Bloomberg Q3 2015: AZB tops Indian league tables, features with Khaitan, JSA in APAC
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Bloomberg Q3 2015: AZB tops Indian league tables, features with Khaitan, JSA in APAC

Aditya AK

AZB & Partners has topped the Bloomberg Global M&A League Rankings for the third quarter of 2015. It is also one of the three India law firms to feature in the Asia Pacific M&A league tables; the other two are Khaitan & Co and J. Sagar Associates.

In terms of market share, AZB has managed to maintain a 13.6% share from last year’s third quarter. Khaitan has seen a slight increase of 1.2%, whereas Luthra & Luthra and Crawford Bayley have seen a drop in their market share by 16.8% and 12.4% respectively.

Indian M&A tables (by Volume)

AZB finds itself at the top, with a deal volume of $7.6 billion. Quite far behind in second place is Khaitan, which has been involved in deals worth $4.8 billion during the period between January 1 and September 30 of this year. The erstwhile Amarchand & Mangaldas & Suresh A Shroff & Co is at fourth place with a volume of $2.9 billion, followed by one of its offshoots, Cyril Amarchand Mangaldas at fifth with a deal volume of $2.4 billion.

The other Indian law firms to feature include J Sagar Associates at 12th ($1.8 billion), Luthra & Luthra at 13th ($1.3 billion), Trilegal at 16th ($789 million), Nishith Desai Associates at 17th ($787 million) and Crawford Bayley & Co at joint 18th ($750 million).

Rank in Q3 2015FirmMarket ShareDeal Volume (in $ million)Deal Count
1AZB & Partners13.6762477
2Khaitan & Co8.6485440
3Latham & Watkins LLP5.430302
4Amarchand Mangaldas5.2291914
5Cyril Amarchand Mangaldas4.4248120
6=Sullivan & Cromwell LLP4.324412
6=Davis Polk & Wardwell LLP4.324413
8Ashurst LLP4.123252
9=White & Case3.821503
9=Andrews Kurth LLP3.821501
9=Vinson & Elkins LLP3.821501
12J Sagar Associates3.2181241
13Luthra & Luthra2.3130416
14=Weil Gotshal & Manges LLP2.011381
14=Linklaters LLP2.011385
16Trilegal1.478911
17Nishith Desai Associates1.47872
18Crawford Bayley & Co1.37502

Indian M&A tables (by Count)

Indian law firms occupy the first eight positions in the table by deal count. AZB is top with 77 deals, followed by JSA with 41, Khaitan & Co with 40 and Cyril Amarchand Mangaldas with 20.

Rank in Q3 2015FirmMarket ShareDeal Volume (in $ million)Deal Count
1AZB & Partners13.6762477
2J Sagar Associates3.2181241
3Khaitan & Co8.6485440
4Cyril Amarchand Mangaldas4.4248120
5Luthra & Luthra2.3130416
6Amarchand Mangaldas5.2291914
7Trilegal1.478911
8S&R Associates0.84319
9=Linklaters2.011385
9=Herbert Smith Freehills0.73755
9=Baker & McKenzie0.21165

APAC (ex Japan) tables

AZB features in second place in the Asia Pacific (ex Japan) region in terms of deal count. The firm is joined by Khaitan and JSA in the APAC Mid Market (up to $500m) and Mid Market (up to $250m) tables.

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