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Intelligence Report Foreign law firms Intelligence report The new legal architects In the wake of the financial storm, which international law firms are taking the lead in designing and executing India’s cross-border transactions? George W Russell investigates June 2010 India Business Law Journal 33 Intelligence report Foreign law firms aw firms working on India deals have managed “Tariffs have to be more competitive and arrangements a collective sigh of relief. The outlook for India- have to be more creative, such as blended rates, maxi- related legal work is brighter than it has ever mum lump sum fees and success fees,” says Isabelle Lbeen since the global financial downturn took Roux-Chenu, director and group general counsel at hold late in 2008. “India related work has increased at a Capgemini in Paris. faster pace over the last year as India was not as badly affected by the downturn compared to the other devel- Intensive research oped economies and other economies in the region,” says Manoj Bhargava, who leads the India practice at This year’s India Business Law Journal survey of the Jones Day in Singapore. major international firms undertaking India work is Law firms also welcomed the results of the Indian drawn from an analysis of about 500 law firms from general election in mid-2009. However, some aspects of every continent and the matters they have handled government policy are causing concern. “The aggres- over the past 12 months. While no survey can be 100% sive nature of the India tax authorities is troubling to for- objective, India Business Law Journal has endeav- eign investors, and consequently has an adverse effect oured to draw insightful conclusions from the intensive on the willingness of foreign companies to be active in research undertaken. the India marketplace,” warns Paul de Bernier, co-head As well as soliciting hundreds of submissions from of the India practice group at Mayer Brown in London. candidate law firms, we have combed through public Another set of concerns relates to arbitration and liti- and other records and consulted both domestic and gation in India and the ability to seek effective enforce- international lawyers, as well as corporate counsel in ment of contractual remedies in the country. “The open- India and overseas. ing of a new branch of the London Court of International Like last year, India Business Law Journal identifies the Arbitration in Delhi may alter the way we approach top 10 international firms for India work. In addition, we litigation and arbitration in the US-India context,” says have listed 15 firms that are considered key players in Valérie Demont, a partner at Pepper Hamilton in New the burgeoning business of India-related legal services. York. We have classified another 15 firms as significant play- Law firms should note that since the downturn, clients ers. There are another 40 “firms to watch”, which can be say they have become more price-conscious when it expected to continue attracting India-related work. comes to choosing law firms for India-related work. As more regional and local firms, especially in key IBJL-FT Partnership ad 183x132 - June 10:Layout 1 22/06/2010 15:04 Page 1 Proudly supporting infrastructure and commercial developments in the Subcontinent, © Pinsent Masons LLP 2010 Asia and Middle East for over 30 years Pinsent Masons is a full service international law firm and the Number One law firm for construction expertise worldwide (Who's Who Legal 2008-2010) Find out more at www.pinsentmasons.com or contact: Sachin Kerur T: +971 4 373 9600 E: [email protected] Martin Harman T: +44 (0)20 7490 6215 E: [email protected] LONDON DUBAI BEIJING SHANGHAI HONG KONG SINGAPORE 34 India Business Law Journal June 2010 Foreign law firms Intelligence report economies such as Singapore and Australia, attract Gump Strauss Hauer & Feld, while Sidley Austin lost India work it seemed only fair to give them a separate Arun Nigam and Nishrin Hussain when both of them category. So this year, we identify 20 firms based in nine formed Arun Nigam Associates in Hong Kong. jurisdictions that have attracted considerable India- Meanwhile, White & Case partner Doug Peel saw his focused work. focus move away from India as he was rushed from In addition to the top 100, this year we present two Singapore to Abu Dhabi to shore up the firm’s Middle more lists: one highlights 10 niche firms that special- East practice after a spate of departures. Ashurst ize in a range of matters, such as offshore structuring, partner Andrew Edge remained in London, but moved intellectual property and immigration (see Boutique to Stephenson Harwood. (Ashurst is also undertaking boom on page 45), and the other focuses on players India work without its Delhi liaison office, which closed hoping to break into the Indian market (see Knocking on in February after a Bombay High Court ruling). India’s door page 43). These diverse law firms – some from unexpected jurisdictions reflecting the potential The top 10 firms reordering of global markets – are 10 we believe show promise for the future. Our top 10 sees three new entrants this year: Linklaters, As in previous years, the top 100 firms hail mostly Mayer Brown and Simpson Thacher & Bartlett. Clients from the US and England. However, firms from major praise Simpson Thacher for its cross-border and trading partners (and Commonwealth allies) such as India experience. “They are our trusted advisers who Canada, Australia and Singapore are also recognized, can bring international rigour and business judgment as are those from civil-law jurisdictions such as France, to bear on complicated legal situations,” says Karan Germany, the Netherlands and Switzerland. Swani, a principal at Kohlberg Kravis Roberts & Co (KKR) in Mumbai. The firm advised KKR and the Canada Global vision, Indian ambition Pension Plan Investment Board in connection with their US$255 million secondary equity investment in Aricent While London, New York, Washington, Singapore and and purchase of a note receivable held by Flextronics Hong Kong remain the dominant locations for India- International. focused lawyers, other centres are vying for a piece of Mayer Brown advised Mérieux Alliance in the €550 the India pie. Linklaters, for example, has a London- million (US$676 million) sale of Shantha Biotechnics, based India practice and also an India desk in São Paulo the India-based bio-pharmaceutical company, to Sanofi led by Christian Roschmann, head of corporate finance Pasteur, a subsidiary of Sanofi-Aventis. It also advised practice at Lefosse Advogados, the firm’s Brazilian National Stock Exchange in a first-of-its-kind cross- associated firm. Similarly, at Baker Hostetler, Monica listing agreement with the Chicago Mercantile Exchange Verma, a Cleveland partner, with the assistance of Neal and represented City & Guilds, one of the largest exami- Seth, a partner in Washington, heads efforts to develop nation and accreditation organizations in the world, on the firm’s India-related practice. a joint venture with the Manipal Group of India to pro- The India-related legal industry is now truly glo- vide vocational and standardized education services in bal. Recent major deals involved firms as diverse as India. Julius & Creasy in Colombo (Sri Lankan acquisitions Linklaters advised Suzlon Energy on the consent by Bharti Airtel), Corpus Legal in Lusaka and Mason solicitation for US$500 million in convertible bonds and Hayes & Curran in Dublin (Vedanta’s purchase of mines the restructuring of various debt facilities. It also advised in Zambia and Ireland), Kojima Law Offices in Tokyo Oman Oil on equity investment in its joint venture with (Japanese anti-dumping claims) and Pham & Associates Bharat Petroleum Corporation, and represented Zain in in Hanoi (enforcing Indian trademark and licensing the US$10.7 billion disposal of its African business to rights in Vietnam). Bharti Airtel. While these firms might not yet be among our top 100, Pinsent Masons has been involved directly with their presence among India-related transactions reflects the increased levels of interest shown both by foreign companies in India and Indian clients’ interest in invest- The top 10 firms* ing in the wider world. Allen & Overy Movers and shakers Cleary Gottlieb Steen & Hamilton While some firms have moved up the rankings, others Clifford Chance have moved down. This does not necessarily reflect a Davis Polk & Wardwell change in abilities as in most cases it is usually brought on by external factors such as market conditions. The Jones Day global financial downturn that began in 2008 brought ini- Linklaters tial public offerings (IPOs) to a screeching halt. Several firms have yet to fully recover. The mergers and acquisi- Mayer Brown tions market has also softened, although it is making a Pinsent Masons notable return, while restructuring has boomed. Firms have also been affected – positively or nega- Shearman & Sterling tively in terms of India practice groups – by personnel Simpson Thacher & Bartlett changes. Robert Nelson switched his significant India practice in California from Winston & Strawn to Akin * Listed alphabetically June 2010 India Business Law Journal 35 Intelligence report Foreign law firms It’s all about building relationships... and making these connections work for you Kelley Drye’s India Practice is the leader in As a global law firm, we facilitate highly Kelley Drye has been highlighted for a fostering and advising international clients collaborative connections across all borders. second time in India Business Law Journal’s in their Indian business relationships, as well We focus on fostering a close cooperation list of “Top 10 Law Firms” of 2010. as extensively advising Indian businesses in with our clients on all legal and business Founded in 1836, Kelley Drye & Warren LLP issues. In today’s economy more than the United States.
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