First Principles

Hello and welcome back to First Principles. This is the 47th episode since we started, or the 6th episode of season 3.In this episode, I sit down with Rahul Matthan, a co-founder of Trilegal, one of India’s largest and most successful full-service law firms. While Rahul starts by questioning if a lawyer can be an entrepreneur, the conversation unfolds into a masterclass on the patient, principled art of building a lasting institution.Rahul provides a rare, inside look into the unique challenges of building a professional services firm—a business where the people are the product. He breaks down the counterintuitive models Trilegal adopted to foster a culture of collaboration over individual stardom. We explore their radical “all-equity partnership” and the “lockstep” compensation model, designed to de-risk the firm from becoming dependent on individual “rainmakers” and to align everyone’s incentives towards collective success.A key theme is the power of compounding principles. Rahul explains how foundational decisions made 25 years ago, such as not naming the firm after its founders and instilling a “firm before self” ethos, were critical for long-term, sustainable growth. He also shares the story behind Trilegal’s exponential 3X growth during the COVID period, attributing it not just to market demand but to a crucial, planned transition from a founder-led management to a new leadership team built for scale.Finally, Rahul offers a nuanced and critical perspective on the impact of AI on the legal profession. He argues that the real disruption won’t be in replacing senior experts, but in hollowing out the training ground for junior associates, posing a fundamental challenge to the apprenticeship model that professions rely on.*****This is the 2nd part of my conversation with him.*****This episode was mixed and mastered by Rajiv CN.Write to us at fp@the-ken.com with your feedback, suggestions, and guests you would want to see on First Principles.If you enjoyed this episode, please help us spread the word by sharing and gifting it to your friends and family.

In this episode, Rohin Dharmakumar sits down with Rahul Matthan, a co-founder of Trilegal, one of India’s largest and most successful full-service law firms. While Rahul starts by questioning if a lawyer can be an entrepreneur, the conversation unfolds into a masterclass on the patient, principled art of building a lasting institution.Rahul provides a rare, inside look into the unique challenges of building a professional services firm—a business where the people are the product. He breaks down the counterintuitive models Trilegal adopted to foster a culture of collaboration over individual stardom. We explore their radical “all-equity partnership” and the “lockstep” compensation model, designed to de-risk the firm from becoming dependent on individual “rainmakers” and to align everyone’s incentives towards collective success.A key theme is the power of compounding principles. Rahul explains how foundational decisions made 25 years ago, such as not naming the firm after its founders and instilling a “firm before self” ethos, were critical for long-term, sustainable growth. He also shares the story behind Trilegal’s exponential 3X growth during the COVID period, attributing it not just to market demand but to a crucial, planned transition from a founder-led management to a new leadership team built for scale.Finally, Rahul offers a nuanced and critical perspective on the impact of AI on the legal profession. He argues that the real disruption won’t be in replacing senior experts, but in hollowing out the training ground for junior associates, posing a fundamental challenge to the apprenticeship model that professions rely on.This episode was mixed and mastered by Rajiv CN.Write to us at fp@the-ken.com with your feedback, suggestions, and guests you would want to see on First Principles.If you enjoyed this episode, please help us spread the word by sharing and gifting it to your friends and family.

Anand Jain, co-founder of CleverTap, shares his entrepreneurial journey from starting a business at age 12 to leading a successful customer engagement platform. He discusses the importance of resilience and innovation, fostering a collaborative company culture, and the transformative impact of AI on customer insights. Anand emphasizes lifelong learning, the evolution of leadership in tech startups, and unique hiring practices that focus on passion. He also reflects on how trekking can serve as a metaphor for personal growth and overcoming challenges.

Anand Jain, co-founder of CleverTap, shares his inspiring entrepreneurial journey from coding for survival at age 12 to launching a leading customer engagement platform. He discusses the critical lessons learned from early struggles, including strategic decision-making and the importance of resilience. Anand also emphasizes engaging customers over transactions, illustrating how meaningful interactions enhance loyalty. His journey highlights innovation and adaptability, with interesting anecdotes about his early projects and the transformative power of a builder's mindset.

Narayan Subramaniam, Co-founder and CEO of Ultraviolette Automotive, shares his passion for innovative design in electric vehicles. He discusses the role of time in startup growth and the importance of adaptability among co-founders. Delving into the power of elimination, Narayan emphasizes that true innovation springs from discarding subpar solutions. He also explores the challenges of funding in the automotive sector and the significance of aligning company goals with team interests while balancing professional commitments with personal passions.

Narayan Subramaniam, Co-founder and CEO of Ultraviolette Automotive, shares insights from his nine-year journey in Bangalore's automotive innovation landscape. He discusses the urgency of time in startups, emphasizing how resource constraints drive innovation. Narayan reflects on the origins of Ultraviolette, balancing academic pressures with a quest for originality in engineering. He navigates the challenges of securing funding, building a skilled team, and adapting battery technologies, painting a vivid picture of the evolving electric vehicle market and its future.

Manish Sabharwal, Co-founder of Teamlease, discusses the misalignment of India's educational system with job market needs. He tackles the challenges of higher education funding and the importance of vocational training for economic growth. Manish shares insights on balancing his diverse roles across non-profits and businesses, highlighting the significance of self-discovery in personal growth. He also addresses the socio-economic dynamics in India, advocating for teamwork to rebuild trust and progress, alongside reflections on technology's role in societal change.

Manish Sabharwal, Co-founder of Teamlease and expert on labor markets, shares insights on India's development journey. He discusses the importance of long-term thinking in creating a legacy and addresses challenges like wage stagnation and the transition from agriculture. Manish critiques bureaucratic hurdles and corruption, highlighting their impact on growth and AI's potential in society. He also emphasizes the undervaluation of care work and the need for economic reforms to foster innovation and entrepreneurial freedom in India.

Sahil Barua, co-founder and CEO of Delhivery, shares insights into the evolving logistics landscape. He discusses the importance of thoughtful leadership over hasty decisions, emphasizing strategic coherence and team dynamics. The conversation dives into quick commerce in India and the challenges it presents. Sahil also reflects on personal growth through reading and the balancing act of entrepreneurship, revealing how friendships contribute to fulfillment in his professional journey. His take on reaching 40 offers a relatable perspective on life and career.

Sahil Barua, the Co-founder and CEO of Delhivery, shares insights into the logistics industry and his company's unique approach. He discusses the complexities of Indian logistics, emphasizing sustainability and decentralized management. Sahil reflects on stepping away from impulsiveness, opting for direct communication over social media, and the importance of being open to 'happy accidents' in life. He also explores innovative strategies, including transitioning from traditional models to dynamic mesh networks, positioning Delhivery for future challenges and opportunities.