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Q1 2015 M&A league table sees massive uptick in work as pre-split Amarchand grabs top spot with AZB

M&A: The pie is getting bigger for law firms again
M&A: The pie is getting bigger for law firms again

In what will possibly have been its last quarter of existing as a single firm, Amarchand Mangaldas, which topped the the mergermarket M&A league tables in 2014, again acted on the most valuable M&A deals though AZB & Partners emerged as the firm with the largest number of recorded transactions.

AZB, with 15 deals came third in the ranking by the value of deals recorded at $1.7bn, which is less than half of Amarchand’s $5.2bn aggregated from 11 deals.

However, deal value runner up PH Bathiya & Associates with 5 deals, was marginally behind Amarchand’s total deal size. Amarchand and PH Bathiya both acted on the Rs 1,800 crore ($333m) investment into Suzlon by Dilip Shanghvi in March, which also includes a possible Rs 3,800 crore of security by Shanghvi.

AZB, which for the past two years has replaced the previous habitual deal count topper Desai & Diwanji (now on 6 deals in third place), led the volume table in this quarter too.

Luthra & Luthra, J Sagar Associates (JSA) and Trilegal also make an appearance in value and volume charts this quarter.

The market looked up since last year with the top 15 law firms having already closed 20 more deals than in Q1 2014 and the total deal value advised on by the top 15 already being almost three times the Q1 2014 total.

Deal sizes

Amarchand did 11 M&As worth $5.2bn while PH Bathiya did five worth $3.2bn.

AZB with its 15 M&As worth $1.7bn was the only other firm to break the billion dollar barrier last quarter.

Luthra, Vaish Associates, Trilegal, JSA, Khaitan & Co, Crawford Bayley and Krishnamurthy & Co were also in the top 10 deal volume leaders.

Deal count

AZB and Amarchand were the only double-figure deal makers this quarter, in terms of deal count, but in Q1 2014 there were none.

AZB’s 15 deals are more than double the leading deal count in Q1 of 2014, then won by Amarchand.

However Luthra, JSA and Khaitan did fewer but bigger deals than what they had managed this time last year.

Trilegal did four deals, two more since Q1 2014, but Vaish closed just one $842m deal compared to its $632 raked in from two deals in Q1 2014.

International firms: MoFo, Orricks, DLA, Links, Weil on top

Amongst international law firm, Spanish firm Gomez Acebo, with US firms Morrison & Foerster and Orrick Herrington & Sutcliffe topped the value table with a single $2.5bn deal.

DLA Piper, Linklaters and Weil Gotshal & Manges all acted on a $878m deal.

Covington & Burling bagged two deals aggregating to $850m, while Cravath Swaine & Moore acted on one worth $750m.

League Table Based on Value

Rank

House

Value (US$m)

Deal Count

1

Amarchand Mangaldas

5,239

11

2

P. H. Bathiya & Associates

3,156

5

3

AZB & Partners

1,753

15

4

Luthra & Luthra

923

5

5

Vaish Associates

842

1

6

Trilegal

595

3

7

J Sagar Associates

452

4

8

Khaitan & Co

399

2

9

Crawford Bayley & Co

349

2

10

Krishnamurthy & Co

339

1

11

Desai & Diwanji

290

6

12

Tatva Legal

218

5

13

S&R Associates

113

1

14

Nishith Desai Associates

50

1

14

Platinum Partners

50

1

League Table Based on Deal Count

Rank

House

Value (US$m)

Deal Count

1

AZB & Partners

1,753

15

2

Amarchand Mangaldas

5,239

11

3

Desai & Diwanji

290

6

4

P. H. Bathiya & Associates

3,156

5

5

Luthra & Luthra

923

5

6

Tatva Legal

218

5

7

J Sagar Associates

452

4

8

Trilegal

595

3

9

Khaitan & Co

399

2

10

Crawford Bayley & Co

349

2

11

Majmudar & Partners

14

2

12

Vaish Associates

842

1

13

Krishnamurthy & Co

339

1

14

S&R Associates

113

1

15

Nishith Desai Associates

50

1

International firms India deals: By volume

Rank House Value (US$m) Deal Count
1 Gomez-Acebo & Pombo Abogados 2,500 1
1 Morrison & Foerster 2,500 1
1 Orrick Herrington & Sutcliffe 2,500 1
4 DLA Piper 878 3
4 Linklaters 878 1
4 Weil Gotshal & Manges 878 1
7 Covington & Burling 850 2
8 Cravath, Swaine & Moore 750 1
9 Simpson Thacher & Bartlett 575 1
10 Herbert Smith Freehills 339 2
11 Desai & Diwanji 290 6
12 Gunderson Dettmer Stough Villeneuve Franklin & Hachigian 230 2
13 Kirkland & Ellis 200 2
14 Debevoise & Plimpton 135 1
15 Goodwin Procter 50 1
16 Baker & McKenzie 35 2

Source: mergermarket

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