in your case, in your whole lifetime,

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how many contracts can you read?

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Three thousand, four thousand, five thousand, ten thousand maximum.

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An AI tool can do that in five minutes.

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It can read all those five thousand to ten thousand contracts and gather learnings from that.

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And then kind of give it a predictive analysis.

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Okay, this is where, you know, if I have seen hundreds of times when this kind of a clause is written,

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when this kind of a clause is used, there is 30% more chance of.

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Yeah.

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So, yeah.

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No, so as far as the concept of predictability is concerned and, you know,

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thrashing out the unnecessary things or screening it, I agree with you, it can help to some extent.

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But as far as the core legal working is concerned, I think that is something which is irreplaceable.

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Absolutely. And it should be, right?

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At the end of the day, it is the job of the in-house counsel to take the responsibility, right?

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But at the same time, what I obviously noticed is that there are two types of in-house counsel.

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First are overworked and the second was heavily overworked, right?

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So when you have so many things to take care of, I have heard stories where in-house counsels,

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consultation has been sought for drafting simple letters, right?

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So when every other department is pulling legal department in so many ways, right?

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So what I feel is that, you know, the mundane work should be delegated so that

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the human mind is preserved or saved for more strategic work or more high impact issues, right?

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Like a confidentiality clause, even though we heavily debate.

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And in certain cases, it can lead to disastrous efforts.

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But there are certain clauses which are not that important for the contract.

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So why let the human mind be, you know, wasted on such things?

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Okay, so I would say that I partly agree with you, but partly I will have another opinion.

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So the thing is that AI can be handy when, as you said, that we have to just, you know,

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screen or thrash out the details or things which is not essential for a contract.

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But I think somebody once told me that, you know, law is the ordinary prudence of an ordinary man.

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So apart from generating or, you know, feeding the AI tools with the intelligence,

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I think as an in-house council, we are also educating the people in different other departments.

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For a lot of times, the basic work in a draft, which, you know, they can just ordinarily do or

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make, I mean, these people are making an effort to do that.

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And, I mean, it's not just educating the AI, but also educating the people working around you.

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And, I mean, yes, artificial intelligence is being used now in respect of the contract life

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cycle management tools, where basic annotation and, you know, highlighting the clauses which

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has been fed in a certain way with them is helping it out in some way or the other.

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So yeah, I mean, partly I agree that there could be certain work which can be undertaken

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by these tools, depending on what kind of intelligence we feed in them.

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And a remaining can be done by the council. I think it's just a hit and trial method again.

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So we are also evolving, so we should adapt and evolve with the same.

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Absolutely. So, you know, you spoke about training the other people around you.

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So in your experience, what is one thing you want other departments or other people

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around you to know that has been really hard for you to, you know, teach people around you?

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See, I think in a contract, basic things that I would expect my business people or, you know,

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people from other departments to really take care of is the commercials, because we are not

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involved in the commercial discussions. So we really don't know what are the kind of numbers

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that they agree to. So before they actually send us the document, if they can provide us with a

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product note or the points of agreement on a commercial standpoint, so that when we see

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clauses built around that, we don't have to go back and forth to our business people and they

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don't have to come back to us. At one point in time, we can just read it through the note,

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understand it from there and just finish it off and send it to them. So that sort of lessens the

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burden and it also ensures that the drafts can be shared with them in an effective and short term.

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So that is one kind of learning or, you know, understanding I would actually expect and I

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expect from our other counterparts and I always try to ensure that. Second thing is when certain

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basic comments are given, this shouldn't be sounding offending to other department people,

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but a lot of times we are given the reason that this is a legal language we don't understand.

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So I feel that it is very important for people in other departments to get out of that, you know,

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mental understanding or that kind of apprehension that there is something like a legal English.

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We are not pronouncing judgments in privy council and we're not practicing in the king's court.

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Even then, there is nothing called as a legal language. Everything is in plain English.

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If there is anything which is supposed to be very technical from a legal standpoint,

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of course, we are there to help them and to make them understand. But a lot of things which they

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can deal on their own because it's simple language, let's just try not to complicate that by merely

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stating that it's a legal language. I would like to argue on behalf of those people.

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Everything is not in simple language, to be honest. No, no, I agree. I agree. But out of that 100%,

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there would be at least 30% or 35% where you should not be stating that it is legal English.

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I mean, I know people are very scared and apprehensive of touching a legal document because

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of the repercussions that it brings. But slowly and steadily, when we try to educate and build

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that confidence in those people, they should also take the initiative of not quoting them as

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legal English or legal. Absolutely. You know, one of the things that I often hear from in-house

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councils is we can't just remain in the legal silo, right? We have to understand the business

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as well. Absolutely. But I feel I have rarely seen any manager, sales manager,

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or head of other departments who are saying that we can't remain in our silo, right? And we have

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to understand the law as well. I know a lot of salespeople who understand contracts really well,

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but they are in minority. And the problem that you're sharing is very common. In fact, you know,

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one of the tools that I'm working on is called legal front desk for in-house councils because

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a lot of in-house councils have been inundated by trivial and non-consequential legal questions,

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right? So that legal front desk, what it does, it actually filters out those things. So whatever

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is coming in, it will see if it is a minor issue or if it is a little complicated issue. So it will

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filter out those things. It will create an answer and send it to the in-house council or their junior

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for just the final approval. So do you have a look at it? Because even though these questions

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are simple, but every question is different, right? Absolutely. And in order to make other

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people understand about the general law, you have to speak their language. So that's a very

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common problem that we've seen in house councils. And they'll tell you that this is still to a

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lesser extent here in India. If you speak to US councils, their everything is legal, like, you

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know, every law is so much complicated. I know a friend who has been sued. He's a founder of a

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startup. He was interviewing this person. He was sued because he asked too much personal questions,

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right? So this is a very common thing, right? You know, so in India, we are very used to asking,

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right? You know, okay, who is at your home, what is, but in US, you can be sued for these stuff.

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Yeah, because it's a breach of privacy. And I think we are also slowly and steadily

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moving from that. Yeah, yeah, and also a breach of privacy, because you're just trying to

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intrude into the personal space of the person. Right. Moving on to the next question,

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any particular regulation or compliance that is specific to financial industry that you have

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noticed? A lot of compliances and regulations for financial industry. I mean, one of them is a very

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basic one, which is related to outsourcing of financial services by the regulated entities.

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It is a circular by RBI. And I think RBI is very, very aggressively coming out with regulations,

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changes, and actions on various kinds of organizations. So high time for financial

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institutions to be really wary of what they're doing and what they're not doing.

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Absolutely. And you know, financial industry is very important, right? People are sharing so many

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important stuff like their, you know, identity process and number. It's a good thing that RBI

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is pushing for these regulations. And we have been what happened in the Paytm case, right? So

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how can young startups who have a very small team ensure that they're complying with these regulations?

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Absolutely. I mean, at the first place, I would not like to acknowledge or comment on

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whatever happened with any organization. There are different reasons and all that we are able

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to understand in Fathom is what we are reading in news or what we are hearing from people. So

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barring that as a general advice for the startups or any organization for that matter is concerned,

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is that if you are required to be conservative in terms of interpreting a regulation,

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in order to ensure that your credibility or license and your legal existence is maintained,

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it is always better to be prudent and conservative that way. Because just on the basis of expanding

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your business or marking your presence, if you are sort of threatening the very own credibility or

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identity of the organization, then I think all the efforts are going to be redundant. It's of no

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use. So be very conservative if you have to interpret any regulation or law. Wow, great

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advice there. And in your opinion, what is the right time for startups to hire their first lawyer?

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I think, I mean, a lawyer is a very important rather I would in that case, I wouldn't undermine

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any department. So a lawyer should be with the founders right from the inception of the thought

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process. Because a lot of things are precautionary preventive, rather than, you know, dealing with

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the situation when it comes handy. So it is very important that at the very outset, we take all the

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measures, which can ensure that any kind of risk doesn't arise and if it arises, you know, the

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losses or the harm is minimized. Yeah. So that is what it is. Yeah, without taking names, what I'll

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tell you, because, you know, I go to so many startup events, and there's so many people who

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approach me with their startup idea. So I obviously can't take names, but I can tell you the share,

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like if I'm getting 10 ideas, one is definitely illegal. The other one is partially illegal.

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So I completely concur with you that right from the inception of the idea, it's a good idea to

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consult a lawyer, which may not appear so important to founders at that time who have so many things

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to figure out. Yeah, you can actually just consider it as an investment, investment of resources,

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which can give you, you know, an insured return. So it's just like, if you're stepping into

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something, there is only a person who's skilled at it and who's authorized to advocate or guide

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you on that particular front. So it is very important to have them on board right from the

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inception of the organization. Wow. So we spoke about so many regulations and their regulations

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are coming every day, which are affecting your company. So as an in-house counsel, how you stay

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abreast of all the legal developments? So, I mean, it would be more from an organizational

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standpoint also, and an individual standpoint also. So in the organizations, I think there are

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teams who on a regular basis keep on updating about the regulations or the changes in the

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regulations. But at the same time, it is your individual effort as well, where you can be

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subscribed to certain kind of updates or, you know, certain search engines, which can constantly

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keep you updated with respect to any changes in law or regulation. And I think LinkedIn is

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absolutely a very good platform for the same. Wow. Great advice there. We spoke about staying

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abreast of statutory developments, and we also touched upon the importance of legal research,

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especially in the early part of your career. So any tips and tricks that you would like to

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share with our young listeners? As I stated earlier, there is no shortcut to learning

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and learning by the text that is available. So as a lawyer, I don't know about the other profession,

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and I'm sure that it is similar in the other professions as well. But if you really want to

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be at pace with your counterparts, your colleagues in the same profession, it is very important that

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you should have something over and above of what other people have, which is, of course,

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knowledge. And there couldn't be anything equivalent to knowledge. You can only speak

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when you know something about it. Otherwise, you're just beating around the bush, honestly.

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So it's very important that you develop and mandatorily develop the habit of reading

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and keeping yourself at pace with what is happening, especially in your field.

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If you're associated to one line of business, you should know what developments are happening

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in that space. If not all, there's no shortcut to reading and learning. And it's quite interesting

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if you develop it as a hobby, as a habit and as an art, there is no challenge as such.

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Wow, great advice. Any tools that you really like to use?

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Not really. I prefer, I mean, even if it's court case, I prefer reading it on the website of the

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High Court, Supreme Court or District Court as the case may be. But for case laws and, you know,

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updates, I think Life Law and Bar and Bench is really nice. That way, it gives you a gist

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sometimes, which is really helpful. And I would say that I'm slightly technologically

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challenged on this aspect, but I prefer reading. No worries there. So yeah, it's the time for rapid

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fire round again. So my first question is, if you could use only one law for the rest of your

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career, what would it be? Constitution law. Okay, great insightful answer there.

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The next question is, if animals could sue, which species do you think would be most litigious?

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Dog. Yeah. How can you leave me at home? Yeah. What's your favorite legal TV show or drama

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or movie by that? I'm sorry, I don't watch much. You haven't watched Toots or there was this movie,

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right? In which, anyways, let's move on to the next question. Does having a law degree

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help you win arguments at home? No, no, I don't like mixing my professional and personal life.

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But you have the same skill set, right? Yeah. Yes. I mean, I could say that it is not the cause

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and effect rather this was something which was there in me and which actually persuaded me to

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pursue this profession. So yeah, no, I think being a lawyer is used against me because even

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when I'm winning an argument on an apprehension and bias, they feel like you are winning this

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argument because you're a lawyer, you know, you just know how to argue. But when in the family,

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you also have a lawyer with whom you're arguing. I don't think that that stands true because both

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of them. That's true, right? If you could face any lawyer dead or alive in a court,

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which one would it be? That's a very tough question. I would like to argue opposite

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Ramjeet Malani. Yeah, good, good choice there. So yeah, as we are running out of time, we have just

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time for one more question. In the end, do you have any advice for aspiring lawyers who are

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interested in pursuing a path similar to yours? See, law and the role of an in-house counsel is

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just like mathematics. If you get the formula right, everything is not that tough for you.

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But getting the formula right is important and that only comes by reading and understanding.

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And law as a profession is beautiful because it is the only profession which gives you the leverage

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of interpreting and coming to a particular understanding, which is not there in any other

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profession. So use your imagination, use your creativity, but only when you have a knowledge

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about it. So just read, learn, read, learn. That's all. Wow. Great insights there. Raguni, thanks for

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coming on the podcast. It was really interesting and enlightening. Thank you so much for having me

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and thanks a lot to all the listeners for listening to me. And it was such a pleasure to be there.

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Thank you so much. It's completely our pleasure.

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So this wraps up the part two of our insightful conversation with Rukmini Sinha. Her expertise

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and perspectives have certainly given us a deeper understanding of the challenges and

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opportunities in the field of law. We hope you also found today's episode as enriching as we did.

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If you missed the part one, make sure to check it out for more on Rukmini's professional journey

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and foundational experiences. And thank you dear listeners for joining us once again.

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Don't forget to subscribe, leave a review and stay tuned for more exciting episodes on

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LexDiscuss Cafe. This is your host, Avinash Tripathi signing off. Until the next time,

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stay curious, stay caffeinated.

 

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