This article on top ten law firms in Mumbai & what makes them stand out is written by Harshal Joshi, pursuing M.A. in business law from NUJS, Kolkata.
In the old days, you would have one lawyer to handle everything: speeding tickets, buying a house, contracts, litigation, real estate, copyrights, leasing, entertainment, intellectual property, forensic accounting, criminal offences… the list goes on. Now, you have to have a separate lawyer for each one of those categories!
-James Belushi
This quote of actor James Belushi in an incredible American 1990 comedy film, “Taking Care of Business” is fairly accurate regarding legal services provided by law firms in India.
Globalization has fundamentally accelerated and altered business transactions. The liberalization policies of the government of India since 1991 has immensely helped the law firms in India grow many folds. The search for low labour costs and cheap raw materials has led to a proliferation of international transactions, and large, Indian law firms are called on to participate in complex transactions helping business carry on complex deals and tap into sources of finance not just in India but around the world for investment. There are several law firms in India that specialize in wide spectrum of services. But those at the helm are involved in advising corporates in relation to their businesses, activities and investments in India. Many of these are full-service law firms providing end to end qualified advice on a variety of Indian laws, regulations and policies. However, this article discusses only the top ten law firms in the financial capital of India, Mumbai and lays down various factors that make them the best. These law firms are not just the topmost in Mumbai but in India too.
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THE TOP TEN AND WHAT MAKES THEM STAND OUT
There are several renowned agencies which have come up with their list of top 10, 20, 40 etc. law firms in India. The top ten law firms discussed in this article are more or less found at the top of every survey conducted recently by various agencies. However, this article is based on the rankings of the 40 leading corporate Indian law firms that London-based RSG Consulting has reported in its 250 page in-depth RSG-India Report 2015 and the reports on The Legal 500. The RSG-India rankings are based on extensive research weighing law firms on different parameters.
The top 10 law firms mentioned in RSG-India rankings are “a combination of size and capability and their reputation amongst Indian companies and law firm peers.” RSG-India Law Center judged several law firms in India based on four criteria — capacity, profile, quality of mandates and client satisfaction. Each criterion had a score out of 10 and a total of 40 as follows:
- CAPACITY (/10): number of partners, lawyers, offices, leverage ratios, and ability to handle large scale work.
- PROFILE (/10): market profile, including the number of spontaneous mentions and recommendations the firm received in independent client interviews.
- QUALITY OF MANDATE (/10): an analysis of the firm’s client base and recent work.
- CLIENT SATISFACTION (/10): the average satisfaction score from the firm’s own clients for 12 key indicators.
“The banded scores against the four indicators are not shown. They are derived from 35 different data sets, weighted and ranked based on RSG India’s Top 40 Indian Law Firms methodology.”
RSG in its latest ranking report also noted: “However, we do show data against two indicators: PROFILE MENTIONS which shows the total number of mentions, including a weighting for top tier, second tier and most improved commendations, and the average CLIENT SATISFACTION SCORE each firm receives from their clients. In addition, we show headcount figures for a total number of partners and lawyers based on the firm’s submissions to RSG Consulting, or RSG’s estimates where numbers are not provided.”
| Rank | Company Name | Number of partners | Number of lawyers | RSG Profile Score | RSG Client Satisfaction Score | Total Score |
| 1 | Amarchand & Mangaldas & Suresh A Shroff & Co | 84 | 655 | 61 | 8.7 | 37.8 |
| 2 | AZB & Partners | 20 | 295 | 59 | 8.5 | 35.2 |
| 2 | Khaitan & Co | 81 | 354 | 55 | 8.7 | 35.2 |
| 4 | J Sagar Associates | 79 | 337 | 41 | 8.7 | 34 |
| 5 | Luthra & Luthra Law Offices | 42 | 292 | 30 | 8.2 | 30.4 |
| 6 | Trilegal | 23 | 172 | 19 | 8.5 | 28.2 |
| 7 | S&R Associates | 8 | 53 | 8 | 8.9 | 27.1 |
| 8 | Economic Laws Practice | 25 | 129 | 5 | 9 | 26.2 |
| 9 | Desai & Diwanji | 27 | 187 | 12 | 8.5 | 25.8 |
| 10 | Talwar Thakore & Associates | 4 | 26 | 9 | 8.8 | 25 |
As per the above RGS India ranking table Amarchand & Mangaldas continues to be the reigning champion by maintaining number one spot for several years. In fact, according to the report there has been very little change in the top six rankings since RSG-India began ranking top 40 law firms in 2008.
As to two separate Amarchand firms, RSG-India states that majority of their clients rated Amarchand Mumbai and Delhi as a single firm, but the report also maintains that over the tow Amarchand law firms may be weighed separately after a period of one year of their independent operations ” The majority of clients reviewed both Mumbai and Delhi as a single firm, making it difficult to know for sure. However, if we ranked Amarchand as two separate law firms, we would expect one would still be the top firm in India. We ran a hypothetical ranking on Amarchand as two separate firms and found that today, the two new firms would share the top spot based on their current figures, client relationships and market profile. However, this may change after a year of operating separately, and we’d expect to see the firms differentiate themselves and their market positions in this period.”
The report also states that “There are some distinct differences between the two branches of Amarchand. The Mumbai region has more lawyers overall, but they have the same partner numbers which is also an important indicator of their capacity. The Delhi office has fewer assistant lawyers for each partner, giving it a lower leverage ratio, which is often reflected in better client satisfaction scores.”
As per the report “AZB & Partners continues to share the second position with Khaitan” since 2011. http://rsg-india.com/rankings. Khaitan has “made strides up the ranking in the past five years, and is now firmly established as a top-tier firm. Khaitan scores better on capacity and receives higher client satisfaction scores than AZB, but falls behind in terms of market profile and quality of client and mandate.”
Moving on to the next three law firms the RSG-India report further states that they have held their positions from 2013. According to the report “JSA had a strong year and was more visible. However, it was less active on large deals than its top six peers. Luthra & Luthra performs poorly compared to the group on the client satisfaction ratings, but a strong market profile and client base have held the firm in fifth place. Clients recommend Trilegal as a firm that continues to move up in the market, but poorer client satisfaction scores than in previous years have kept it from moving up the rankings. It is also the only firm in the top six not to receive significant mentions as a ‘top tier law firm’ dampening the firm’s profile score.”
As to the other four that made their way into the top 10 list, the report states “The firms which punch well above their weight in terms of size are S&R Associates, Talwar Thakore & Associates… …The firms in this group all received at least one top tier mention, and all …..were recommended by clients as having improved in the past year. These firms continue to outperform the top 10 in client satisfaction scores, with many international clients preferring to use a top quality, smaller firm where they are more likely to receive senior partner attention.”
Thus, these small law firms have scored more on client satisfaction and were preferred by many international clients for the reason that they receive the attention of a senior partner as against approaching a topmost law firm where the chances of getting the attention of a senior partner are less.
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BRIEF PROFILES OF THE TOP 10 LAW FIRMS IN MUMBAI
1) AMARCHAND & MANGALDAS & SURESH A SHROFF & CO
Offices: Delhi; Mumbai; Ahmedabad; Bangalore; Chennai; Hyderabad; Kolkata; Gurgaon
This is the topmost and best law firm with total 84 Partners and 655 lawyers along with a strong 261 support staff. It has 57 other Professionals. It was established in the year 1917.
This firm has now split into two separate firms: Cyril Amarchand Mangaldas and Shardul Amarchand Mangaldas.
Their main practice areas are Banking & Finance, Capital Markets, Competition & Anti-Trust, Corporate & Commercial, M&A, Tax, Dispute Resolution, Financial Regulatory, Projects, Infrastructure, & Energy.
Split of Work: Domestic: 60%, International: 40%
RSG SUMMARY: Ranked #1
CYRIL AMARCHAND MANGALDAS
Overview: As per the legal500.com report “Cyril Shroff’s team at Cyril Amarchand Mangaldas is praised for ‘its market knowledge and deep understanding of business needs’. The firm fields one of the largest departments in the country and deals with a variety of complex instructions involving local and cross-border elements. Instructions have included advising Kotak Mahindra Bank on its merger with ING Vysa Bank.”
Snapshot of the firm’s expertise and clientele that makes it one of the topmost:
Banking and finance – ranked: tier 1
“Housing one of the largest banking and finance teams in the country, Cyril Amarchand Mangaldas is the first port of call for many financial institutions for high-end, complex mandates. Clients have included International Finance Corporation (IFC), Sumitomo Mitsui Banking and Nomura Capital. Managing partner Cyril Shroff, Vandana Shroff and L Viswanathan are all noted names”.
Capital markets – ranked: tier 1
“The large team at Cyril Amarchand Mangaldas has expertise in domestic and cross-border mandates. Work highlights have included advising Wonderla Holidays on an INR1.8bn IPO. Cyril Shroff, Gaurav Gupte and Arjun Lall are key names to note.”
Corporate and M&A – ranked: tier 1
“Cyril Shroff’s team at Cyril Amarchand Mangaldas is praised for ‘its market knowledge and deep understanding of business needs’. The firm fields one of the largest departments in the country and deals with a variety of complex instructions involving local and cross-border elements. Instructions have included advising Kotak Mahindra Bank on its merger with ING Vysa Bank.”
Dispute resolution – ranked: tier 1
“Cyril Amarchand Mangaldas’ sizable team recently hired Percival Billimoria from AZB & Partners to head its disputes, regulatory, advocacy and policy practice from New Delhi. Clients include Axis Bank and Etihad Airways; the firm represented the latter in a $750m case before the Securities and Exchange Board of India (SEBI). In Mumbai, Sharad Mathkar and Shaneen Parikh are key figures.”
Investment funds – ranked: tier 1
“Cyril Amarchand Mangaldas is known for private equity fund matters. Clients have included GIC Special Investments, J.P. Morgan and Warburg Pincus. In a recent work highlight a team led by Cyril Shroff, Ravi Kumar and Nivedita Rao advised KKR Jupiter Investors (part of KKR Special Situations Fund II) on a $150m investment in JBF Group.”
SHARDUL AMARCHAND MANGALDAS & CO
Overview: “Under the leadership of the ‘prestigious practitioner’ Shuva Mandal, the team at Shardul Amarchand Mangaldas & Co is praised for its ‘responsiveness and high-quality service’. Akila Agrawal assisted PVR with its agreement to acquire DLF Utilities’ cinema business. In another matter, Akshay Chudasama (formerly of J Sagar Associates) advised BIF India Holdings on the $826m acquisition of nine project companies from Gammon Infrastructure Projects. Pallavi Shroff, Shardul Shroff and Iqbal Khan are also recommended.”
Snapshot of the firm’s expertise that makes it topmost:
Antitrust and competition – ranked: tier 1
“Shardul Amarchand Mangaldas & Co’s ‘top-notch practice’ advises on the full spectrum of competition matters including cartels, abuse of dominance, mergers and general compliance. Managing partner Pallavi Shroff is recommended for contentious matters, and practice head John Handoll advises on regulatory and compliance issues. Notable clients include Microsoft, Coal India and the National Stock Exchange of India.”
Banking and finance – ranked: tier 1
“‘An excellent firm’, Shardul Amarchand Mangaldas & Co is ‘one of the best for cost, time effectiveness and direct partner involvement’. Practice head Sapan Gupta has ‘effortless negotiation skills and has built a strong second line below him’. Shardul Shroff, Gunjan Shah and Shilpa Mankar Ahluwalia are also noted. Clients include State Bank of India, Deutsche Bank and Standard Chartered.”
Capital markets – ranked: tier 1
“Shardul Amarchand Mangaldas & Co recently advised Kotak Mahindra Capital and Citigroup on the Indian aspects of Dr Lal PathLabs’ $94.7m IPO, and acted for Videocon Industries on the restructuring of foreign-currency convertible bonds (FCCBs) worth $194.4m. Shardul Shroff and Prashant Gupta are recommended.”
2) AZB & PARTNERS
Offices: Mumbai, Delhi, Bangalore, Pune, Gurgaon
This is the second top law firm with total 20 Partners and 295 lawyers along with a strong 150 support staff. It was established in the year 2004.
The firm’s main practice areas are Arbitration, Aviation, Banking & Finance, Competition/Anti-Trust, Corporate M&A, Litigation, Private Equity, Projects & Infrastructure, Real Estate, Tax, Regulatory Practice & Securities Laws, Funds Practice, Micro-Finance, Derivatives, IP, Media & Entertainment, IT & Business Process Outsourcing, Employment, Insurance, Pharmaceuticals & Biotechnology
Split Of Work: Domestic: 50%, International: 50%
RSG SUMMARY: Ranked #2
Overview: As per legal500.com report “Corporate and M&A is a core practice at AZB & Partners, where the ‘excellent team understands clients’ needs’, and advises on a broad spectrum of corporate mandates. The firm acted for RMZ Corp during its $110m acquisition of Vital, and assisted GIC and an affiliate company with the $255m acquisition, by the latter, of a majority stake in an offshore holding company based in Mauritius. Zia Mody is highly recommended.”
Led by Ashwin Ramanathan, AZB & Partners’ aviation team advises airline clients on commercial and regulatory matters.
Snapshot of the firm’s expertise that makes it topmost as per The legal500:
Banking and finance – ranked: tier 1
“The team at AZB & Partners is headed by founding partner Bahram Vakil, who is considered ‘a leading figure in the project finance sector’. Work highlights for the firm included advising FIH Private Investments (part of The Fairfax Group) on a $300m credit facility to Sanmar Engineering, and assisting Grameen Capital India with setting up its ‘capital with a conscience ecosystem’ investment programme and other related issues. Ashwin Ramanathan and Gautam Saha are also recommended.”
Capital markets – ranked: tier 1
“AZB & Partners’ sizable capital markets group handles the full spectrum of capital markets work including IPOs and qualified institutional placements (QIPs). In a recent work highlight, it advised Housing Development Finance in one of the largest QIPs in the country, valued at $1.6bn. Clients also include HDFC Bank, Citigroup, Axis Capital and Kuwait Investment Authority. The practice is headed by Madhurima Mukherjee and Varoon Chandra.”
Corporate and M&A – ranked: tier 1
“Corporate and M&A is a core practice at AZB & Partners, where the ‘excellent team understands clients’ needs’, and advises on a broad spectrum of corporate mandates. The firm acted for RMZ Corp during its $110m acquisition of Vital, and assisted GIC and an affiliate company with the $255m acquisition, by the latter, of a majority stake in an offshore holding company based in Mauritius. Zia Mody is highly recommended.”
Dispute resolution – ranked: tier 1
“AZB & Partners is adept at handling High Court and Supreme Court litigation. Rajendra Barot is the key figure, and heads the litigation and arbitration group in the firm’s Mumbai office. Fairfax, Boeing, Nalanda Capital and General Atlantic are clients.”
Insurance – ranked: tier 2
“AZB & Partners advises large global insurers on their joint ventures in India and pertinent insurance legislation, bancassurance, distribution agreements and insurance risk covers. Rajendra Bharot leads the practice.”
3) KHAITAN & CO
Offices: Mumbai, Delhi, Kolkata, Bangalore
This is also ranked second along with AZB & Partners in top law firms list with total 81 Partners and 354 lawyers along with a strong 150 support staff and 20 other professional. It was established in the year 1911.
Main Practice Areas: Arbitration, Aviation, Banking & Finance, Capital Markets, Competition/Anti-Trust, Corporate M&A, Litigation, Private Equity, Projects & Infrastructure, Real Estate, Shipping, Tax, Investment Funds, Private Clients
Split of Work: Domestic: 55%, International: 45%
RSG SUMMARY: Ranked #2
Overview: As per The Legal 500 “Khaitan & Co.’s corporate team delivers ‘value for money’, and ‘timely and quick responses to clients’. In a recent work highlight, the team acted for Reliance Communications during the acquisition of Sistema Shyam Teleservices’ wireless telecoms business. It also advised Nippon Life Insurance on the purchase of an additional 23% stake in Reliance Insurance Company for the sum of $341m, a matter which posed several regulatory challenges. Siddharth Shah, Haigreve Khaitan, Rabindra Jhunjhunwala, Bharat Anand and Rajat Mukherjee are all recommended.”
Snapshot of the firm’s expertise that makes it topmost as per The Legal500:
Antitrust and competition – ranked: tier 1
“Khaitan & Co. is ‘very professional and deeply committed to ethics and integrity’. Manas Kumar Chaudhuri is ‘prompt, competent and fully committed to his profession’, and Avaantika Kakkar is ‘solution-oriented, with an enviable knowledge of the practice area’. Highlights included advising Royal Dutch Shell on its high-profile merger with BG Group.”
Banking and finance – ranked: tier 1
“Khaitan & Co. advises borrowers and lenders on domestic lending, external commercial borrowings, acquisition finance, structured finance and corporate restructuring. The dedicated group recently assisted IFC with its INR60bn Maharaja bond programme. Shishir Mehta and Devidas Banerji are highly recommended.”
Capital markets – ranked: tier 1
“At Khaitan & Co., work highlights saw Abhimanyu Bhattacharya advising Alkem Laboratories on its $204m IPO. The practice also acted for International Finance Corporation (IFC) on updating its $890m Maharaja bond programme. Sudhir Bassi and Nikhilesh Panchal are other names to note.”
Dispute resolution – ranked: tier 1
“Khaitan & Co.’s pan-Indian practice handles domestic and international disputes across multifarious sectors including banking, IP, natural resources, infrastructure and telecoms. Ajay Bhargava specializes in both civil and criminal litigation; Vanita Bhargava is an advocate on record at the Supreme Court and Chakrapani Misra frequently represents clients in IP-related arbitration. The team recently acted for Baba Kalyani of Kalyani Group in eight company cross-appeals, and also represented De Nora Water Technology in a dispute with its joint venture partners. Hindalco Industries, Indus Towers and Jindal Steel & Power are also clients.”
“At Khaitan & Co., work highlights saw Abhimanyu Bhattacharya advising Alkem Laboratories on its $204m IPO. The practice also acted for International Finance Corporation (IFC) on updating its $890m Maharaja bond programme. Sudhir Bassi and Nikhilesh Panchal are other names to note.”
4) J SAGAR ASSOCIATES
Offices: Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Gurgaon
This law firm is placed at fourth position with the total no. of 79 partners, total 337 lawyers, 57 support staff and 59 other professional. The firm was established in the year 1991.
Main Practice Areas: Arbitration, Banking & Finance, Capital Markets, Competition/Anti-Trust, Corporate M&A, Litigation, Projects & Infrastructure, Real Estate, Tax, Regulatory & Policy
Split Of Work: Domestic: 40%, International: 60%
RSG SUMMARY: Ranked #4
Overview: As per The Legal 500 “J Sagar Associates provides advice to large Indian industrial clients and multinational corporations across several sectors. The firm advised Union Bank of India on its acquisition of KBC Participations Renta’s shareholding in Union KBC Asset Management Company and Union KBC Trustee Company. It also assisted Renewsys India with the purchase of Solar Semiconductor unit assets. Sajai Singh, Upendra Sharma and Rohitshwa Prasad lead the practice.”
“J Sagar Associates advises local and international clients on IPOs and follow-on public offerings (FPOs), right issues and QIPs, among other matters. In recent work highlights, the team acted for InterGlobe Aviation (IndiGo) during its INR30bn IPO, and advised Bank of Baroda on updating its $3bn medium term programme. The practice is led by the ‘experienced’ Somasekhar Sundaresan, while joint managing partner Dina Wadia is also recommended.”
5) LUTHRA & LUTHRA LAW OFFICES
Offices: Mumbai, Delhi, Bangalore, Hyderabad
This law firm has total 42 partners, 292 lawyers, and 65 support staff. The firm was established in the year 1989
Main Practice Areas: Arbitration, Aviation, Banking & Finance, Capital Markets, Competition/Anti-Trust, Corporate M&A, Litigation, Private Equity, Projects & Infrastructure, Real Estate, Tax, TMT, Insurance, IP, International Trade.
Split of Work: Domestic: 30%, International: 70%
RSG SUMMARY: Ranked #5
Overview: The Legal 500 report describes the firm as “‘A real powerhouse’, Luthra & Luthra Law Offices is well respected for advising local and international corporations during complex corporate transactions. In a notable deal, it acted for the aerospace and defence arm of the TATA Group, Tata Advanced Systems, in its joint venture with Boeing Company to supply aerostructures for military and civilian aircraft. The firm also advised Goldman Sachs, as broker, on Daichii Sankyo’s highly publicised exit from Sun Pharma. Other clients include Petronas and Indiabulls Real Estate. The ‘talented and experienced’ Mohit Saraf and managing partner Rajiv Luthra are highly recommended.”
The Legal 500 further elaborating Luthra services states “Luthra & Luthra Law Offices advises on market-leading mandates, including innovative local and international offerings and QIPs. Headed by Mohit Saraf and Manan Lahoty, the team acts for large corporations such as Coal India, Axis Bank, Azure Power and Yes Bank. Work highlights included advising Barclays, Citigroup and others (the joint managers) on the issuing of $650m of unsecured senior notes by Adani Ports and Special Economic Zone. In another notable transaction, the firm acted for Indiabulls Housing Finance during its $601m QIP.”
6) TRILEGAL
Offices: Mumbai, Delhi, Bangalore, Hyderabad
At Trilegal, there are 23 partners along with 172 lawyers, 91 support staff and total of 13 other professionals. The firm was established in the year 2000.
Main Practice Areas: Arbitration, Aviation, Banking & Finance, Capital Markets, Competition/Anti-Trust, Corporate M&A, Litigation, Private Equity, Projects & Infrastructure, Real Estate, Tax, Restructuring, IP, TMT, Labour & Employment, White-Collar Crime, Insurance, Healthcare & Pharmaceutical.
Split Of Work: Domestic: 35%, International: 65%
RSG SUMMARY: Ranked #6
Overview: The Legal 500 describes Trilegal team as “Trilegal’s corporate team acts for major domestic and international companies during cross-border acquisitions, joint ventures, strategic allegiances, restructuring mandates and general corporate advice. Sridhar Gorthi led a team that advised Shiram Capital on SEBI regulations relating to the 20% shareholding acquisition by Apax of its affiliate company Shiram City Union Finance. In another work highlight, the firm assisted Terraform Global with its $231m purchase of a renewable energy portfolio from Sun Edison. Anand Prasad, Karan Singh and Yogesh Singh are also well regarded.”
It further elaborates its clientele as “Trilegal acts for Indian and foreign corporations, underwriters, foreign institutional investors, foreign portfolio investors, banks, ventures capitalists and assets management companies. Clients include Standard Chartered, HSBC, Citigroup and Axis Bank. Srinivas Parthasarathy leads the practice.”
7) S&R ASSOCIATES
Offices: Delhi, Mumbai
S&R Associates is not a big law firm but has earned the accolade of being a top law firm not just in Mumbai but also in India. It has 7 partners, 42 lawyers and 15 support staff. It was established in the year 2005.
Main Practice Areas: It has a distinguishing reputation of being a full service law firm.
Split Of Work: Domestic 20%, International 80%
RSG SUMMARY: Ranked #7
Overview: As per The Legal 500 report the firms work highlights have included acting for Vodafone during its acquisition of the remaining 11% shareholding in Vodafone India for $1.4m. Rajat Sethi and Uday Walia are key practitioners.
8) ECONOMIC LAWS PRACTICE
Offices: Mumbai, Delhi, Ahmedabad, Pune, Bangalore, Chennai
This is one of the large law firms in Mumbai and India with total 27 partners, 129 lawyers, 35 support staff and 6 other professionals. The firm was established in the year 2001.
Main Practice Areas: Arbitration, Banking & Finance, Capital Markets, Competition/Anti-Trust, Corporate M&A, Litigation, Private Equity, Projects & Infrastructure, Real Estate, Tax, Hospitality, International Trade & Customs, TMT
Split of Work: Domestic: 40%, International: 60%
RSG SUMMARY: Ranked #8
Overview: Praising the law firm, The Legal 500 report claims that “Economic Laws Practice provides ‘solution-focused’ advice paired with a ‘commercial understanding and an innovative approach’. Highlights saw the practice advising Johnson Controls on a joint venture with Hitachi Appliances and Hitachi Limited to create Johnson-Hitachi Air Conditioning. The team also acted for SAMHI Hotels on the purchase of the entire equity shareholding of Ascent Hotels. Suhail Nathani and Sujjain Talwar head the practice with the able contribution of Darshan Upadhyay.”
Snapshot of the firm’s expertise that makes it one of the top 10 as per Chambers and Partners’ report:
Banking & Finance:
“ELP advises clients including large public sector and private sector banks and their consortia, global banks, funds and investment houses, asset reconstruction companies and domestic and foreign commercial enterprises. Key Clients: ICICI Bank, SBI, ICBC, Tata Capital, Canara Bank, Epsom Shipping.”
Competition Law & Policy:
“ELP’s competition, regulatory and antitrust practice advises national and multi-national clients in diverse sectors on a full range of competition matters, including anticompetitive agreements, abuse of dominance, merger control, competition advisory, competition audit and compliance.” Key Clients: Google India, Ericsson, Johnson Controls Inc., Atos Wordline, Pan India Infra Projects.
Corporate & Commercial:
“ELP has a full-fledged and well-developed corporate and commercial practice, especially in the areas of mergers and acquisitions, takeovers, joint ventures, and other corporate restructuring. The firm has advised clients in various sectors including power, real estate, retail, e-commerce, telecom, infrastructure and hospitality. Key Clients: Johnson Controls, Inc., Otis Elevators, JSW, D-Link, Bunge India, Future Group.”
9) DESAI & DIWANJI
Offices: Mumbai, Delhi
Again, this is also one of the biggest law firm in Mumbai and India ranked 9th with a total partners count of 24, 187 lawyers. The firm is one of the oldest with the establishment year of 1930.
Main Practice Areas: Corporate, M&A, Projects, Private Equity, Capital Markets, Litigation
Split Of Work: Domestic: 40%, International: 60%
RSG SUMMARY: Rank #9
Overview: The Legal 500 report describes the firm that “Desai & Diwanji acts for international clients during high-end corporate and M&A deals. Apurva Diwanji and Vishwang Desai are pivotal members of the practice. Clients have included Quippo Telecom and Avendus Capital.
Snapshot of the firm’s expertise that makes it one of top 10 as per The legal 500 report:
Banking and finance – ranked: tier 3
“Aviation finance and structured finance are specialism at Desai & Diwanji. Clients have included Union Bank of India, RBS and BNP Paribas.”
Capital markets – ranked: tier 2
“Desai & Diwanji garners respect for its equity capital markets expertise and local regulatory knowledge. Apurva Diwanji leads the practice, which acts for clients such as RBS and J.P. Morgan.”
Corporate and M&A – ranked: tier 1
“Desai & Diwanji acts for international clients during high-end corporate and M&A deals. Apurva Diwanji and Vishwang Desai are pivotal members of the practice. Clients have included Quippo Telecom and Avendus Capital.”
Dispute resolution – ranked: tier 4
“Desai & Diwanji’s range of expertise includes financial, media and aviation disputes. Name partners Apurva Diwanji and Vishwang Desai are the key names to note.”
Projects and energy – ranked: tier 3
“Desai & Diwanji has strong project finance expertise, where the group frequently advises Indian banks. Managing partner Vishwang Desai is the key figure.”
10) TALWAR THAKORE & ASSOCIATES
Offices: Mumbai, Delhi
It may look a small firm but it has outperformed many other big firms and has made its mark in the top 10 with total 4 partners, 23 lawyers, 10 support staff and 1 other professional. The firm was established in the year 2007.
Main Practice Areas: Banking & Finance, Capital Markets, Competition/Anti-Trust, Corporate M&A, Private Equity, Projects & Infrastructure, Financial Regulatory
Split Of Work: Domestic: 40%, International: 60%
RSG SUMMARY: Ranked #10
Overview: The Legal 500 report describes the firm team as “the ‘highly professional team’ at Talwar Thakore & Associates is ‘reliable and proactive’ as well as ‘good value for money’. Clients include AXA Group, Reliance Communications, Unilever, BP and Lafarge. Feroz Dubash, the ‘savvy’ Kunal Takhore, Sonali Mahapatra and Rahul Gulati are noteworthy practitioners.”
Snapshot of the firm’s expertise that makes it one of top 10 as per The Legal 500 report:
Antitrust and competition – ranked: tier 2
“At Talwar Thakore & Associates, Vinod Dhall has notable expertise in the pharmaceutical, broadcasting, petrochemical and energy sectors. Novartis, Reliance Industries and Sanofi Group are clients.”
Banking and finance – ranked: tier 1
“The ‘impressive’ team at Talwar Thakore & Associates has proven track record acting for international corporations and financial bodies in some of the largest transactions in the country. The group advised Deutsche Bank, ING Bank and Standard Chartered on a $405m financing to Blackstone aimed at facilitating the acquisition of a 60.5% stake in Mphasis. Other clients include Asian Development Bank, Barclays Bank and J.P. Morgan. Sonali Mahapatra and Rahul Gulati are recommended.”
Capital markets – ranked: tier 1
“At Talwar Thakore & Associates, expertise spans ADRs, GDRs and IDRs, and other local and foreign offerings; it is especially adept at convertible bonds and high-yield issuances. Among recent work highlights, the team advised J.P. Morgan on the issuance of rated, non-secured debentures by Gujarat Road and Infrastructure Company. Clients also include ICICI, Deutsche Bank, Barclays and Credit Suisse. Kunal Takhore and Rahul Gulati lead the team, which includes Sonali Mahapatra.”
Corporate and M&A – ranked: tier 2
“The ‘highly professional team’ at Talwar Thakore & Associates is ‘reliable and proactive’ as well as ‘good value for money’. Clients include AXA Group, Reliance Communications, Unilever, BP and Lafarge. Feroz Dubash, the ‘savvy’ Kunal Takhore, Sonali Mahapatra and Rahul Gulati are noteworthy practitioners.”
Projects and energy – ranked: tier 3
“Feroz Dubash and Sonali Mahapatra jointly lead the group at Talwar Thakore & Associates, which is noted for its expertise in the energy, steel and infrastructure areas. Clients include Aer Rianta International, BP, Credit Suisse and J.P. Morgan.”
CONCLUSION
This is the current state of the top 10 law firms in Mumbai and India. However, with the Central government’s recent push to liberalize the corporate legal market to foreign law firms, the rankings of the top 10 law firm could change considerably.
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