Indian Law Firm Awards
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Indian law firms Intelligence report India Business Law Journal’s 2010 Indian Law Firm Awards 2010 saw Indian law firms jostling for position as they vied for prestigious roles on headline deals. India Business Law Journal turned to corporate clients and legal professionals to find out which firms finished ahead of the pack Vandana Chatlani reports Highlights and analysis: page 37 Winners at a glance: page 55 FebrFebruaryuary 2011 India Business Law Journal 35 Indian law firms Intelligence report or India, 2010 was a year of outstanding achieve- and comments received during interviews with in-house ments, economic prosperity and international counsel, including the referees provided by many law controversy. In the run-up to the Commonwealth firms. Each law firm’s recent deals, cases and profes- Games, India’s ability to host an international sional achievements were taken into account, as well as sporting event was called into question. The its accomplishments related to practice development, Forganizers were hit by allegations of corruption and there such as the implementation of new management sys- were several high-profile hiccups in the completion of the tems, prominent hires and new office openings. facilities. But despite criticism at home and abroad, the event was a great success. The world was treated to a Diverse spectrum of talent spectacular showcase of Indian culture and international sport. And India emerged victorious with 101 medals, tak- Unsurprisingly, India’s largest and best-known full- ing second place in the overall medals table. service firms were among the top scorers in most of The year was also a high point for deal makers, with the award categories. At the same time, a significant billions of dollars of investment flowing into and out of number of niche and smaller law firms were consist- India. HSBC acquired RBS India; Standard Chartered ently recommended by survey participants. In order became the first international bank to list in India; and to recognize both the hard-won pre-eminence of the Vedanta purchased a 51% stake in Cairn India. Bharti full-service powerhouses and the specialist expertise of Airtel, meanwhile, spent the summer acquiring assets of many smaller firms, six winners of equal standing have Kuwaiti telecom provider Zain for US$9 billion. been announced in each category. Additional awards Indian lawyers were put through their paces in 2010, have been given to the two best newcomers and to one often being forced to work to tight deadlines on extremely Law Firm of the Year. ambitious deals. This was particularly the case in the A full list of the winners can be found on page 55. capital markets arena, where the government made some high-profile disinvestments. Coal India, NTPC and Law Firm of the Year Power Grid all went to market last year, but there was little time for celebration. Instead of popping open the Amarchand Mangaldas sweeps the board this year champagne, law firms have been busy beefing up the winning a total of 13 awards. These include the top weaker parts of their practices in anticipation of an even award of Law Firm of the Year. more challenging year ahead. The firm performed exceptionally well in the nomina- tions process, topping the tables in many categories and Awards methodology attaining high scores in virtually all of them. But such recognition from clients and peers isn’t the only indica- As India-watchers reflected on another remark- tion that Amarchand remains a force to be reckoned able year in the country’s economic growth story, India with. The 460-lawyer firm was a key adviser on no less Business Law Journal was faced with the task of identi- than 36% of India Business Law Journal’s 2010 Deals of fying the most deserving recipients of its coveted Indian the Year (see IBLJ December 2010/January 2011), hav- Law Firm Awards. As in previous years, the results are ing worked on 18 of the winning transactions. based on nominations – and their justifications – received Clients clung to the firm as it thundered through the from qualified observers of the country’s legal profes- capital markets, raced to close M&A deals and demol- sion. This year, more than 1,700 individual nominations ished barriers that threatened infrastructure projects. were received from legal professionals at organizations In the past year alone, Amarchand has advised on including Aditya Birla, ArcelorMittal, Coca-Cola, ESPN offerings by Coal India, NTPC, Tata Motors, Adani Star Sports, Jyoti Structures, Mahindra & Mahindra, Enterprises, Rural Electrification Corporation, JSW Microsoft, ONGC, Tata Industries, Verizon, Western Energy and MakeMyTrip. It represented Aircel Group on Union and hundreds more. the sale of its telecommunications tower business to A detailed survey was sent to more than 9,000 India- Chennai Network Infrastructure for US$1.8 billion and focused corporate counsel and business leaders in guided Cairn India on its US$8.5 billion sale to Vedanta. India and around the world. Respondents were invited The firm also represented the State Bank of India on the to nominate three Indian law firms in each of 16 prac- setup of a US$1.5 billion private equity fund with the tice-area categories. They were also invited to make Sultanate of Oman and advised Deutsche Bank on a nominations for the Law Firm of the Year and the best complex issue of debentures for the financing of Ackruti newcomers (law firms established after 1 January City slum redevelopments. 2009). In addition, survey respondents were requested “We go to Amarchand for a range of things, from core to provide justifications and examples to back up their finance and banking work to strategic and acquisi- nominations. tion work. I’ve worked with them for a long, long time. A similar survey was sent to more than 200 Indian Without a doubt they would be my preferred one-stop- law firms. The law firms were invited to make nomina- shop,” says the vice-president and senior counsel at a tions, but were not permitted to nominate themselves. global financial services firm. They were also requested to provide details of their key Amarchand’s success doesn’t appear to have made achievements in 2010 and a list of clients who could it complacent. Determined to broaden its spheres of independently verify the quality of their services. expertise, the firm recently set up new practice groups In reaching its final decisions, India Business Law focusing on insurance, environment law and labour and Journal’s editorial team considered objective data employment. It also hired DD Nageswar Rao as a part- obtained from the survey alongside subjective informa- ner to boost its tax capabilities. tion, such as justifications given by survey respondents The installation of a new management system was February 2011 India Business Law Journal 37 Crawford Bayley & Co Established in 1830 Key practice areas: Corporate & commercial practice, mergers & acquisitions, capital markets, joint ventures & foreign collaboration, CONTACT DETAILS privatisation & disinvestment, banking & corporate fi nance, intellectual property law, litigation & dispute resolution, real estate & property State Bank of India Buildings NGN Vaidya Marg law, indirect taxation, labour & employment, admiralty & shipping law, Mumbai - 400 023 information technology, e-banking & e-commerce. India Telephone: Number of partners: 12 +91 22 2266 8000 Number of associates: 75 +91 22 2266 3713 Principal offi ce: Mumbai +91 22 2266 5413 Fax: Crawford Bayley & Co, having established in 1830 currently has a +91 22 2266 3978 team of 150 members, including 12 partners, over 75 associates and +91 22 2266 0986 +91 22 2266 0355 15 paralegal personnel and a supporting staff of over 75 individuals. Email: sanjay.asher@ Partners at Crawford Bayley & Co: crawfordbayley.com Rajendra Ambalal Shah Dadi Bejonji Engineer Contact: Hemraj Chaturbhuj Asher Mr Sanjay Asher Chetan Manbhai Maniar Partner Darius Cavasji Shroff Sanjay Khatau Asher Direct tel: +91 22 2266 3353 Direct fax: +91 22 2266 3978 Ms Zarine Minocher Talaty Mobile: +91 98200 23823 Marco Philippus Ardeshir Wadia Saumil Shantaram Rege Kumar Shirish Trivedi Sanjay Ramakant Buch Prashant Khatau Asher Indian law firms Intelligence report Trilegal played a key role in assets in 16 different African countries from Kuwait business negotiations, IP City-based Mobile Telecommunications Co (Zain), and then on its purchase of a 70% stake in Bangladesh’s strategy, business issues Warid Telecom. AZB also advised Vedanta Resources and [promoter] issues on the financing arrangements for its purchase of Cairn India; KKR Mauritius PE Investments on a US$200 mil- Chetan Maini lion investment in Coffee Day Resorts; DB Realty on a Chief of Strategy & Technology US$329 million IPO; and Fortis Healthcare on the acqui- Mahindra Reva sition of 24% of Parkway Holding, through a purchase of shares from TPG Capital (Texas Pacific Group). Bharat Vasani, the group general counsel at Tata Sons, says that AZB and Amarchand are both “known for fine corporate transactional work,” and that he regu- larly consults both firms. The venerable but media-shy J Sagar Associates retains its powerful presence in India’s legal market. It put its vast knowledge of infrastructure and private equity to good use last year, advising a private equity consortium led by Morgan Stanley Infrastructure on the due diligence aspects of a US$425 million investment in Asian Genco, an infrastructure company with power also on the firm’s agenda during 2010. It implemented a generation assets and engineering businesses. customized version of Reuters’ Elite 3E platform, which J Sagar Associates also represented Australia’s enables it to generate intelligent management reports Macquarie Capital on the establishment of an offshore and calculate the exact billable hours and revenue joint venture in Singapore and a domestic joint venture generated by any associate or partner.