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I hope you are doing well. I, too, am a law student who has strategised internships in a specific niche practice area. In this short analysis, I will not be referring to that practice (CM) but firms in general.
The Big 7 criteria is a slightly inaccurate list of largest firms in India. This is because, firms are divided into practice areas, which are practiced by Partners (Rainmakers), or those who bring in maximal and ever growing revenue to the firm for it to subsist. A Rainmaker is the star in the specific practice area and will remain so even if they shift to another firm, because clients are driven by the legal advisor Partner rather that the name of the firm. For example, ML moving from L&L to Indus.
The "Big 7" or "indian Biglaw" takes into account- maximum practice areas that consist of rainmakers and well recognised by clients which results in- highest salaried pay (not PEP (Profits per Equity Partner) necessarily), larger teams by numbers. Therefore, just being in a tier 1 firm does not mean all its practice areas are.
Boutique firms on the other hand have 1 focused practice area among others which may far be recognised that even tier 1 firms. This does not translate to higher salaried pay, but equal or more PEP, because of the higher revenue generation but lesser salary due to the firm themselves being small.(Exception- ICUL, Andheri Office- Funds, S&R, TT&A {undoubtedly, the exceptions are the highest paying firms in India due to the smaller teams but competitive revenue generation if not more})
In this regard, maybe this is true to an extent (horizontally, in no particular order)-
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Tier 1 (Growing till recession)- AZB, SAM, CAM (no-one knows why), Khaitan, Trilegal, IndusLaw, JSA
Tier 1 Boutiques- S&R (CM), ICUL (Funds, Andheri Office, Mumbai), TT&A (Banking, DCM)
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Tier 2 (Growing)- Bharucha, DSK Legal, ELP, Argus.
Tier 2 (Declining to Tier 3)- L&L, Saraf.
Tier 2 Boutiques- Anand & Anand (IP), LKS (Tax- Direct, Indirect, Customs), Offices of Senior Advocates (Disputes {Highest PEP in the world})
Regards,
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https://www.legal500.com/c/india/legal-market-overview/