In the latest bi-annual rankings compiled by consultancy RSG India, AZB & Partners has topped the table ahead of Shardul Amarchand Mangaldas (SAM) and Cyril Amarchand Mangaldas (CAM), which had topped the table in 2015 when still united in one firm as Amarchand Mangaldas before their break-up (see full table below).
Trilegal leapfrogged both J Sagar Associates (JSA) and Luthra & Luthra into fifth position.
There is only a whisker separating AZB from SAM, CAM and Khaitan & Co in the aggregate scores (34.4 vs 34.0 vs 33.6 vs 32.8 respectively), as compiled by RSG from a number of banded and weighted scores out of a maximum of 40:
1. CAPACITY (out of 10): number of partners, lawyers, offices, leverage ratios, and ability to handle large scale work.
2. PROFILE (out of 10): market profile, including the number of spontaneous mentions and recommendations the firm received in independent client interviews.
3. QUALITY OF MANDATE (out of 10): an analysis of the firm’s client base and recent work, including their major directory rankings.
4. CLIENT SATISFACTION (out of 10): the average satisfaction score from the firm’s own clients on 12 key indicators.
Despite “capacity”, which relates to size of a firm counting for one fourth of the score, some smaller firms, such as S&R Associates with only 70 lawyers ("S&R in particular is a superb practice with top-level mandates, some on a par with AZB”, according to RSG), managed to make it to eighth position just 0.6 points below Luthra & Luthra, which has 350 lawyers and dropped two positions to seventh place as the lowest ranked of the Big Seven firms
Talwar Thakore & Associates, a firm of only 36 lawyers, was ranked 14th this year, from 10th last year as the smallest ranked firm in the top 30.
RSG commented:
The split of Amarchand Mangaldas into two law firms, each respectively led by one brother, has led to a shift in India’s premier firms. AZB & Partners secured the top spot as India’s best law firm. Overall it came out on top when assessed against RSG’s four indicators of capacity, profile and reputation, quality of work and client satisfaction, doing particularly well on client satisfaction, quality of work and reputation. There is a sense among senior clients that at the current moment, there is more continuity within the firm and its commitment to quality is giving it a ‘Cravath-like’ reputation.
However, the market is potentially still fluid and clients did note though that as the market settles down, the pecking order will most likely reshuffle again.
Khaitan holds its spot in the top ranks but a significant mover up the ranking is Trilegal. It now holds fifth place ahead of JSA. Overall, it received the highest client satisfaction scores of the top firms but, in terms of reputation, the Indian corporate establishment still perceives it as challenger brand. Significantly, it was the one firm not to be affected by any partner losses during the period of musical chairs that followed the Amarchand split. It was a net beneficiary in terms of lateral partners.
Climbers
The firms with the greatest jump in rankings were Lakshmikumaran & Sridharan, with 342 lawyers and a score of 24.1 (versus only 163 lawyers and a score of 21.5 in 2015 - opened a London office and “benefitted hugely from the introduction of the GST”, according to RSG); and Link Legal India Law Services ("does not have a high profile in the Indian legal market, Link Legal is a potential dark horse that could do very well”, according to RSG), whose headcount rocketed from 154 lawyers from 94 two years ago, in-part helping with its climb from 30th to 17th place.
HSA Advocates grew from 69 lawyers in 2015 to 112 lawyers in 2017, accompanied by a rise in the rankings to 20th from 25th two years ago.
Nishith Desai Associates (23.9 score and 82 lawyers) climbed from 12th to 10th place, while Kochhar & Co improved from 14th to 11th position.
IndusLaw jumped 10 places to 23rd with 108 lawyers, nearly double its headcount of 62 two years ago, while ALMT Legal went up nine to 27th this year (despite headcounts at ALMT reducing slightly from 110 to 92).
The three national alliance partnerships of Fox Mandal managed to improve on their 2015 rankings from 28th to 24th position, with headcounts apparently having risen from 131 lawyers to 216, according to RSG figures.
Samvad Partners too increased its standing from 35th to 26th position, while nearly tripling its headcount from 29 to 101 between 2015 and now.
Newcomers
Highest new entrant to the RSG rankings was Veritas Legal started in 2014, which entered in 27th position with 33 lawyers.
Clyde & Co best friend Clasis Law too is now part of the top 40, having made it into 31st place, while ARA Law made it into 39th this year.
2016-start-up Vertices Partners made it to 37th place with a headcount of 18.
Drops
Economic Laws Practice (ELP) dropped in the rankings from eighth to 12th, Platinum Partners went from 16th to 13th, and Desai & Diwanji dropped from ninth to 18th place.
Tatva Legal almost dropped off the rankings from 21st in 2015 to 37th this year.
Dua Associates, from which Tatva was birthed in a mass exodus, was not included in the 2017 rankings at all (having held 26th position in 2015).
Cam vs Sam
RSG noted regarding the CAM and SAM rivalry after the split:
Both firms have been building significant practices in each other’s key cities, Mumbai and Delhi. To a large extent, they have been successful. As it stands, SAM has a better reputation amongst Indian law firms, whilst CAM has a better reputation amongst clients and foreign law firms.
In terms of the firm’s respective composition and ratings, SAM’s senior partners received near perfect feedback whilst CAM’s senior partners were rated slightly lower and more in line with the market average. When it comes to the strengths and weaknesses of the firms, each has its strong points. Clients feel that SAM scores higher than CAM in its service and expertise, but CAM outperforms SAM in its modern and commercial approach with a focus on risk-taking and new ideas.
It should be stressed that despite these differences, both brothers continue to be rated as leading practitioners in the Indian legal market. Their different strengths, though, are particularly exciting because it means that the future rankings could be subject to change. Both firms will need to keep their client satisfaction levels high if they want to re-take pole position in the next RSG India Report.
Methodology
The RSG methodology, in addition to the parameters outlined above, included:
• Client satisfaction reviews from 416 major purchasers of Indian legal services
• 50 telephone interviews with an independent control group of major legal purchasers
• Analysis of 256 Indian law firms
• Submissions from 61 Indian law firms
• Interviews with 40 Indian law firm managing partners
• On-the-ground research with Indian law firms and clients
• Submissions from foreign law firms with India practices
• Interviews with foreign law firm India practice heads
• Analysis of major published deals databases, league tables and other available rankings.
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RSG 2017 rankings
2017 Rank | 2015 Rank | Firm | TOTAL SCORE | Total number of lawyers |
1+ | 2 | AZB & Partners | 34.4 | 400 |
2- | 1 | Shardul Amarchand Mangaldas & Co. | 34.0 | 521 |
3- | 1 | Cyril Amarchand Mangaldas | 33.6 | 630 |
4- | 2 | Khaitan & Co | 32.8 | 550 |
5+ | 6 | Trilegal | 29.6 | 281 |
6- | 4 | J. Sagar Associates | 29.4 | 382 |
7- | 5 | Luthra & Luthra Law Offices | 26.5 | 350 |
8- | 7 | S&R Associates | 24.9 | 70 |
9+ | 20 | Lakshmikumaran & Sridharan | 24.1 | 342 |
10+ | 12 | Nishith Desai Associates | 23.9 | 82 |
11+ | 14 | Kochhar & Co | 23.6 | 192 |
12- | 8 | Economic Laws Practice | 23.5 | 183 |
13+ | 18 | Anand and Anand | 23.2 | 101 |
14- | 10 | Talwar Thakore & Associates | 21.2 | 36 |
15= | 15 | Bharucha & Partners | 20.8 | 80 |
16- | 13 | Platinum Partners | 20.3 | 40 |
17+ | 30 | Link Legal - India Law Services | 20.1 | 154 |
18- | 17 | Phoenix Legal | 19.8 | 75 |
18- | 9 | Desai & Diwanji | 19.8 | 217 |
20+ | 25 | HSA Advocates | 19.3 | 112 |
21- | 19 | Vaish Associates Advocates | 19.2 | 111 |
21- | 16 | DSK Legal | 19.2 | 113 |
23+ | 33 | IndusLaw | 19.0 | 108 |
24+ | 28 | Fox Mandal | 17.7 | 216 |
25- | 23 | Mulla & Mulla & Craigie Blunt & Caroe | 17.5 | 66 |
26+ | 35 | Samvad Partners | 17.3 | 101 |
27+ | | Veritas Legal | 17.0 | 33 |
27+ | 36 | ALMT Legal | 17.0 | 92 |
29- | 27 | Majmudar & Partners | 16.8 | 57 |
30- | 29 | Juris Corp | 16.7 | 49 |
31+ | | Clasis Law | 15.7 | 49 |
31- | 22 | Kanga & Co | 15.7 | 43 |
33+ | 38 | Krishnamurthy & Co (K Law) | 15.5 | 85 |
34+ | | Bathiya Legal | 15.3 | 34 |
35- | 32 | Rajani Associates | 15.1 | 40 |
35+ | 32 | Singhania & Partners | 15.1 | 50 |
37+ | | Vertices Partners | 14.4 | 18 |
37- | 21 | Tatva Legal | 14.4 | 80 |
39+ | | ARA Law | 14.0 | 18 |
40- | 39 | SB Partners | 11.1 | 14 |
Source: RSG India
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I mean niche practices cant be compared to full service firms.
How can LKS be 9 when its essentially only a tax firm, i mean how skewed is that.
my ranking
SAM
AZB
Trilegal
CAM
Khaitan
S&R
L&L
JSA
D&D
Nithish Desai
CAM
SAM
AZB
Khaitan
Trilegal
S&R
Nithish Desai
L&L
JSA
Ex. Link Legal
Shouldnt there atleast be a caveat or disclosure against that
First off, no project that reduces law firms to a single number will never capture the full picture.
That said, I have generally found RSG's rankings to be one of the more reliable and interesting ones that seems to include more research than most. And they have been around for a while - since 2008 I believe - and I have not heard any outright credible reports of bias or that it's paid for (although I understand that they sell the full report).
If you do have any reports I should know about, do let me know, will be happy to consider.
Here's their statement, FYI:
Quote: If you have any evidence to the contrary, would be happy to hear it...
It is usual practice for media to put disclaimers where they have or have had relationship with entities they are ranking, atleast then we could have some objectivity.
Can you reach out and ask them to do that.
You see, while people in practice pretty much know which firm stands where with their respective strengths and weaknesses, students or sometimes even clients may not and such disclaimers would make the reporting more objective
If they indeed sell @ GBP 3,000 each (INR 2.5L), wonder which firms purchased how many copies of their report! If one is the Managing Partner of a firm with an inclination of buying one's way in, may buy a few copies to place in your client lounge - especially if it may help put you on the cover. If being obvious isn't your style, perhaps buy it under a sister concern or so?
Think of it from the point of view of an honest hard working firm. It's a difficult market. In today's time of Google, when a client searches for how good the lawyers she's looking to engage are - she does a Google search to find RSG rankings on LegallyIndia, which is as good as a solid endorsement of these rankings.
If there's any error in methodology or any bias whatsoever, it's paid for by the sweat of the hard working smaller guys while the big guys with deeper pockets and better "communications" budgets stay at top.
My Two Cents:
Isn't it time LegallyIndia started its own rankings? Will wonderfully complement your news sourcing.
You already have all the information about:
- hires & moves
- deals
- salaries
- recruitments
- office gossip
1. Just put out a form for submission of info, open to one and all.
2. Assign weightage.
3. Publish news as and when, and a ranking every 3 months!
You can oversee it with the journalistic integrity we admire.
...your [vested] interest is getting people to read it online, instead of selling hard-copies as a "private consultant" is a lot more fair and transparent.
Did my comment encourage you to go out & start your deal table/ rankings?
Certainly not here to collect any royalty. Just thought it was really cool!
Great job :)
Big big lie that it has 49 lawyers, majority of the crowd works there as trainee which in my view have not yet graduated.
Even if you count each lawyer working there twice still a figure like 49 seems a light year away.
It is about as reliable as the law school rankings by India Today.
You don't get it, do you? Kco is at rank 4 - connect it to Arsenal joke.
Anyway even assuming I am a Tottenham fan, did we not kick your candy a$$ to make you play on Thursdays (happy Europa to you boka)
SAM = Man Utd? (Much hated but inexplicably perennially successful. Only a couple of superstars, without whom the club would be nowhere)
CAM = Chelsea? (Stockpiling young talent but rare for them to hold onto superstars)
KCO = Liverpool (Traditional powerhouse, which went through some years in the wilderness before a resurgence sparked by a new manager?)
Trilegal = Tottenham (Thrilling on their day, but just don't seem to have enough strength in depth to keep up their title challenge)
Wow, this analogy just works!
JSA = Everton (Not good enough to trouble the big boys, but too big to be lumped in with the newcomers. Struggling since the man who established them in the top flight quit)
Luthra = Leicester (Came from nowhere to win the league, on the back of a politically connected owner, but turning into a one season wonder)
S&R = Watford (Been around in the top leagues than people realise, can give the big boys a run for their money but are just too small to make the jump to the top 6)
LKS = Burnley (Squad built on the cheap, with an astute and underappreciated manager. You may not agree with their tactics, but no denying they're effective)
NDA = Southampton (Almost never out of the top ten, but never near the top of your mind. Any time they do well, their stars get poached away. Owned by a non-resident)
Please note that this is not meant to tally with the EPL league table.
Rank Firm TOTAL (P) (L) (CS) (Cap) (Pro) (Q)
1 AZB 34.4 80 400 8.5 7.0 9.5 9.4
2 SAM 34.0 103 521 7.0 8.0 10.0 9.0
3 CAM 33.6 103 630 7.1 8.3 9.5 8.8
4 KCO 32.8 113 550 7.9 8.3 8.5 8.2
5 Tri 29.6 41 281 8.1 6.3 8.0 7.2
6 JSA 29.4 84 300 6.9 7.5 8.0 7.0
7 L&L 26.5 71 350 5.3 5.8 8.0 7.4
8 S&R 24.9 14 70 8.7 3.3 5.0 8.0
9 L&S 24.1 47 342 6.8 6.8 2.0 8.5
10 NDA 23.9 27 82 8.9 4.5 3.5 7.0
While that can potentially create an uncomfortable dynamic, if it's handled responsibly it does not mean that the rankings themselves must be affected.
I.e., if a sales team gets in touch with any and all law firms asking for subscriptions, that's simply the commercial operation of a ranking kicking in, in order to keep the lights on in the offices. I'm pretty sure if you asked, most of these directories would assure you that your buying decision (or lack thereof) would have no bearing on your firm's ranking... Of course, I'm not sure whether that always works in reality...
And in fact, that was more or less my point, which I still stand by: NLSIU has had by far the greatest marketing advantage (in large part because of the time it's been around).
Guess you must be from NLS.
Wouldnt that show transperancy
The family and individual dominated firms will always have a question mark hanging about what happens after the main rainmakers aren't there.
Any insider information would be appreciated
And maybe Legally India should consider doing an unbiased and hopefully unpaid rating of all law firms.
www.vantageasia.com/india-business-law-journal/india-top-lawyers-2017/
JSA does not deserve a 6 th spot it deserves a spot way way after Nishith Desai.
Talwar Thakore bechara also deserves a slightly lower rating..
I don't get this system of rating it is a complete hoax....
Where is BMR Legal!!!!!!thats such a strong candidate......
Induslaw needs to interchange places with Desai Deewanji.....
This RSG rating deserves severe rectification... its a joke!!!
Else candidly the mechanism of rating is obsolete..and we need to change the technique of giving ratings such that the list makes more sense...
And who is Vertices, Bathiya, et al? Fly by night operators?
www.chambersandpartners.com/110/354/editorial/8/1
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