AZB & Partners has topped the Mergermarket 2017 M&A league tables, in terms of deal value. Shardul Amarchand Mangaldas recorded the highest number of deals for the year.
The Indian market continued to flourish this year, after the highest ever M&A activity was recorded in 2016. The Vodafone-Idea deal, on which a host of Indian law firms advised, was the fourth biggest deal in the Asia-Pacific region this year, valued at $12.7 billion.
Deal Value
Following AZB’s deal value of $28.6 billion, Shardul Amarchand Mangaldas finds itself in second place, with 71 deals at $25.5 billion. Trilegal is next, with 37 deals at $17.5 billion, followed by S&R Associates, with 10 deals at $16.6 billion.
Vaish Associates is at sixth, with 8 deals at $13.05 billion, followed closely by Bharucha & Partners, which has 2 deals at $13 billion.
Khaitan & Co, which finished third in last year’s Mergermarket M&A tables, is at eighth this year, having recorded 58 deals at $11.4 billion. Even more surprising is Cyril Amarchand Mangaldas’ slump to ninth, having topped last year’s tables.
Only two international firms – Slaughter & May in fifth and Davis Polk & Wardwell in tenth – find mention in the top ten of this year’s Indian M&A tables.
| Rank | Firm | Deal Value (in $ billion) | Deal Count |
| 1 | AZB & Partners | 28.6 | 69 |
| 2 | Shardul Amarchand Mangaldas | 25.5 | 71 |
| 3 | Trilegal | 17.5 | 37 |
| 4 | S&R Associates | 16.6 | 10 |
| 5 | Slaughter & May | 13.7 | 4 |
| 6 | Vaish Associates | 13.05 | 8 |
| 7 | Bharucha & Partners | 13 | 2 |
| 8 | Khaitan & Co | 11.4 | 58 |
| 9 | Cyril Amarchand Mangaldas | 11.3 | 54 |
| 10 | Davis Polk & Wardwell | 4.8 | 3 |
| 11 | J Sagar Associates | 3.5 | 23 |
| 12 | Gunderson Dettmer Stough Villeneuve Franklin & Hachigian | 2.7 | 2 |
| 13 | Desai & Diwanji | 2.5 | 18 |
| 14 | Nishith Desai Associates | 2.4 | 13 |
| 15 | Allen & Gledhill | 1.8 | 4 |
Deal Count
Shardul Amarchand, which recorded two more deals than AZB, leads the latter at the top with 71 deals. Khaitan & Co is third with 58 deals, followed by Cyril Amarchand Mangaldas with 54. Trilegal is next with 37 deals, while coming in sixth with 23 deals is J. Sagar Associates.
The top ten is complete with HSA Advocates with 19 deals, Desai & Diwanji and DSK Legal with 18 deals each, and Nishith Desai Associates with 13 deals.
| Rank | Firm | Deal Value (in $ billion) | Deal Count |
| 1 | Shardul Amarchand Mangaldas | 25.5 | 71 |
| 2 | AZB & Partners | 28.6 | 69 |
| 3 | Khaitan & Co | 11.4 | 58 |
| 4 | Cyril Amarchand Mangaldas | 11.3 | 54 |
| 5 | Trilegal | 17.5 | 37 |
| 6 | J Sagar Associates | 3.5 | 23 |
| 7 | HSA Advocates | 1.4 | 19 |
| 8 | Desai & Diwanji | 2.5 | 18 |
| 9 | DSK Legal | 0.7 | 18 |
| 10 | Nishith Desai Associates | 2.4 | 13 |
| 11 | S&R Associates | 16.6 | 10 |
| 12 | PDS Legal | 1.1 | 10 |
| 13 | Luthra & Luthra | 0.6 | 9 |
| 14 | Vaish Associates | 13.05 | 8 |
| 15 | IndusLaw | 0.27 | 8 |
International impact of Indian firms
Four Indian firms have featured in the Asia Pacific (excl. Japan) league tables. AZB & Partners is at 13th position in terms of deal value, and 5th in the deal count table. Shardul Amarchand Mangaldas is 18th and 6th in the two tables respectively, whereas Khaitan & Co comes in at 12th, and Cyril Amarchand Mangaldas at 15th in the deal count tables.