Mergermarket recently released its M&A league tables for the first quarter of 2016. And it has been a busy quarter for Indian law firms.
During this period, there have been 23 outbound M&A deals valued at $2.2 billion, making it the highest Q1 deal value since 2011, a 455.1% value increase compared to Q1 2015, which saw 19 deals valued at $390 million.
In India, Cyril Amarchand Mangaldas has topped the league tables in terms of deal value, whereas Khaitan & Co has recorded the most number of deals.
Deal Value
Cyril Amarchand Mangaldas’ 7 deals, valued at $3.2 billion, take them to the top, followed by Vaish Associates, with 2 deals valued at $2.4 billion.
The biggest deal this quarter – UltraTech Cement’s acquisition of Jaiprakash Associates’ cement manufacturing facilities at almost $2.4 billion – took both Cyril Amarchand Mangaldas and Vaish Associates to the top two spots in the league table by value.
AZB & Partners is in third place, with 10 deals valued at $2.06 billion. Khaitan & Co and IndusLaw are the other Indian firms in the top ten, at 8th and 9th place, with 15 deals at $934 million and 2 deals at $900 million respectively.
The other Indian firms in the list include JSA at 11, with 3 deals at $846 million, Nishith Desai Associates at 12 with 3 deals at $770 million and Shardul Amarchand Mangaldas at 15, with 6 deals valued at $479 million.
The international law firms in the league table include Latham & Watkins, Linklaters, Weil Gotshal & Manges, Dechert, Herbert Smith Hills, Shearman & Sterling and Allen & overy.
| Rank | Firm | Deal Value ($million) | Deal Count |
| 1 | Cyril Amarchand Mangaldas | 3200 | 7 |
| 2 | Vaish Associates | 2460 | 2 |
| 3 | AZB & Partners | 2066 | 10 |
| 4= | Latham & Watkins | 1280 | 1 |
| 4= | Linklaters | 1280 | 1 |
| 6 | Weil Gotshal & Manges | 1100 | 2 |
| 7 | Dechert | 948 | 2 |
| 8 | Khaitan & Co | 934 | 15 |
| 9 | IndusLaw | 900 | 2 |
| 10 | Herbert Smith Freehills | 900 | 1 |
| 11 | JSA | 846 | 3 |
| 12 | Nishith Desai Associates | 770 | 3 |
| 13 | Shearman & Sterling | 670 | 3 |
| 14 | Allen & Overy | 484 | 2 |
| 15 | Shardul Amarchand Mangaldas | 479 | 6 |
Deal Count
Khaitan & Co tops the table with 15 deals, followed by AZB, with 10 deals. The two Amarchand firms are next; Cyril Amarchand is in third with 7 deals, whereas Shardul Amarchand is in fourth with 6 deals. Trilegal completes the top five with 5 deals.
The other Indian firms featured include Veritas Legal, with 4 deals and a host of firms – JSA, Nishith Desai and ELP – at 3 deals each. Also on the list are Vaish Associates and IndusLaw with 2 deals each.
| Rank | Firm | Deal Value (in $million) | Deal Count |
| 1 | Khaitan & Co | 934 | 15 |
| 2 | AZB & Partners | 2066 | 10 |
| 3 | Cyril Amarchand Mangaldas | 3200 | 7 |
| 4 | Shardul Amarchand Mangaldas | 479 | 6 |
| 5 | Trilegal | 388 | 5 |
| 6 | Veritas Legal | 85 | 4 |
| 7 | JSA | 846 | 3 |
| 8 | Nishith Desai Associates | 770 | 3 |
| 9 | Shearman & Sterling | 670 | 3 |
| 10 | Economic Laws Practice | 117 | 3 |
| 11 | Vaish Associates | 2460 | 2 |
| 12 | Weil Gotshal & Manges | 1100 | 2 |
| 13 | Dechert | 948 | 2 |
| 14 | IndusLaw | 900 | 2 |
| 15 | Allen & Overy | 484 | 2 |