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M&A league tables Q3: Khaitan forges ahead of half-year leaders CAM, AZB as most see major growth

Khaitan tops M&A league tables for Q3
Khaitan tops M&A league tables for Q3

Khaitan & Co topped the list of 13 domestic law firms’ M&A mandates by value of deals done with $18.7bn worth of transactions, followed by AZB & Partners which topped the list of deals by value, with 43 transactions worth $15.4bn.

Khaitan and AZB were ahead of Cyril Amarchand Mangaldas (CAM), both in terms of volume and value of transactions. CAM acted on the biggest deals in the last two quarters of mergermarket’s rankings, while in terms of volume of deals it was at rank three in Q2 as well.

Deal values shot up since previous quarter for the top two firms, whereas CAM with $13.1bn worth of deals also hit more than double the deal value of the first half of the year.

Vaish Associates, which had an early advantage on Big Law this year with two big deals worth $2bn until the first half of the year, was pushed to the lower ranks by J Sagar Associates (JSA) with 20 deals worth $8.7bn, Shardul Amarchand Mangaldas (SAM) with 26 deals worth $5.6bn and S&R Associates with three deals worth $3.3bn.

Vaish only made a marginal addition to its deal value from Q2, with 4 deals worth $2.9bn by Q3.

SAM slipped a rank each on both the value and volume table, now ranking fifth, even though its deal value rose by five times.

Trilegal, which acted on one more M&A than SAM, did not make it to the top advisors by volume, with its 27 deals worth $1.5bn.

Luthra & Luthra was the only Big Law firm with reported deal values cumulating to less than a billion ($814m). It acted on 13 transactions.


Nishith Desai Associates tripled its deal size since last quarter with 12 deals worth $2.1bn.

Veritas Legal – the relatively new firm of former AZB partner Abhijit Joshi, which had made an entry into the value rankings by Q2, doubled its deal value since Q2, with 14 deals worth $1.3bn.

Platinum Partners was ahead of Trilegal with $1.6bn from only 6 deals.

K Law and Wadia Ghandy slipped off the top 13 firms by value since Q2.

Smaller deals

Desai & Diwanji (16 deals), HSA Advocates (14) and Luthra & Luthra (13) were the only firms with lesser than a billion dollar worth of deals but among the top 10 firms by volume.

BMR Legal and Bathiya Legal recorded 10 deals each with Bathiya’s $22m worth od transactions second only to DSK’s $15m from 4 deals, in terms of the lowest deal values. BMR’s deal value rose to $354m – three times since Q2.

K Law, Tatva Legal, IndusLaw, Platinum Partners, PDS Legal, ELP, Wadia Ghandy and Phoenix Legal were the other firms with fewer than 10 deals.

Foreign law firm M&A rankings have been published separately.

Domestic firms M&A league tables based on volume

Rank House Value (US$m) Deal Count
1 AZB & Partners 15,372 43
2 Khaitan & Co 18,764 42
3 Cyril Amarchand Mangaldas 13,141 36
4 Trilegal 1,491 27
5 Shardul Amarchand Mangaldas & Co 5,651 26
6 J Sagar Associates 8,744 20
7 Desai & Diwanji 621 16
8 Veritas Legal  1,299 14
9 HSA Advocates 277 14
10 Luthra & Luthra Law Offices 814 13
11 Nishith Desai Associates 2,135 12
12 BMR Legal 354 10
13 Bathiya Legal 22 10
14 Krishnamurthy & Co 669 8
15 Tatva Legal 331 8
16 IndusLaw  1,255 7
17 Platinum Partners 1,605 6
18 PDS Legal 65 6
19 Economic Laws Practice (ELP) 145 5
20 Vaish Associates 2,906 4
21 Wadia Ghandy & Co 420 4
22 Phoenix Legal 95 4
23 DSK Legal 15 4

Domestic firms M&A league tables based on value

Rank House Value (US$m) Deal Count
1 Khaitan & Co 18,764 42
2 AZB & Partners 15,372 43
3 Cyril Amarchand Mangaldas 13,141 36
4 J Sagar Associates 8,744 20
5 Shardul Amarchand Mangaldas & Co 5,651 26
6 S&R Associates 3,291 3
7 Vaish Associates 2,906 4
8 Nishith Desai Associates 2,135 12
9 Platinum Partners 1,605 6
10 Trilegal 1,491 27
11 Crawford Bayley & Co. 1,400 1
12 Veritas Legal  1,299 14
13 IndusLaw  1,255 7
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