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SAM overtakes CAM in final 2015 M&A rankings after low rank in preview rankings

Shardul Amarchand Mangaldas (SAM) climbed up five ranks since Mergermarket’s preview of 2015’s annual rankings, to overtake Cyril Amarchand Mangaldas (CAM).

CAM, according to the preview published by Legally India on 17 December, was the third largest M&A dealmaker after AZB & Partners and Khaitan & Co.

SAM acted on two fewer deals than CAM, but aggregated $5.7bn – exactly $314m more than CAM’s aggregate of $5.3bn.

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.

There was no change in AZB’s leading, and Khaitan’s runners up, status since the preview. AZB’s final deal count is 82, instead of the 73 deals reflected in December 2015’s preliminary annual rankings. Its final aggregate deal value rose by $739m to $11.1bn.

For Khaitan, one deal valuing $20m was added since the temporary rankings. Its aggregate deal value in the final rankings is $7.4bn from 51 deals.

2014’s annual leader erstwhile Amarchand Mangaldas was on fifth place with its 21 deals worth $4.8bn.

Trilegal one-upped Nishith Desai Associates since the temporary rankings and the firms exchanged ranks 13 and 14. Talwar Thakore & Associates, which was absent from the December rankings, made its way at the end of the table shunting 15th ranker Simpson Thatcher and Bartlett out of the table.

There was no other change in rankings for the top 15 firms since the preview.

By value

2015 2014 Firm Value (US$m) Deal count Value change y-o-y
1 2 AZB & Partners 11,191 82 34.5%
2 8 Khaitan & Co 7,409 51 80%
3 - Shardul Amarchand Mangaldas & Co 5,658 31 -
4 - Cyril Amarchand Mangaldas 5,344 33 -
5 1 Amarchand & Mangaldas & Suresh A Shroff & Co 4,776 21 -75.8%
6 17 J Sagar Associates 3,827 37 77.3%
7 4 Luthra & Luthra Law Offices 3,167 15 -40.0%
8 3 Davis Polk & Wardwell 2,738 2 -56.5%
9 20 Clifford Chance 2,568 3 66%
10 14 Sullivan & Cromwell 2,308 2 -16.1%
11 5 S&R Associates 2,284 9 -52.8%
12 34 Linklaters 2,234 8 331.3%
13 30 Nishith Desai Associates 2,052 18 219.6%
14 19 Trilegal 1,976 29 10.3%
15 - Talwar Thakore & Associates 1,581 5 -

By volume

2015 2014 Firm Value (US$m) Deal Count Count change y-o-y
1 1 AZB & Partners 11,191 82 33
2 5 Khaitan & Co 7,409 51 20
3 3 J Sagar Associates 3,827 37 -3
4 - Cyril Amarchand Mangaldas 5,344 33 -
5 - Shardul Amarchand Mangaldas 5,658 31 -
6 6 Trilegal 1,976 29 13
7 4 Desai & Diwanji 850 26 -6
8 2 Amarchand & Mangaldas 4,776 21 -24
9 15 BMR Legal 1,320 20 13
10 13 Nishith Desai Associates 2,052 18 11
11 7 Luthra & Luthra Law Offices 3,167 15 0
12 19 IndusLaw 1,481 14 9
13 9 P.H. Bathiya & Associates 1,037 14 1
14 25 HSA Advocates 30 11 7
15 21 S&R Associates 2,284 9 5
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