Indian Law Firm Awards 2015

For corporate law firms across India, 2015 was a year unlike any other. The implosion in May of what was India’s largest firm, Amarchand Mangaldas, created two entities along with new opportunities for lawyers and other firms. Mid-size and smaller firms were forced to watch their backs as firms went on hiring sprees.

It is against the backdrop of a market in some turmoil since May that we present India Business Law Journal’s 2015 Indian Law Firm Awards. We recognize one law firm of the year, six best overall law firms, six winners in 19 practice areas, and highlight three best new firms.

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Law firm of the year

The year gone by was good for AZB & Partners. The firm, which has about 300 lawyers, has been seen as a go-to firm for mergers and acquisitions since its early days, but has over the years widened it practice and earned its place as one of India’s most respected law firms. “They are one of the most responsive, cost-effective and intelligent firms we have ever worked with,” says V Srinivasa Rangan, executive director at HDFC, a leading provider of housing finance in India.

[AZB & Partners is] one of the most responsive, cost-effective and intelligent firms we have ever worked with

Feedback suggests that a large part of the credit for this goes to managing partner Zia Mody, who is widely seen as the face of AZB & Partners, which she heads along with founding partner Bahram Vakil and senior partner Ajay Bahl. Mody “will ensure the firm delivers top-notch service,” says Suneet Weling, executive director at Kotak Mahindra Capital.

Clients have included Reliance Industries, which AZB & Partners advised on overseas bond issues; Modere, a US-based personal care and household products company, which it assisted on an internet domain name dispute; and Hind Terminals, which it advised on two railway siding usage/sharing agreements.

“The quality of service was excellent … the outcome resulted in considerable benefits to our company,” remarks Anand Kalaskar, CEO of Hind Terminals, who adds that he found senior associate Qais Jamal, who heads of the firm’s mining and infrastructure law practice, “to be very knowledgeable and [have a] clear understanding of our business”.

AZB & Partners worked on documentation for several capital market issuances including that of Nuziveedu Seeds, which got the go-ahead for an IPO in August 2015. Praising the firm for its “consistent team approach [which] gives comfort to the client and a sense of being in safe hands”, Sandhya S, vice president for finance and accounts at NSL Group, to which Nuziveedu Seeds belongs, commends partner Varoon Chandra, in particular, for becoming “part of the client while protecting the interest of the client”. Echoing these sentiments about the firm’s capital markets practice, Weling at Kotak Mahindra Capital says: “AZB was on top of issues and pulled out all stops to get deadlines met”.

As a result of the impressive depth and breadth of the firm’s expertise it was involved in 21 of India Business Law Journal’s 50 deals and cases of the year 2015 (see our December 2015/January 2016 issue). AZB & Partners also picks up seven practice area awards in our Indian Law Firm Awards below.

Best overall law firms

The emergence of Cyril Amarchand Mangaldas and Shardul Amarchand Mangaldas & Co has prompted a recalibration of positions among India’s top law firms. So for the first time since India Business Law Journal’s Indian Law Firm Awards began in 2009, there is a change in the ranks of our best overall law firms. The winning firms in this category for 2015 are: AZB & Partners (as described above), Cyril Amarchand Mangaldas, J Sagar Associates, Khaitan & Co, Luthra & Luthra and Shardul Amarchand Mangaldas & Co.

Cyril Amarchand Mangaldas (CAM), headed by Cyril Shroff, is well regarded by both Indian and international corporate clients. The firm, which has grown out of the erstwhile Mumbai-centred operations of Amarchand Mangaldas, now has nearly 600 lawyers and a new office in New Delhi. Thanks to a formidable depth and width of expertise, the firm routinely advises on some of India’s most complex and challenging transactions. Clients have included Daiichi Sankyo, when it offloaded its stake in Sun Pharma (seen as India’s largest bulk deal); Adani Ports & Special Economic Zone, in its debut on the US dollar bond market; and Infosys, when it acquired Panaya, a US-based provider of automation technology for large-scale enterprise software management.

“They come out with [an] acceptable solution for every problem,” says G Ramaswamy, national head at Bennett Coleman & Co’s Brand Estate, who used the firm for its insurance and reinsurance expertise. A client who uses CAM for general corporate, taxation, employment and real estate advice says that CAM lawyers have “come to form a solid backbone for the challenges which our business has faced”.

CAM (or its predecessor) was legal counsel on 18 of India Business Law Journal’s 2015 Deals of the Year and receives eight practice area awards in our Indian Law Firm Awards.

J Sagar Associates (JSA) continues to be recognized as one of India’s top-tier law firms. Over the past year, clients of the 350-lawyer firm have included ACI, which JSA successfully defended against charges of abuse of dominance and anti-competitive vertical restraint before the Competition Commission of India; the Hewlett-Packard group, which it advised on the split of its technology and telecom network infrastructure across India; and Louis Dreyfus Armateurs, for which JSA is the sole instructing counsel in its claim against the Indian government in an international bilateral investment treaty arbitration.

A client who used the firm for its restructuring, refinancing and insolvency services commends it for being “very on the ball with very clear and practical advice” and praises Mumbai-based partner Aashit Shah as being “extremely hands-on and committed to the deals he is on”.

The firm opened an office in Ahmedabad in January 2015 and now has seven offices across India. Mumbai-based partner Dina Wadia and Gurgaon-based Shivpriya Nanda became joint managing partners in January 2016. JSA was legal counsel on five of India Business Law Journal’s 2015 Deals of the Year and receives five practice area awards in our Indian Law Firm Awards.

Khaitan & Co’s stock among clients both in India and outside continues to rise. Clients have included a consortium of lenders led by Axis Bank, which advanced a term loan facility to Oasis Realty for the construction in Mumbai of what will be India’s second-tallest building; Inox Wind, for which it was domestic legal counsel on its very successful US$164 million IPO; and GlaxoSmithKline, in a three-part global transaction with Novartis, worth over US$20 billion.

I would not hesitate to recommend Khaitan’s banking practice with confidence to Western firms wishing to do business in India

Clients commend the firm for its expertise. “I would not hesitate to recommend Khaitan’s banking practice with confidence to Western firms wishing to do business in India,” says Nicholas Benedict, co-founder and CEO of Allecra Therapeutics.

Suyash Valanju, principal legal counsel for pharmaceuticals at Novartis India, says he would “without a doubt” recommend principal associate Shailendra Bhandare. “[I] find him to be exceptionally honest, practical and balanced in providing his counsel on any matter.”

Mark Ziekman, a partner at CMS Derks Star Busmann in Amsterdam, commends the firm for delivering “quality under high pressure [in] a complicated matter”. Singling out partner Rabindra Jhunjhunwala, Ziekman says: “He truly acted as a spider in the web and managed all Indian aspects of this transaction.”

Khaitan & Co has been augmenting its expertise across its offices and has made several strategic lateral hires. The firm was legal counsel on six of India Business Law Journal’s 2015 Deals of the Year and receives five practice area awards in our Indian Law Firm Awards.

Luthra & Luthra is well regarded by both domestic and international clients. The firm was the sole counsel to a consortium of 22 lenders led by State Bank of India in the structuring of senior and subordinated term loans. It also advised on several capital market transactions, including the draft prospectus filings of RBL Bank and Catholic Syrian Bank.

The firm recently acted for Tata Advanced Systems in setting up a joint venture with Boeing, which was the first investment by a defence major in an Indian joint venture since the recent lowering of barriers to foreign investment in the sector.

Clients are complimentary. “The Luthra team was extremely competent, professional and efficient in handling the transaction in a time bound manner,” says Vishal Sanghavi, principal executive officer for aerostructures at Tata Advanced Systems. Sanghavi commends partners Vaibhav Kakkar and Sundeep Dudeja, whom he describes as the “first port of call whenever we need evaluation of any legal nuances or advice with respect to our business operations”.

“The firm has some very sharp individuals,” says Dhananjay Shahi, general counsel at Religare Credit Advisors, who worked with Luthra & Luthra on a joint venture agreement in the insurance sector. Shahi says partner Alina Arora’s “detailed approach is very comforting”. Mohit Malhotra, executive director at Godrej Properties, says that on real estate matters the firm has the “ability to deliver under tough deadlines and also ability to provide balanced viewpoint on transactions”.

[Partners at Luthra & Luthra are our] first port of call whenever we need evaluation of any legal nuances or advice with respect to our business operations

Luthra & Luthra was legal counsel on four of India Business Law Journal’s 2015 Deals of the Year and wins awards in five practice areas.

Shardul Amarchand Mangaldas & Co (SAM), headed by Shardul Shroff, is the smaller of the two firms that emerged following the dissolution of Amarchand Mangaldas. Still, the 370-lawyer firm is seen as a powerhouse of legal experience and expertise.

Clients have included Nestlé India, which a team led by managing partner Pallavi Shroff successfully represented following central and state bans on its Maggi noodles; Videocon d2h, when it became the first Indian media company to be listed on the Nasdaq; and Vodafone India, for which it was sole transaction counsel when three Vodafone entities simultaneously issued US$1.4 billion in non-convertible debentures and equity shares. Comments from clients include that advice received is “quick, well researched and responses are legally sound while being simple to understand”.

SAM has set up three offices in Mumbai and an office in Bangalore since May 2015. The firm (or its predecessor) was legal counsel on 10 of India Business Law Journal’s 2015 Deals of the Year and it receives eight practice area awards in our Indian Law Firm Awards.

Aviation

Bhasin & Co, a firm with offices in Delhi and Mumbai, has long years of aviation experience. Clients include Air India, for which it secured a favourable judgment before the Supreme Court regarding dismissal of the general secretary of an employees’ union for calling a strike after the crash of an aircraft in 2010. The firm reports it has entered into best friend relationships with law firms in the UAE, Singapore and the US.

Dua Associates, with more than 250 lawyers across a wide network of offices, is recognized for its aviation and aviation policy expertise. Its clients include Lufthansa Techink, which the firm advises on its activities and business in India, and the Airports Economic Regulatory Authority of India.

“The services and in-depth knowledge are exemplary and excellent,” says a senior legal counsel of a maintenance, repair and overhaul provider, who wishes to remain anonymous. He describes partner Sita Khosla as “an excellent and outstanding lawyer, [who] has an in-depth knowledge of the business”.

Juris Corp provides world-class legal services in a
cost-effective manner

Gagrats, a full-service Mumbai firm, continues to be recognized for its aviation expertise. A team led by principal partner Rustam Gagrat advises Jet Airways, including on the recent merger of Jet Airways and Jet Lite, and Jet Airways’ issue of non-convertible debentures.

Link Legal India Law Services is known for its advice to airports as part of its infrastructure practice and for its dispute resolution expertise for sectors including aviation.

PDS Legal is increasingly recognized for its aviation practice following the lateral hire of partner Vihang Virkar, whose expertise includes acquisition, financing and leasing of assets, and litigation. Clients include Go Air, Bhutan Air and Deutsche Bank. The firm is also recognized for its taxation expertise and advises aviation clients on their tax as well as financing, leasing and litigation issues. “I could rely on them to guide us on aviation as well as manage the monitoring and administration of often long-drawn-out cases in India,” says Suruchi Rishi at Global Vectra Helicorp.

At Wadia Ghandy & Co, Mumbai-based partner Dhruv Khanna is recognized for his aviation expertise.

Banking & finance

This is one of many practice areas where the largest firms are also the most sought after. However, expertise in every area is to be found in firms of all sizes.

Juris Corp has acted on several complex banking and finance transactions and clients are impressed. “Juris Corp provides world-class legal services in a cost-effective manner,” says Partap Singh at Reliance Industries, who has worked with the firm on financing transactions for projects in the energy, petrochemicals and telecom sectors. Singh commends partners Veena Sivaramakrishnan and Shan Bottlewalla for being “very knowledgeable and experienced”.

Phoenix Legal has long been seen as a firm that punches above its weight and banking and finance is an area in which the firm has recognized expertise. “Despite us having been approached by numerous top law firms, we continue to work with Phoenix Legal,” says Anshuman Jaruhar, associate director, legal, at IFMR Capital.

Despite us having been approached by numerous top law firms, we continue to work with Phoenix Legal

Shiv Gupta, CEO-designate at Sanctum Wealth Management, is also a fan. “I have been delighted by the service from Phoenix Legal, which has been characterized by clear and practical advice, often on very complex issues, backed by outstanding responsiveness and very high partner-level engagement,” says Gupta.

Trilegal is also known for its expertise in banking and finance. The firm advised on the acquisition by funds associated with Apax Partners of an equity stake in Shriram City Union Finance through a secondary market purchase. Trilegal reports that in view of Indian regulations this was a complex transaction that was undertaken through a Mauritius subsidiary.

An international client who has worked with the firm for over a year says: “Trilegal appear to be more meritocratic than other firms. They don’t and won’t waste your time. This is an extremely professional, diligent, industrious and personable team of lawyers.”

Capital markets

S&R Associates continues to be seen as an exception to the rule that the best advisers in capital markets are to be found in the larger firms. The 55-lawyer firm with offices in Mumbai and Delhi is sought after as an adviser to issuers, their shareholders, bookrunning lead managers and brokers. The firm’s clients include Axis Capital, Edelweiss, SBI Capital Markets, Kotak Mahindra, ICICI Securities and Macquarie Capital. “The S&R team was very proactive and highly responsive in our transactions,” says a client who wishes to remain anonymous. The same client praises partners Juhi Singh and Sandip Bhagat “for their hands-on approach”.

“Advice is always of a very high quality but also very practical and commercial,” says Gareth Morgan, a senior solicitor at Vodafone Group Services, who adds that the “drafting is also of a very high quality”.

Competition & antitrust

The Competition Commission of India (CCI) has become a forum for some of some of India’s highest stake corporate disputes, and competition and antitrust is an area where law firms are expanding their expertise. While AZB & Partners, Cyril Amarchand Mangaldas, Khaitan & Co and Shardul Amarchand Mangaldas & Co are seen as leaders in this area, there are pockets of excellence elsewhere.

Economic Laws Practice (ELP) has an 11-lawyer team that advises on competition and antitrust matters. Its clients include Google, Ericsson and Indian Oil Corporation. Over the past year the firm assisted DeSimone Enterprises, Johnson Controls and Balasore Alloys in their successful filings of combination notices to the CCI. ELP is presently advising PVR in its acquisition of the cinema exhibition business of DLF Utilities in New Delhi. The firm has also represented DuPont in relation to a combination notice to the CCI for a transaction related to a global acquisition.

ELP provided first-rate advice on competition and antitrust, I would happily use them again

Jonathan Stevens, head of legal risk management at Atos, is one happy client. “Both [associate partner] Ravisekhar Nair and [partner] Suhail Nathani have exceptional subject matter expertise,” he says. “ELP provided first-rate advice on competition and antitrust, I would happily use them again for such work.”

Vinod Dhall and TT&A, which focuses exclusively on this area of law, advised on several complex disputes. Clients include the CCI, which consulted Dhall while drafting its first divestment order, triggered by the merger of Sun Pharma and Ranbaxy; Lafarge, which sought the firm’s advice for filing with regards to its global merger with Holcim; and the Fairfax group, when it sought CCI approval for its open offer to acquire up to 26% of IIFL Holdings.

“It’s a very professional law firm having excellent knowledge and contacts,” says Jutta Buchholzer, compliance manager at Hoerbiger. She adds that Dhall “does a great job on facilitating the success of his employees and empowering them” and lawyers at the firm show “great commitment to projects”.

Corporate & commercial

This is an area where clients look to smaller firms, and another area where Phoenix Legal is recognized by its peers and clients for its high-quality offerings.

Crawford Bayley & Co, a legacy Mumbai firm, continues to be recognized for its full-service offerings. The firm’s clients include polyester maker JBF Industries, which partner Sanjay Asher advised when it sold a minority stake to KKR. The firm also acted as domestic counsel to Power Finance Corporation, India’s largest public sector finance company, when the government divested a 5% stake in the company.

Desai & Diwanji’s recent clients have included Motilal Oswal Private Equity, which sold its stake in Ludhiana-based Mrs Bectors Food Specialties to CX Partners, a private equity fund based in Singapore.

DH Law Associates has around 50 lawyers, and is appreciated for its full-service offerings and experience.

DSK Legal, which has offices in Mumbai, Delhi and Pune, is recognized by clients both in India and abroad for its quality services. It recently acted for the Canada Pension Plan Investment Board when it acquired SP Infocity IT Park in Chennai through a strategic alliance it set up in 2013 with the Shapoorji Pallonji Group.

Solomon & Co, a Mumbai-based firm headed by Aaron Solomon, says it has experienced a continued growth in its revenues, deal numbers and staff levels.

Dispute resolution

With dispute resolution being the one area where corporate clients routinely engage external lawyers, law firms across India are building up expertise in this field. Yet clients continue to seek out the most experienced firms. Shardul Amarchand Mangaldas & Co appears to have inherited the mantle from Amarchand Mangaldas in this area of practice.

Agarwal Law Associates, headed by Mahesh Agarwal, is recognized by clients and the market as one of India’s premier dispute resolution practices.

Bharucha & Partners’ dispute resolution practice, headed by managing partner MP Bharucha and partner Vivek Vashi, receives similar recognition.

Economic Laws Practice has around 30 lawyers who focus on dispute resolution.

The firm is representing Etisalat Mauritius on a suit related to the 2G telecom scam, and several seed companies and seed associations in disputes with Mahyco Monsanto Biotech.

“They continue to be diligent in following up and giving regular refresher briefings to senior counsel in a current Supreme Court matter,” says Sudhir Rao, chairman and managing director at Skoda Auto India, who is using the firm in tax-related litigation.

Rao praises managing partner Rohan Shah for his “customer-centricity … demonstrated by the fact that he is open to recommending other firms for certain matters if he believes the expertise there is better than ELP for a given situation”.

Federal & Rashmikant, a small Mumbai powerhouse, is recognized for its litigation experience and expertise. C Rashmikant, who heads the firm’s litigation practice, is well known for his strategic thinking, which is key to overcoming the challenges of India’s opaque court system.

Karanjawala & Co is well known for representing companies, individuals and politicians in headline grabbing disputes. Its clients include Indraprastha Gas, a public utility in the national capital region; Air Asia International and Tata Singapore Airlines, which it is representing in a public interest litigation filed by a prominent politician; and Tata Motors, for which it is appearing in an antitrust matter.

Employment & industrial relations

This is a practice area where companies routinely seek firms with specialist expertise.

Bhasin & Co recently represented DD Gears when it won a favourable ruling from Delhi High Court in its dispute with the Labour Commissioner over the closing of its factory.

Kochhar & Co is a full-service firm with seven offices in India and six overseas, in Dubai, Singapore, Tokyo, Atlanta, Jeddah and Riyadh. It recently assisted a multinational corporation seeking to settle disputes with its employees triggered by its decision to wind up operations in India.

Commending the firm for its employment law practice, the general counsel of a major oil company, who doesn’t want to be named, says it provides “sound practical advice in an area fraught with uncertainty”.

Nishith Desai Associates’ employment law expertise has attracted clients such as Blackstone, Booking.com, Groupe Aeroplan, JP Morgan and Walmart. The firm’s work in this area is headed by senior associate Vikram Shroff.

Poovayya & Co’s employment law work is led by partner Siddhartha George.

The firm has over 40 lawyers at offices in Bangalore, Chennai, Mumbai and New Delhi.

Trilegal counts Bank of America Continuum India, Oracle India, Accenture and LinkedIn as clients of its employment law practice, which is headed by partner Ajay Raghavan.

Energy, projects & infrastructure

HSA Advocates, J Sagar Associates, Link Legal India Law Services and Trilegal have previously received awards in this category. Cyril Amarchand Mangaldas has taken the place previously occupied by Amarchand Mangaldas and Khaitan & Co is a new winner in this category.

HSA Advocates describes itself as “an extremely ambitious and driven firm, willing to take risks”. The 90-lawyer firm has been lead counsel on several infrastructure projects in India, including Vizhinjam International Deepwater Multipurpose Seaport, a greenfield port in Kerala; and has identified project risks for Energy Efficiency Services. HSA is also advising the Andhra Pradesh government in relation to the state’s new capital city, being developed on a greenfield basis.

Khaitan & Co advised KEC International in the sale of its telecom towers in three northeastern states under an asset purchas
e agreement, and Cairn India and Vedanta on regulatory issues in relation to the merger of Cairn and Vedanta.

Insurance & reinsurance

Neeraj Tuli at insurance boutique Tuli & Co describes 2015 as a landmark year for the insurance industry in India. With the insurance sector now more open to foreign direct investment (FDI), lawyers with expertise in the area are sought after.

Mulla & Mulla & Craigie Blunt & Caroe is recognized for its expertise in the area of maritime insurance.

Talwar Thakore & Associates advised the AXA group in relation to raising its equity stake from 26% to 49% in its life and general insurance joint venture in India with the Bharti group. It also advised the Sun Life group in relation to similarly increasing of its equity stake in its life insurance joint venture with the Aditya Birla Group.

Tuli & Co assisted reinsurers in relation to a US$110 million claim settlement involving an incident at one of the largest oil refineries in India, and in the initiation of a recovery action against third parties. The firm advised Indian insurance companies and various insurance intermediaries, including web aggregators, corporate agents and insurance brokers, in relation to foreign investment matters, and also advised international reinsurers that are proposing to establish branch offices in India.

Praveen Gupta, managing director and CEO at Raheja QBE General Insurance Company, praises the firm for its great turnaround time and “for understanding priorities and being very professional and un-bureaucratic”.

Intellectual property

Anand and Anand, a 90-lawyer firm headed by Pravin Anand, continues to be the most highly rated IP firm in India and comments received suggest that the firm is head and shoulders above its rivals. “They are certainly the best and have real specialization and reputation in the IP field,” says Farokh Bhiwandiwalla, a director at One-Red India Licensing, who adds that the firm’s “integrity as a law firm is unmatched”.

K&S Partners is one of India’s most highly rated IP firms. Over the past year the firm added offices in Chennai and Hyderabad and also expanded its partnership to 28, including non-equity partners. Partner Ravi Bhola, who heads the firm’s patent practice, says that the firm is representing parties in three of the six current FRAND disputes in India (over fair, reasonable and non-discriminatory terms).

Our company has dealt with many Indian attorney firms over the years and I am so glad we are now using Rahul[Chaudhry at Lall Lahiri & Salhotra]

Lall Lahiri & Salhotra is a new winner in this category. The firm, headed by Rahul Chaudhry, has offices in Gurgaon and New Delhi.

Clients include Billabong International, where IP manager Lesley Skipp says: “Our company has dealt with many Indian attorney firms over the years and I am so glad we are now using Rahul at LLS. They provide an exceptional service standard which is second to none, not only for India but anywhere in the world.”

Remfry & Sagar, an 80-lawyer IP boutique with offices in Gurgaon and Chennai, has recently added a lawyer in Bangalore. The firm continues to enjoy a stellar reputation among clients and peers. Clients include Guala Closures Patents, which the firm successfully represented in a patent infringement suit before Madras High Court. The firm continues to be highly regarded for its trademark prosecution and renewal services. Yuki Hino at Mark-i in Japan says the firm’s lawyers “manage very well our portfolio” and are all “very competent”.

[Lawyers at Saikrishna & Associates] are very client focused, very ethical in their dealings

Saikrishna & Associates is well recognized for its IP expertise. The 70-lawyer firm assisted media majors Star TV, Sony Entertainment Television and Fox Star Studios India in obtaining eight pirate website blocking orders, the first orders of their kind, and has represented clients in telecom patent litigation in relation to standard essential patents in various forums. New clients include Audi, De Beers UK, Marylebone Cricket Club and Dassault Systems.

“They are very client focused, very ethical in their dealings. When in doubt, they are very happy to refer back to any senior counsel if required. They do not carry the lawyers’ ego on their sleeve,” says Shriram Krishnan, CFO at Fox Star Studios India.

Singh & Singh Lall & Sethi is a new law firm formed from two well-regarded and well-established firms: Singh & Singh, headed by Prathiba Singh, who is now a senior counsel, and Lall & Sethi, headed by Chander Lall. The merged firm is recognized as an IP powerhouse by peers and clients.

Mergers & acquisitions

As in previous years, the most valued expertise in this area tends is to be in the largest law firms, five of which are winners in this category.

Talwar Thakore & Associates proves once again that some clients look to smaller firms for M&A expertise. The firm advised Blue Star Infotech on the sale of its entire IT business in India and overseas to a group owned by ChrysCapital, an Indian private equity fund. It also advised Royal Bank of Scotland in the sale of its diamond and jewellery financing business to IndusInd Bank.

Neeta Sanghavi, head of legal at Credit Suisse India, commends partner Feroz Dubash and senior associate Shruti Zota for their “deep knowledge and experience in the M&A space”.

Policy & regulation

This is another area where Luthra & Luthra and Shardul Amarchand Mangaldas & Co are highly regarded by peers and clients.

Dua Associates wins praise from Yashika Singh, an economist at Rio Tinto India, for “helping us to build a network of influencers and policy makers” and for “assisting us to put our policy priorities in the correct ambit”.

Economic Laws Practice is also recognized for its expertise in this area. Rao at Skoda Auto India says his company has been “pleased with the advice” provided by the firm on government policy and interface issues. “If we had the need, they would be on my shortlist also for litigation issues which involve significant government policies/regulations,” says Rao.

Hammurabi & Solomon is also seen as providing key services in this area. Managing partner Manoj Kumar and senior partner Shweta Bharti are active members of law firm associations and speak on policy matters at conferences. The firm reports that it is involved with efforts to draft bills and provide suggestions and recommendations on draft bills.

PLR Chambers, founded by Suhaan Mukerji, is recognized for its expertise in the area and its networks within government. Its corporate clients include Amazon and Samsung.

Private equity & venture capital

Samvad Partners and Trilegal are first-time winners in this category while Cyril Amarchand Mangaldas appears to have inherited the mantle of being a go-to firm in this area from Amarchand Mangaldas.

IndusLaw has recognized expertise in the area. The 70-lawyer firm represented ANI Technologies, which runs Ola Cabs – a competitor to Uber – in two recent rounds of funding which raised a total of US$900 million. Partner Gaurav Dani led the firm’s team in both rounds, which involved over 30 parties. The firm also represented Jasper Infotech’s Snapdeal when the company sought US$500 million for growth and acquisitions in its ninth round of funding.

Nishith Desai Associates is highly regarded for its expertise in this area. The firm represented the existing investors in Naaptol when it raised new funding from Mitsui & Co. Other clients include Goldman Sachs and Blackstone. Partner Pratibha Jain in the firm’s Delhi office is recognized for her expertise.

Samvad Partners, with offices in Bangalore, Mumbai, Chennai and New Delhi, has advised parties involved in several key private equity and venture capital transactions. Clients include Nexus Venture Partners, Moonfrog Labs and Helion Venture Partners.

Trilegal advised Alibaba and BlackRock in connection with their investments in Snapdeal, and Actis when it invested in Ostro Energy.

Real estate

Mumbai firms are recognized as the most experienced in this practice area but, as always, there are exceptions.

Anup S Shah Law Firm, which is based in Bangalore and has around 70 lawyers, provides services to cover all aspects of property-related transactions ranging from title searches and opinions, to litigation and arbitration support.

Dua Associates is highly rated for its real estate practice. Lopamudra Mohapatra, legal counsel adviser at Dell India, praises the firm for providing advice that is “to the point and practical” and for “protecting and safeguarding Dell interest by giving us the right legal advice and at the right time”.

Mumbai-based Federal & Rashmikant’s real estate practice is led by Muffazal Federal.

Hariani & Co has offices in Mumbai, Pune and Goa, and is a small full-service firm that is known for its real estate practice. Managing partner Ameet Hariani and several other partners have expertise and experience in the area. The firm takes pride in being the first firm “to implement FDI in the real estate sector at an entity level”.

Kanga & Co is another Mumbai-based full-service firm that is recognized by clients and peers for its real estate work. Partners KM Vussonji, SS Vaidya, Rishiraj Bhatt and Mosam Mody advise on real estate matters.

Restructuring & insolvency

This is another area where the larger firms are considered to have the most expertise and experience.

Dhir & Dhir, an exception to this rule, provides a range of restructuring and insolvency services. Clients include Ultratech Cement, Bharti Shipyard and Hindustan Motors. Dhir & Dhir reports that it has made referrals with the insolvency courts in cases that together have an exposure of ₹260 billion (US$3.8 billion). Senior partner Nilesh Sharma is seen by peers as an expert in this area.

Shipping & maritime

The list of firms that win awards in this category has changed little over the years.

ALMT Legal, with offices in Mumbai and Bangalore, is a newcomer. Partner Gautam Bhatikar heads the firm’s shipping and maritime practice, which advises on a wide range of matters including disputes arising out of bills of lading, arrest and release of vessels and the legal regime for ship breaking in India.

Bhatt & Saldanha, based in Mumbai and headed by Adil Patel, is acknowledged by peers and clients as a go-to firm for shipping and maritime matters. Partner Raman Walawalkar is recognized for his expertise in the area.

 

Bose & Mitra is another Mumbai firm that is well regarded in this area. Amitava Majumdar, who heads the firm, is known for his experience in admiralty matters.

Brus Chambers, also in Mumbai, headed by Shrikant Hathi, has built a reputation for maritime law expertise.

Mulla & Mulla & Craigie Blunt & Caroe is recognized for its shipping and maritime experience and for its ship finance work. Partner Shardul Thacker heads the practice.

Zarir Bharucha & Associates, a four-lawyer Mumbai firm, is known for its maritime law practice. “We are very satisfied with the very quick and responsive legal service of Zarir Bharucha & Associates in a case regarding a vessel arrest dispute in India,” says Philip Peng at Hai Tong & Partners in Beijing. The firm reports that it successfully represented a ship owner in the first arrest in India made in connection with the failure of OW Bunker.

Structured finance & securitization

In this practice area, too, the larger law firms dominate. Among the winners in this category, AZB & Partners, Cyril Amarchand Mangaldas, Juris Corp and Trilegal also receive awards for their banking and finance practice.

Juris Corp’s clients include a European bank which it advised on the documentation for a complex transaction involving a person resident in India.

Taxation

BMR Legal, a boutique firm that specializes in tax, corporate M&A and private equity, is known for its taxation expertise. The 50-lawyer firm has recently expanded its corporate M&A expertise, but tax is a core focus and a recognized area.

Economic Laws Practice is a go-to firm for both direct and indirect tax matters. The firm represented the Indian Wind Turbine Manufacturers Association before the Ministry of Finance when it was seeking a duty exemption; identified the key impact points for the e-commerce sector under GST for Flipkart; advised Johnson Controls on transfer pricing matters; and undertook a tax optimization and due diligence review for Aditya Birla Nuvo.

Lakshmikumaran & Sridharan has around 250 lawyers in 11 offices, including one in Geneva. It reports that its tax lawyers successfully argued “around 90% of the cases (out of a pool of 200 final hearing matters) before the Tax Bench of the Supreme Court of India”. Managing partner V Lakshmikumaran argued most of them.

[Lakshmikumaran & Sridharan’s] tax law expertise helped our client to save a lot of money when dealing in India

Clients are impressed. “Lakshmikumaran & Sridharan are the best professional skill-wise, as well as willingness and behaviour-wise,” says DD Goyal, senior vice president, finance, at Maruti Suzuki India. “L&S’ tax law expertise helped our client to save a lot of money when dealing in India,” says Martin Imhof, partner and head of the India desk at Heuking Kühn Lüer Wojtek.

Nishith Desai Associates prides itself on its innovative approach to tax structuring and its strategic and creative tax planning, particularly in relation to cross-border transactions.

PDS Legal is increasingly seen as a go-to firm for taxation advice. Partner Tarun Gulati is highly rated for his indirect taxation expertise. Clients include Flipkart, which the firm assisted before Kerala High Court in a successful dispute with revenue authorities over the levy of VAT on e-commerce companies. “They demonstrate tremendous commitment, expertise and ownership,” remarks Pramod Jain, head of taxation at Flipkart.

Vaish Associates, a full-service firm with offices in New Delhi, Mumbai, Gurgaon and Bangalore, reports that it handled significant tax litigation and advisory matters in Mumbai, as it continued to expand its tax practice in the city. Clients include Canon India, which it represented before Delhi High Court in a transfer pricing dispute; DLF, which it assisted on various matters; and Max India, which it advised on tax issues arising on account of demerger of its investments and healthcare businesses.

Technology, media & telecommunications

Expertise in this niche area often lies with smaller firms.

J Sagar Associates is an exception. Partner Sajai Singh, who heads the firm’s Bangalore office, represents emerging technol­ogy companies. He was the 2014-15 president of ITechLaw, an international technology lawyers’ association based in the US.

[Lawyers at PDS Legal] demonstrate tremendous commitment, expertise and ownership

Naik Naik & Co’s clients include several film production companies, which sought out the firm for advice on management of rights issues. The firm, which is headed by Ameet Naik, prides itself on being “one of the first-movers in the intellectual property arena in the media and entertainment field”.

Nishith Desai Associates partners Vivek Kathpalia and Gowree Gokhale are recognized for their work in this area.

Saikrishna & Associates’ experience in the area includes its work for Fox Star Studios India, when it acquired the exclusive right to distribute nine films produced or co-produced by Dharma Productions; and Star India, when it acquired Maa Television Network, and when it sought brand and content clearance for its digital platform Hotstar.

Krishnan at Fox Star Studios India, who engaged the firm’s TMT services “on a very large transaction which was very complicated” says that thanks to firm’s lawyers “we got the entire deal done without diluting the legal position”. He is all praise for partner Monica Datta, who “was available to take calls whenever required, gave clear replies with proper rationale and played a key role in completing the transaction”.

TMT Law Practice is a new winner in this category. The 20-lawyer firm is headed by Abhishek Malhotra and has seven offices across India including in New Delhi and Chennai. The firm’s clients have included NDTV, which sought advice on its e-commerce venture; Multi Screen Media and Kaleidoscope Entertainment, which sought to restrain the infringement of their copyright; and Star India, which wanted to challenge the validity and propriety of certain notifications issued by India’s telecom regulator.

Trilegal has long been recognized for its TMT practice, which is headed by partner Rahul Matthan. With a focus on technology investments, the firm routinely advises private equity firms investing in startups. The firm assisted Myriad Asset Management and BlackRock, when they invested in Snapdeal; Telenor on legal and strategic aspects of the acquisition of an interest in Telewings; and Flipkart on four acquisitions it recently made.

Best newcomers

In this category our editorial team considers law firms that have been set up during the past two years. Finding winners for this award is rewarding. India’s legal community includes several entrepreneurial lawyers who have set up on their own. Identifying those that we think could go on to join the top ranks is exciting.

Agram Legal Consultants was set up in 2014 by Vaishali Sharma after a 14-year career at AZB & Partners and elsewhere. In June 2015 Sudipta Routh, a former partner at Luthra & Luthra, joined the firm and it moved from being a sole proprietorship to a partnership. The firm now advises on M&A and private equity transactions. It represented Gammon Infrastructure Projects and its nine project companies, when it was acquired in a complex transaction that was seen as “the largest asset sale at one go in the Indian infrastructure industry”; and Mahindra First Choice Wheels and Mahindra & Mahindra in two rounds of investment.

[Agram’s] urge to build a new practice with an entrepreneurial edge makes them a very desirable firm to work with

There is a buzz about Agram in the market and clients are impressed. “They are a young firm and are new to the industry. However, I would suggest that their past (excellent) individual experience coupled with their urge to build a new practice with an entrepreneurial edge makes them a very desirable firm to work with,” remarks Nagendra Palle, CEO at Mahindra First Choice Wheels, who commends Sharma and associate Disket Angmo for having “successfully navigated and negotiated the agreement with all parties”.

Lex Favios, now a 15-lawyer firm with offices in Delhi and Mumbai, was set up by Sumes Dewan in 2014. Dewan, who has worked with Desai & Diwanji and Fox Mandal among others, says that “all the team members have had experience of working with the larger firms”. The firm has full-service capabilities and was legal counsel on what it says was “the biggest hospitality deal” of 2015: a partnership between the Carlson Rezidor Hotel Group and the Mushtaq Group of Hotels for seven hotels in Jammu and Kashmir, involving a total investment of about ₹10 billion. “I see a shift from large firms to small firms,” says Dewan who adds that ensuring the fee is right is important.

Veritas Legal opened its doors in February 2015 and according to its founding partner, Abhijit Joshi, the firm has com­pleted about 20 transactions in the field of M&A and private equity. Joshi was formerly a senior partner and CEO at AZB & Partners and so is well known in the market. Veritas Legal now has 22 lawyers and big-name clients such as Daimler, BMW and Audi. It advised Audi on the acquisition of the GPS and mapping division of Nokia, and Recipharm in its acquisition of a majority stake in Nitin Lifesciences. Joshi says that the firm’s dispute resolution practice “is involved in significant litigations with approximately 100 filings in various judicial forums”.

Clients are pleased. “I was very satisfied with Veritas’ M&A work, cost-efficient, quick, always one step ahead, practical solutions, good value for money,” says Rainer Beckmann, in the M&A and Cooperations section of Daimler’s legal department. “Abhijit Joshi is clearly the best M&A lawyer I worked with in India and one of the best worldwide.”

“[Veritas Legal] consistently delivered on deal documents with short turnaround times,” says Gourav Bhattacharya, vice president at Matrix Partners India.

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