Digging up roads, equals moneyExclusive: Amarchand Mangaldas has held fort as project finance leader for the second consecutive year since replacing Luthra & Luthra in 2011 at the top of the top 10, according to data provided by Dealogic. 10 front-runners this year produced less than half of the total projects revenue docketed in 2011.
With a global projects revenue plummet of 6 per cent since 2011, this was the first year-on-year decline since the 17 per cent drop recorded in 2002. The global revenue stood at $382.3bn from 901 projects this year. Of this, ten top Indian law firms acted on 140 projects worth $35.8bn.
Amarchand’s 24 project finance deals amounting to $7.4bn was nearly a 54 per cent drop from the $16bn it raked in from 29 projects in 2011. Amarchand also made its way into the global top 10, sitting at number eight, while in terms of private financings and public-private partnerships, it followed global runners up Link Legal.
Luthra & Luthra had to give up the second spot this year to Link Legal, which in July had pipped 2011 frontrunner Amarchand at the top of the half-year rankings. It docketed 10 deals worth $5.2bn, the majority $4.9bn of which was aggregated from seven projects by July.
Link Legal merged with projects boutique India Law Services in December. India Law Services fell two places after five deals worth $1bn, as compared to its $4.5bn from 15 in 2011.
Two-year-old Clasis Law which had flown in for the first time into the league tables last year, moved up two places to number five in the 2012 rankings, replacing Trilegal which made its way out of the top ten. It was followed by Khaitan Sud & Partners which reported ten transactions worth $2.4bn this year – State Bank of India’s (SBI) $1.6bn financing leading the pack.
SBI was also the top global mandated arranger counting 58 projects valuing $16bn.
The projects volume from Australia grew 121 per cent to $81.9bn, overtaking India to lead national ranking in 2012.
Top 10 legal adviser ranking for India – full year 2012
|
Legal Adviser |
Amount($m.) |
No. |
%share |
2011 FY Rank |
|
|
Amarchand & Mangaldas & Suresh A Shroff & Co |
7,399 |
24 |
20.6 |
1 |
|
|
Link Legal |
5,213 |
10 |
14.5 |
5 |
|
|
Luthra & Luthra |
3,832 |
11 |
10.7 |
2 |
|
|
SJ Law Advocates & Solicitors (India) |
3,577 |
15 |
10.0 |
3 |
|
|
Clasis Law |
3,433 |
21 |
9.6 |
7 |
|
|
Khaitan Sud & Partners |
2,441 |
10 |
6.8 |
NA |
|
|
R & A Legal Advocates |
1,619 |
10 |
4.5 |
8 |
|
|
India Law Services |
1,066 |
5 |
3.0 |
6 |
|
|
Atul Sharma & Associates - ASA |
992 |
1 |
2.8 |
31 |
|
|
Dhir & Dhir Associates |
945 |
2 |
2.6 |
14 |
|
|
Total |
35,850 |
140 |
100.0 |
||
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Kian
We have changed the wording a bit to convey that more clearly. Regret any confusion.
Best wishes,
Prachi
Regards
For asa law firm
Atul Sharma
Anil Sharma
M.L. Rajora
Garima Rajora
Advocate.
Project finance has become a bit of a commoditised practice in the past few years. The biggest lenders in the market are PSU Banks, who have standard templates for their documentation and do not put much stock in lenders' due diligence.
As a consequence, PF at the moment more of a pure banking practice than a projects practice. Firms with highly rated projects practices like JSA, Khaitan and Trilegal act more for project developers and this part of the practice requires greater knowledge of the regulatory scenario and project contract documentation. Plus some of the more interesting deals in the projects space have been M&A related where the projects practices play an important role in establishing deal value and risk as part of DD.
The pure PF deals at the moment have very small margins in terms of fees - this might change when international banks become more active in the projects lending market. But this does explain why there are a lot of smaller firms in the list.
Foreign banks are not funding Indian projects? maybe not coming to your firm! doesnt mean they are not funding.
the fees depends on the kind of matter and the kind of firm.
Fee levels do depend on the matter and they type of firm but they also depend on the value that the client places on the legal advice. The PSU banks just do not place the same level of value on their use of legal advisors as international banks or even an ICICI would.
If you don't feel that PF matters have become somewhat commoditised for Indian banks, particularly the PSUs, then I'm sorry but you are just wrong.
It is an achievement ASA have truly earned.
I congratulate ASA on great success and wish ASA all the best its future.
Well done ASA.
It is an achievement ASA have truly earned.
I congratulate ASA on its success and wish ASA the best for its future.
Well done ASA.
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