TOP 40 INDIAN LAW FIRMS !

The running order for the top five law firms in India remains relatively unchanged from last year. There are some nuances to the scoring but these are minor and reflect changes to personnel and variations in client feedback. For example, last year, Amarchand & Mangaldas and AZB & Partners were joint first. This year, Amarchand & Mangaldas gained more positive client references for its resourcing and ability to handle major transactions and just tips into first position. At almost double the size of AZB & Partners, the firm appears to be consolidating its strength in depth. Having said that, both firms comprise an elite pair of players, whose hegemony at the top of the market continues.

 

Out of the next three firms, the firm that has made the most headway over the past year has been Khaitan & Co. With a steady diet of deals, the firm has won some major client instructions and its market profile among both clients and foreign law firms has increased. JSA and Luthra continue to hold their positions as ‘go-to’ firms with a steady stream of instructions. Interestingly, both these firms have altered their compensation systems and appear to suffer from fewer defections than the top two law firms. Joining the top five ranks is relative newcomer Trilegal, who scored several commendations for being “on the up”. Its clients are appreciative of the firm’s professionalism and it holds its own across the board in the deals’ league tables. Another notable performer is  DSK Legal who garnered positive recommendations as a firm to watch both from Indian competitors and clients. The firm edges up one position. Desai & Diwanji, an older law firm, maintains a steady diet of deals and client approbation.

 

The next tranche of firms include the focused practices of Nishith Desai, Anand & Anand and LakshmiKumaran & Sridharan who continue to hold their positions as top quality law firms in their chosen areas of specialization. 

 

Out of set of firms below, the market reveals some interesting shifts. Firms that have risen significantly include Sandip Bhagat’s firm, S&R Associates who finally grasped the nettle of strategic expansion and opened their Mumbai office last year. Kochhar & Co, a national practice, also received robust client commendation this year from clients. Their international clients, particularly from the US and Japan ensure the firm’s partners have a flow of complex, FDI work and other corporate matters. To their credit, the firm was one of the first to institute a client relationship management programme – still a rarity in the Indian legal market. 

 

Around the 15th position in the RSG India Top 40 ranking, there is a lot more movement amongst the firms. This is the segment of the Indian legal market where there is everything to play for. New extrants, exiting firms and firms with changing fortunes populate this swathe. Out of what we call the ‘establishment’ firms, Mulla & Mulla garnered the best commendations and moved seven places up the ranking. Crawford Bayley held steady at whilst Delhi based practice Dua Associates fell in the table post an exodus of corporate partners. This exodus formed a brand new firm Tatva Legal who entered the RSG rankings for the first time this year at position 25, with a series of deals worth nearly $600m. Another firm that has gained some traction in the market is Majmudar & Co. Headed by the youthful but impressive Akil Hirani, the firm has enjoyed an increased profile.

 

Bharucha & Partners, the firm formed out of ex-Amarchand lawyers in 2008 continues to capture the interest and ultimately choice instructions from clients. Although still relatively new, it goes from strength to strength – a sign of the opportunities available to entrepreneurial, talented lawyers in the Indian legal market.

 

At position 19, there are a group of firms, jostling either to maintain position or actively growing in stature. Of these, Platinum Partners is another relatively new firm making some headway, Economic Law Practice has considerable goodwill in the market and Talwar Thakore & Associates, the tie-up law firm to UK magic circle firm Linklaters receives a mixed review. Of the older firms, Fox Mandal and Dua Associates, the market remains a little unsure as to their strategy and direction although clients continue to instruct them and report being satisfied.

 

Of the next tranche of firms, position 25 to 40, there are a number of new entrants. P&A Legal, the firm with a close relationship to US law firm Jones Day has done a number of good transactions this year, Indus Law, India Law Services and Lexygen all enter on the back of strong client recommendations. It should be noted that the fortunes of these firms from year to year can be heavily reliant on deal flow and the movement of partners. These smaller and often younger firms are more prey to client and staff whims but it should be noted that they also often punch above their weight. For example, Tyabji Dayabhai, a three partner firm has an international reputation with global heavyweights and is seen as a trusted adviser.

Rank	Company Name	Practice Areas	Quality	Profile	Capability	Score
1	Amarchand & Mangaldas & Suresh A Shroff & Co	Full Service	9	9	9	27
2	AZB & Partners	Full Service	9	9	8	26
=3	J Sagar Associates	Full Service	8	8	8	24
=3	Khaitan & Co	Full Service	8	8	8	24
=5	Luthra & Luthra	Full Service	8	7	7	22
=5	Trilegal	Full Service	8	7	7	22
7	DSK Legal	Full Service	8	7	6	21
=8	Desai & Diwanji	Full Service	7	6	7	20
=8	Nishith Desai Associates	Funds, Tax	8	7	5	20
=10	Anand and Anand	IP	8	6	5	19
=10	Lakshmikumaran & Sridharan	Tax	8	6	5	19
=10	S&R Associates	Full Service	8	6	5	19
=13	Kochhar & Co	Full Service	7	5	6	18
=13	Mulla & Mulla & Craigie Blunt & Caroe	Full Service	6	6	6	18
=15	Bharucha & Partners	Corporate, Litigation	7	5	5	17
=15	Crawford Bayley & Co	Full Service	6	5	6	17
=15	Majmudar & Partners	Full Service	6	6	5	17
=15	Wadia Ghandy & Co	Full Service	6	5	6	17
=19	Dua Associates	Full Service	5	5	6	16
=19	Economic Laws Practice	Full service	6	5	5	16
=19	Fox Mandal	Full Service	5	5	6	16
=19	Platinum Partners	Full Service	7	5	4	16
=19	Talwar Thakore & Associates	Full Service	7	5	4	16
=19	Vaish Associates	Full Service (tax)	7	5	4	16
=25	ALMT Legal	Full Service (note split in firm)	5	5	5	15
=25	Kanga & Co	Full Service (Real Estate)	6	4	5	15
=25	Tatva Legal	Full Service	6	5	4	15
=28	Juris Corp	Full Service (Banking and Finance)	6	4	4	14
=28	Rajani Associates	Full Service (Cap Markets, PE)	6	4	4	14
=28	Rajinder Narain & Co	Full Service (Aviation)	6	5	3	14
=31	D H Law Associates	Corporate, Litigation	6	4	4	13
=31	P&A Associates	Corporate, Litigation	7	4	2	13
=31	Phoenix Legal	Full Service	6	4	3	13
=31	Udwadia & Udeshi	Full Service	6	4	3	13
=35	ARA Law	Private Equity	5	4	3	12
=35	HSA Advocates	Power, Infrastructure	4	5	3	12
=35	Indus Law	Cap Markets, Corporate, Litigation, PE	5	4	3	12
=35	Tyabji Dayabhai	Full Service (Aviation)	6	4	2	12
=39	India Law Services	Project Finance	5	4	2	11
=39	Lexygen	Infrastructure, Private Equity, Real Estate	5	4	2	11