Cyril Amarchand Mangaldas (CAM) beat 2015’s top three firms, and flew past Shardul Amarchand Mangaldas as well, to lead Mergermarket’s M&A value rankings this quarter (Q1).
CAM was the third largest M&A dealmaker after AZB & Partners and Khaitan & Co, in the 2015 annual rankings. But at the end of Q1 even Vaish Associates, in rank two, is ahead of AZB and Khaitan.
CAM did seven deals worth $3.2bn while SAM did six deals worth $479m.
Vaish with two deals worth $2.46bn and AZB with 10 deals worth $2bn are the only other law firms to have crossed the billion dollar mark in the top 14 Indian firms ranked by value.
The preview rankings had only accounted for 20 of SAM’s M&A’s while CAM had docketed 30. CAM added three more deals to its count while SAM’s final deal count sits at 31.
Khaitan’s 15 deals were the most number of deals done by any Indian firm in Q1, however they were relatively small in size and aggregating to only $934m.
By Value
Rank | House | Value (USD M) | Number of Deals |
1 | Cyril Amarchand Mangaldas | 3200 | 7 |
2 | Vaish Associates | 2460 | 2 |
3 | AZB & Partners | 2066 | 10 |
4 | Khaitan & Co | 934 | 15 |
5 | IndusLaw | 900 | 2 |
6 | J Sagar Associates | 846 | 3 |
7 | Nishith Desai Associates | 770 | 3 |
8 | Shardul Amarchand Mangaldas & Co | 479 | 6 |
9 | Trilegal | 388 | 5 |
10 | Wadia Ghandy & Co | 338 | 2 |
11 | Tatva Legal | 168 | 2 |
12 | Verus Advocates | 121 | 1 |
13 | Economic Laws Practice (ELP) | 117 | 3 |
14 | Veritas Legal | 85 | 4 |
Rank | House | Value (USD M) | Number of Deals |
4 | Latham & Watkins LLP | 1280 | 1 |
5 | Linklaters | 1280 | 1 |
6 | Weil Gotshal & Manges LLP | 1100 | 2 |
7 | Dechert LLP | 948 | 2 |
10 | Herbert Smith Freehills | 900 | 1 |
13 | Shearman & Sterling LLP | 670 | 3 |
14 | Allen & Overy LLP | 484 | 2 |
16 | Hughes Hubbard & Reed LLP | 460 | 1 |
17 | Kirkland & Ellis LLP | 460 | 1 |
20 | Clifford Chance LLP | 306 | 2 |
22 | O'Melveny & Myers LLP | 150 | 1 |
23 | Greenberg Traurig LLP | 134 | 2 |
26 | DLA Piper | 111 | 2 |
28 | Jones Day | 66 | 1 |
29 | Covington & Burling LLP | 50 | 1 |
30 | Gray Plant Mooty Inc. | 50 | 1 |
By Volume
Rank | House | Value (USD M) | Number of Deals |
1 | Khaitan & Co | 934 | 15 |
2 | AZB & Partners | 2066 | 10 |
3 | Cyril Amarchand Mangaldas | 3200 | 7 |
4 | Shardul Amarchand Mangaldas & Co | 479 | 6 |
5 | Trilegal | 388 | 5 |
6 | Veritas Legal | 85 | 4 |
7 | J Sagar Associates | 846 | 3 |
8 | Nishith Desai Associates | 770 | 3 |
10 | Economic Laws Practice (ELP) | 117 | 3 |
11 | Vaish Associates | 2460 | 2 |
14 | IndusLaw | 900 | 2 |
16 | Wadia Ghandy & Co | 338 | 2 |
18 | Tatva Legal | 168 | 2 |
21 | BMR Legal | 35 | 2 |
22 | Bathiya Legal | 0 | 2 |
29 | Verus Advocates | 121 | 1 |
Rank | House | Value (USD M) | Number of Deals |
9 | Shearman & Sterling LLP | 670 | 3 |
12 | Weil Gotshal & Manges LLP | 1100 | 2 |
13 | Dechert LLP | 948 | 2 |
15 | Allen & Overy LLP | 484 | 2 |
17 | Clifford Chance LLP | 306 | 2 |
19 | Greenberg Traurig LLP | 134 | 2 |
20 | DLA Piper | 111 | 2 |
23 | Latham & Watkins LLP | 1280 | 1 |
24 | Linklaters | 1280 | 1 |
25 | Herbert Smith Freehills | 900 | 1 |
26 | Hughes Hubbard & Reed LLP | 460 | 1 |
27 | Kirkland & Ellis LLP | 460 | 1 |
28 | O'Melveny & Myers LLP | 150 | 1 |
30 | Jones Day | 66 | 1 |
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We are updating the story soon with the foreign firms also - those were supposed to be published in separate tables but were accidentally omitted.
Sorry for the confusion.
We wish to inform you that we keep track of all advisors across jurisdictions on deals done, and when definitive agreements are signed. This is what we are very good at.
This deal was already in the public domain by end of February, 2016. Only had you been reading papers regularly would you know and please credit us with intelligence to know such things and to factor in for such tables too.
Regards,
MM
It just takes one big deal for a mid-size firm to hit the rankings, but smaller firms may only have 1 or 2 really big deals per year, so it could only hit in Q2 or Q3 or Q4, at which point their ranking will shoot up.
Smaller firms often have less strong corporate comms teams, so they may not have sent out press releases in time to make the Q1.
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