AZB & Partners has topped the Bloomberg M&A market review league tables for India in the first quarter of 2018. With 35 deals valued at $9.5 billion, the firm has topped both the deal volume and deal count tables for Indian M&A.
Deal Volume
In second place by some distance is Shardul Amarchand Mangaldas, with 13 deals at $5.6 billion. Cyril Amarchand Mangaldas follows suit with 15 deals at $4.2 billion, followed by S&R Associates with 4 deals at $2.9 billion, and Khaitan & Co with 23 deals at $1.3 billion.
The other Indian firms in the top twenty include Trilegal at 12th with 9 deals at $0.25 billion, J Sagar Associates at 13th with 17 deals at $0.22 billion and Veritas Legal at 16th with 2 deals at $0.06 billion.
A host of foreign law firms figure in the list, including Shearman & Sterling LLP, Goodwin Procter LLP, Noerr LLP, Hughes Hubbard & Reed LLP, and Ropes & Gray LLP.
| Rank | Firm | Deal Value (in $ billion) | No. of Deals |
| 1 | AZB & Partners | 9.5 | 35 |
| 2 | Shardul Amarchand Mangaldas | 5.6 | 13 |
| 3 | Cyril Amarchand Mangaldas | 4.2 | 15 |
| 4 | S&R Associates | 2.9 | 4 |
| 5 | Khaitan & Co | 1.3 | 23 |
| 6 | Shearman Sterling | 0.8 | 2 |
| 7 | Goodwin Procter | 0.5 | 2 |
| 8 | Noerr | 0.44 | 2 |
| 9 | Hughes Hubbard & Reed | 0.42 | 3 |
| 10 | Ropes & Gray | 0.4 | 1 |
| 11 | DLA Piper | 0.4 | 1 |
| 12 | Trilegal | 0.25 | 9 |
| 13 | J Sagar Associates | 0.22 | 17 |
| 16 | Veritas Legal | 0.06 | 2 |
Deal Count
In second place after AZB’s 35 deals is Khaitan & Co with 23, followed by J Sagar Associates with 17, Cyril Amarchand with 15, and Shardul Amarchand with 13.
Trilegal has 9 announced deals, while S&R Associates and Jerome Merchant + Partners have 4 each. Veritas Legal and Wadia Ghandy & Co have recorded 2 deals each.
| Rank | Firm | Deal Value (in $ billion) | No. of Deals |
| 1 | AZB & Partners | 9.5 | 35 |
| 2 | Khaitan & Co | 1.3 | 23 |
| 3 | J Sagar Associates | 0.22 | 17 |
| 4 | Cyril Amarchand Mangaldas | 4.2 | 15 |
| 5 | Shardul Amarchand Mangaldas | 5.6 | 13 |
| 6 | Trilegal | 0.25 | 9 |
| 7 | S&R Associates | 2.9 | 4 |
| 7 | Jerome Merchant + Partners | 0.017 | 4 |
| 9 | Hughes Hubbard & Reed | 0.42 | 3 |
| 9 | Jones Day | 0.04 | 3 |
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| 11 | Veritas Legal | 0.06 | 2 |
| 11 | Wadia Ghandy & Co. | 0.025 | 2 |
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Global Impact of Indian Law Firms
AZB features in the Global Announced Deals (By Deal Count) table, with its total of 38 deals at $21.07 billion. The firm also finds mention in the league tables of UK, Europe, Asia Pacific (ex Japan), South East Asia, Hong Kong and China.
Shardul Amarchand features in the Asia Pacific (ex Japan) and China M&A league tables.
Khaitan & Co features in the Asia Pacific (ex Japan), South East Asia, and Hong Kong league tables.
Cyril Amarchand has also made it to the Asia Pacific (ex Japan) league tables, as well as the Hong Kong league tables.
Trilegal and J Sagar Associates also feature in the Asia Pacific (ex Japan) tables.