SJ Interview: Jinal Shah

Jinal Shah is the UK Office Managing Partner at BCLP. With over 20 years of experience, he specialises in cross-border M&A, private equity, joint ventures, and strategic investments. Recognised as a leading individual in M&A by Chambers and Legal 500, Jinal advises clients across various sectors, including infrastructure, food & agriculture, retail, technology, media, entertainment, manufacturing, and financial services. He frequently assists multinational businesses in navigating complex regulatory environments in emerging markets.

In this interview, Jinal discusses his career path, insights from working with high-profile clients like Carrefour and Ocado, the impact of ESG and emerging markets on M&A and private equity, and advice for lawyers starting in complex fields. He also shares his approach to balancing client demands with personal well-being.

Can you tell us about the key moments in your career that shaped your journey to becoming the Managing Partner of the UK office at BCLP?

My career began in a UK city firm, which I view as an excellent introduction to the legal profession. From the outset, I had a genuine passion for law, particularly the practice of advising clients through complex situations. It wasn’t just about legal knowledge for me; it was about how we, as lawyers, could help clients navigate challenging times, solve problems, and achieve their goals. That sense of purpose has always been a driving force in my career.

As my journey progressed, I found that building strong relationships with clients was essential. I didn’t just want to be a transactional lawyer; I wanted to form lasting, trusted partnerships that would allow me to have a significant impact on both the client’s business and the firm. Over time, I increasingly wanted to shape the organisation I worked for. I was keen to play a more prominent role, not just advising clients, but also helping the firm grow, develop, and position itself as a market leader. I wanted to leave something behind, a legacy of sorts, that would shape the firm for years to come.

When I started considering a move from my previous firm, BCLP stood out. The firm had recently gone through a significant merger, and there was a real opportunity to build something exciting. Although the firm had a rich history, it was still in the process of finding its identity in the market, and that was incredibly appealing to me. I could see ways to add value, contribute ideas, and help the firm establish itself as a brand. So when the opportunity to become Managing Partner came up a couple of years later, I felt incredibly fortunate and proud to take on that responsibility.

You’ve worked with prominent clients like Carrefour and Ocado. Can you tell us about these cases and what lessons you’ve learned from them?

I’ve been fortunate enough to work on some fascinating and varied transactions throughout my career. Working with clients like Canal+, Carrefour and Ocado has provided me with opportunities to navigate a wide range of industries, legal challenges, and market dynamics.

I’ve had the pleasure of advising Canal+ for almost 15 years. One of the more interesting transactions we worked on was acquiring the global rights to Paddington Bear, which involved working with the late Michael Bond’s family. That was a unique deal, not only because of the intellectual property involved, but also because it was a relationship that spanned many years, and it was a great example of a long-term partnership. We’ve also worked on a variety of other projects with Canal Plus, which has always been a rewarding and intellectually stimulating experience.

Similarly, working with Carrefour has been a significant journey within my career. I’ve been working with them for over seven years, advising on various transactions across the globe. Recently, we worked together on a partnership in India, which was a particularly exciting jurisdiction for Carrefour. The deal itself involved navigating a new and complex regulatory landscape, but it was ultimately very successful, and Carrefour is poised to expand its presence in the region.

These relationships have taught me some valuable lessons. The most important lesson is the value of long-term relationships. It’s not about one-off deals; it’s about building a partnership where both sides can trust each other, work collaboratively, and grow together. Clients don’t want to feel like they’re just another transaction; they want to know that you genuinely understand their business, their goals, and that you’re invested in their success.

What is your approach to building strong and long-lasting relationships with clients?

Building long-lasting client relationships is a multi-faceted process that requires consistency, reliability, and value addition. For me, it’s crucial to stay engaged throughout the entirety of a project or deal. I don’t just show up at the beginning and end, shake hands, and then move on to the next thing. I remain actively involved with my clients at every step of the process. Whether it’s offering strategic advice, managing challenges, or finding new ways to create value, being there throughout the journey is essential.

Trust is the foundation of any client relationship, and that’s something that takes time to build. It’s not something that happens overnight; it’s about demonstrating that you’re always there, that you’re reliable, and that you can consistently deliver on what you promise. I also focus on adding value, not just in terms of legal expertise but by providing practical solutions and insights that help clients achieve their broader business goals. Showing clients that you’re invested in their success and that you can offer more than just legal advice helps foster trust.

Another key aspect of building long-term relationships is being able to understand and adapt to the changing needs of clients. As businesses evolve, so too do their legal needs. By keeping an open line of communication and staying involved in their strategy, you can better anticipate their needs and provide tailored advice that truly adds value.

How do you see the evolving legal needs of industries like infrastructure, technology, and retail over the next 5-10 years?

The legal needs of industries like infrastructure, technology, and retail are always evolving, particularly as new technologies emerge and regulatory environments change. Over the next 5 to 10 years, we’re going to see significant changes driven by innovation, digitalisation, and a shift towards sustainability. Clients in these sectors will continue to innovate, and as their business models evolve, so too will their legal requirements.

In the technology sector, for example, we’re already seeing a rapid pace of change. As digital transformation continues, the need for legal advice around data privacy, intellectual property, and cybersecurity will grow. Retailers will also continue to adapt to the digital age, with e-commerce, omnichannel retailing, and supply chain innovation presenting new challenges for legal teams.

In infrastructure, sustainability and environmental concerns are likely to play a much bigger role. The need for lawyers who can navigate these evolving regulations will be crucial, particularly in the context of large-scale infrastructure projects that are designed to meet new environmental standards and address climate change.

In all of these industries, clients will expect their legal advisors to not only provide sound advice but also to think about the broader context. It’s no longer enough to simply address the immediate legal issue at hand; lawyers must be able to offer forward-looking, strategic advice that aligns with the client’s broader business objectives.

With the rise of ESG (Environmental, Social, and Governance) factors in investment decisions, how do you think this will impact the future of M&A and private equity deals?

ESG is a topic that has gained significant traction in recent years, and its impact on M&A and private equity is already being felt. Clients are increasingly making investment decisions based on not only financial factors but also environmental, social, and governance considerations. While ESG isn’t necessarily the direct driver of M&A transactions, its influence is growing.

One example we've already seen is the effect of shifting government policies. With the change in the United States administration, there has been a de-emphasis on environmental factors recently, which has had an impact on M&A transactions. The appetite for certain types of transactions has changed as a result. This illustrates how changes in government policy can influence how people approach acquisitions and disposals, whether for complementary or non-complementary businesses.

However, overall, across various jurisdictions, including in the UK, ESG factors will continue to be a key consideration in decision-making for M&A deals going forward. In due diligence processes, ESG-related questions are now part of the standard set of inquiries when evaluating opportunities.

What emerging markets do you see presenting the most opportunities for private equity investment in the coming years?

Rather than focusing on specific markets, there are clear trends and macroeconomic factors that will continue to drive private equity activity in the coming years. As I mentioned earlier, markets with strong GDP growth, a growing middle class, and political stability will continue to attract foreign investment.

Southeast Asia, Sub-Saharan Africa, and certain parts of Latin America are all poised for continued growth. These regions have young, growing populations, expanding middle classes, and increasingly stable governments. This creates an ideal environment for private equity, as investors look to capitalise on the growing consumer base and infrastructure needs.

Healthcare, technology, and energy will remain key sectors for private equity investment in these markets. As these regions continue to modernise and develop, demand for these services and products will only increase, making them prime targets for investment.

Do you see an evolving trend in regulations that could attract more foreign investment in these markets?

Yes, many emerging markets are proactively adjusting their regulations to attract foreign capital. This often involves changes to tax incentives, more liberalised monetary policies, and improved regulatory frameworks that are designed to provide greater certainty and transparency to investors.

However, regulatory stability is key. Countries that can demonstrate that they have a stable and predictable legal and political environment will be the most successful in attracting investment. Governments that focus on strengthening the rule of law and improving regulatory enforcement will find that foreign investors are more likely to deploy capital in their markets. 

What are some of the key challenges lawyers face when managing cross-border legal issues, and how can they overcome them?

One of the biggest challenges in cross-border legal work is understanding how business is done in different jurisdictions. What works in one country may not work in another, and cultural norms, local laws, and practices can vary widely. Lawyers need to have a deep understanding of the local environment, including regulatory practices, market dynamics, and the nuances of the legal system in each jurisdiction.

To overcome this challenge, it’s essential to build strong networks with local legal professionals and partners in each jurisdiction. This helps ensure that the advice provided is not only legally sound but also culturally and contextually appropriate. Overcoming cross-border challenges requires collaboration, adaptability, and a willingness to learn.

How do you think technological advancements will impact the legal industry in the coming years, particularly in terms of efficiency and client service?

Technology is already having a significant impact on the legal industry, and its influence will only continue to grow. The integration of artificial intelligence (AI) into legal work is helping firms to improve efficiency, streamline processes, and reduce costs. Tasks like contract review, document management, and legal research are increasingly being automated, freeing up lawyers to focus on higher-value work.

At the same time, technology is creating new challenges, particularly in terms of cybersecurity. Law firms handle sensitive client information, and as more legal services move online, the risk of cyberattacks increases. Ensuring that appropriate measures are in place to protect client data is crucial.

What advice would you give to lawyers starting in complex areas like cross-border M&A and private equity?

My advice is simple: focus on the fundamentals. While these areas are complex, the foundation of good legal practice remains the same. Develop a strong understanding of the law, but also gain commercial insight into the industries you work in. Build relationships with clients and colleagues who can help you learn and grow throughout your career. Be patient—success in complex legal fields often takes time.

How do you balance client demands with maintaining a healthy work-life balance in a high-pressure career?

Balancing client demands with personal time is a constant challenge. For me, it’s about setting boundaries. I schedule time for exercise, family, and personal activities, which allows me to switch off and recharge. Taking care of your mental and physical health is not just important for your well-being but is also essential for long-term career success. Without balance, you risk burnout, which ultimately harms both your personal life and your professional performance.