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2017 H1 M&A leagues: Vodea boosts 5 firms but SAM, AZB would have topped anyway, chased by Trilegal, CAM, NDA • Khaitan, Luthra down lower

Vodafone-Idea gives windfall to 5 firms in M&A league tablesVodafone-Idea gives windfall to 5 firms in M&A league tables

The Vodafone-Idea mega-merger has gifted five Indian law firms a $10bn+ deal values in the first half of 2017 in league tables, according to data collated by analytics firm mergermarket.

The $12.2bn deal led to Shardul Amarchand Mangaldas (SAM) and AZB & Partners having advised on the greatest aggregate value of M&A transactions in the first half of 2017.

SAM and AZB (which both assisted on the transaction as competition counsel) advised on an aggregate of more than $16bn of M&A deals, with SAM exceeding AZB’s tally marginally by $200m.

However, even without the $12.2bn of the Vodafone deal, SAM and AZB would have topped the league table with 15 and 31 other deals, respectively, with values of $4.5bn and $4.4bn respectively.

S&R Associates, Vaish Associates and Bharucha & Partners, also received deal credit by mergermarket (although DMD Advocates, which advised Vodafone on taxation aspects of the deal, did not receive M&A credit).

Outside of Idea-fone

Amongst firms without Vodafone involvement, Trilegal made it into the seventh place with $2.7bn from 16 deals, marginally ahead of Cyril Amarchand Mangaldas, which stood at $2.7bn over 26 deals.

Nishith Desai & Associates, Desai & Diwanji and PDS Legal also managed to break the $1bn marker this half-year.

However, Khaitan & Co, despite registering 19 deals, has only notched up $854m of reported M&A deals so far this year, closely followed by J Sagar Associates (JSA) with 14 deals worth $616m.

The remaining Big 7 firm, Luthra & Luthra, came in even lower at $393m from 6 deals, behind DSK Legal and HSA Advocates’ deal values and volumes.

Platinum Partners and Veritas Legal came in 16th and 17th position by value from 3 deals each.

IndusLaw and Economic Laws Practice (ELP) both registered three deals worth $81m and $23m respectively.

By value

In terms of the total number of deals, the top of the table is dominated by the seven firms with the largest headcounts, other than Luthra.

By the total number of deals done, AZB came out on top with 32 deals, followed by Cyril Amarchand with 26, Khaitan with 19, Shardul Amarchand and Trilegal with 16 each, and J Sagar Associates (JSA) with 14.

Versus 2016

At the same time last year, in 2016, Cyril Amarchand was topping the values table at $6.2bn, followed by AZB with $4.5bn, Vaish Associates at $2.5bn and Shardul Amarchand and Khaitan around $1.9bn each, JSA at $1.2bn, Induslaw at $1.1bn and Trilegal at $1bn.

Luthra was not represented in the top 13 by value in 2016's first half (though by 2016 year end the firm made it to 10th in the table with $2.1bn from 17 deals).

India Based Legal advisor league table by value

Rank House

Value (USD M) Number of Deals
1 Shardul Amarchand Mangaldas & Co 16717 16
2 AZB & Partners 16578 32
3 S&R Associates 13212 6
4 Vaish Associates 12944 3
5 Bharucha & Partners 12668 1
6 Trilegal 2886 16
7 Cyril Amarchand Mangaldas 2715 26
8 Nishith Desai Associates 1870 8
9 Desai & Diwanji 1322 9
10 PDS Legal 1085 6
11 Khaitan & Co 854 19
12 J Sagar Associates 616 14
13 DSK Legal 515 10
14 HSA Advocates 424 7
15 Luthra & Luthra Law Offices 393 6
16 Platinum Partners 389 3
17 Veritas Legal 278 3

via mergermarket

India Based Legal advisor league table by deal count

Rank House

Value (USD M) Number of Deals
1 AZB & Partners 16578 32
2 Cyril Amarchand Mangaldas 2715 26
3 Khaitan & Co 854 19
4 Shardul Amarchand Mangaldas & Co 16717 16
5 Trilegal 2886 16
6 J Sagar Associates 616 14
7 DSK Legal 515 10
8 Desai & Diwanji 1322 9
9 Nishith Desai Associates 1870 8
10 HSA Advocates 424 7
11 S&R Associates 13212 6
12 PDS Legal 1085 6
13 Luthra & Luthra Law Offices 393 6
14 Bathiya Legal 45 4
15 Vaish Associates 12944 3
16 Platinum Partners 389 3
17 Veritas Legal 278 3
18 IndusLaw 81 3
19 Economic Laws Practice (ELP) 23 3
20 BMR Legal 98 2
21 Spice Route Legal 87 2

via mergermarket

Click to show 16 comments
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By reading the comments you agree that they are the (often anonymous) personal views and opinions of readers, which may be biased and unreliable, and for which Legally India therefore has no liability. If you believe a comment is inappropriate, please click 'Report to LI' below the comment and we will review it as soon as practicable.
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Like +16 Object -7 Downwithluthra 08 Jul 17, 00:43  interesting  controversial
If only people at Luthra were more concerned with doing real work instead of checking who uses which phone number
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Like +2 Object -0 SOW 08 Jul 17, 11:08
Disappointed with CAM's ranking
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Like +1 Object -0 Out of date 08 Jul 17, 12:24
With Nisha's move to Trilegal, the comp work for the Voda-Idea merger has now moved from AZB to Trilegal.
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Like +3 Object -0 Sacchai ki Kadwahat 08 Jul 17, 12:58
What is the essence of an organisation? Its people. But more importantly, its leaders. When the leaders grope to find direction, life turns a full circle when its leaders are not in synch with reality. Nothing hits harder then life. And they are finding it out the hard way.
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Like +28 Object -23 Sinking Luthra 08 Jul 17, 15:03  interesting  controversial
Luthra should recruit more from NLUJ. They will keep on sinking. Every firm with majority NLUJ students is sinking. Look at ARA Law and Majmudar for example. Their toxic behavior towards students from other colleges never let's the firm grow. No matter how old they get or what positions they reach, they cry like babies and go on with "My college is better than yours". NLS, NUJS and NLIU students just work hard and help the firm grow. NLUJ students due to their insecurities just keep fighting and create a bad work atmosphere. It is not a coincidence that the downward spiral of Luthra begins when they mass recruit from NLUJ. Look at ARA and Majmudar for example. No one wants to think of working there anymore.
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Like +8 Object -13 really 10 Jul 17, 09:32  controversial
You cannot make such a generic and sweeping statement about an institution - any personal agenda? sour grapes? I am not from NLUJ, and I have worked across few of its alumni, in Luthra, CAM and a bulge bracket US investment bank, and I felt they were top notch - comparable to the finest.
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Like +18 Object -0 Foreigner 10 Jul 17, 15:54  interesting  top rated
What is NLUJ
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Like +3 Object -0 But yeh toh batao 08 Jul 17, 19:17
Which firm made the most from these deals? UK firms usually announce their total profits and PPP. While expecting that is a little far fetched for Indian firms, some indication as to their revenue from these deals would be welcome.
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Like +5 Object -0 Azb 08 Jul 17, 22:54  interesting
AZB is not Idea's competition counsel. Nisha and her team left AZB and took Idea with them. Azb is not doing the corporate piece. Inaccurate reporting.
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Like +1 Object -0 Lawl 27 Jul 17, 16:26
When mergermarket collected the data, she was at AZB. There's no inaccurate reporting. It's not mergermarket's fault that she moved.
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Like +3 Object -0 To be noted 10 Jul 17, 02:54
Deal value doesn't reflect which firm is more profitable.
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Like +0 Object -0 Kya yaar 11 Jul 17, 06:43
IDIA? Come on yaar, Kian! Aise kaise ho jata hai?
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Like +2 Object -0 kianganz 12 Jul 17, 13:40
Lol, thanks, sorry about that - some good brand-building by IDIA...
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Like +1 Object -0 Tea 11 Jul 17, 10:14
Ranking in terms of value doesn't make sense at all in the law firm context. Big value or small value transaction, lawyer rates are same with slight variations here and there. Infact a law firm with more foreign clients likely to make more money than one which has primarily Indian clients.
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Like +0 Object -0 Blah 11 Jul 17, 11:46
Its Idea - not IDIA...
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Like +2 Object -0 Profit 14 Jul 17, 11:13
I think what matters at the end of the day is how profitable the organisation is. Bharucha ranks amongst the top in terms of deal value but that was their only reported deal. They could not have made more profit than say Khaitan which reported 19 deals with a much less aggregate value.
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