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-M&A
-Labour
-IP
-BnF
-Projects
-Capmarks
-Insolvency/Debt restructuring
-Arbitration
Thanks
I see some practice areas missing, one of which might even make more than a couple of the above listed ones, combined.
I'm still in the Associate ring, so here's my half educated guess -
1. M&A
2. Arbitration (the whole spectrum)
3. IBC
4. B&F / Projects
5. IP/Cap Marks
6. Labour
If you're talking about dispute resolution teams in Corporate law firms, then around 4/5
2. Project Financing (also including B&F)
3. Capital Markets
[Note: 2 and 3 can appear bigger/smaller basis the firm you work at. Some firms may have a huge cap marks practice but their projects practice may be limited to a few electricity projects. In terms of actual market, however, the scale of large infra projects such as highways, rail, metros, airport, ports, power etc. runs into lakhs of crores and clients are generally more generous - as compared to cap marks, where the effort to reward ratio can be very tight. I'm not counting B&F as a separate practice because most good projects practices do B&F for daily bread and butter, just like M&A teams do GC.]
4. Disputes [Note: I'm only taking to account dispute matters at corporate law firms only, not litigation/arbitration in general in India - the total of which can engulf all others, of course]
5. IBC [Note: As of current levels since IBC is still in its infancy stages. However, in the coming years, IBC can make or break projects and disputes practices of firms. It's going to be a big player.]
6. Taxation [Note: Again, the market is huge but mostly captured by CA-Lawyers. If you can tap into it - all the greats including Palkhivala and Salve were/are tax experts for a reason.]
7. Competition [Note: Unless you're at Trilegal, where it'll seem to be in the top 3.]
8. IP [Note: It's the leading contender among highly specialized practices. Although recently rising TMT practices are slowly planning to chip into IP, giving it a run for its money.]
9. TMT [Note: Again a rising contender which is still in infancy stages in India. It may easily climb up 3-4 ranks upwards though.]
10. Employment [Note: Employment/labour practices a big source of revenue in foreign law firms. However, given how little coverage employment laws in India provide to white collar workers, its application has been large limited to basic due diligence of lower level employees and related compliances. With the emergence of new labour codes coupled with significant movements in employment landscapes post the pandemic, do watch out this space though.]
2. M&A (Mergers and Acquisitions)
3. Banking and Finance (BnF)
4. Arbitration
5. Capital Markets
6. Projects
7. Insolvency/Debt Restructuring
8. Labour