Asialaw Profiles
The Guide to the legal markets of the Asia-Pacific

“Amarchand & Mangaldas & Suresh A Shroff & Co is a notch above everyone else. There really isn’t a firm that has the same level of quality or bandwidth,” says one client. The firm retains its top position in the rankings this year, with peers and clients effusive in their praise for the firm. Clients applaud the business perspective espoused by the firm. “The lawyers at the firm are very balanced in their outlook, and it’s clear that they know market practice and are determined to keep common practice alive,” says one. “They do a really good job, and explain to clients why things are needed.” A notable deal last year was the firm’s work for Hindalco Industries in the financing of the client’s unit, the Mahan Aluminium Project in Madhya Pradesh. This INR105 billion (US$2.37 billion) valued transaction was headed by partner Amey Pathak and was completed in March 2011. Partner Cyril Shroff is a standout performer, with one client saying: “He is a very talented lawyer, and in conversation it’s clear that we are talking to one of the best counsel available in the country. We rely on a lot of strategic advice from him.”

AZB & Partners retains its supremacy in the banking and finance sector this year. Despite the loss of its tie-up with Clifford Chance in January 2011, peers and market observers have noted that the firm could easily overcome this disturbance, with one client saying: “The partners all possess excellent skill and expertise in drafting legal documents.” A notable matter last year was the firm’s representation of Reliance Industries on the Indian law aspects of the client’s issuance of 4.50% guaranteed senior notes due 2020 and 6.25% guaranteed senior notes due 2040. The transaction was valued at US$1.5 billion and was reported as the first transaction of this nature and magnitude by an Indian company. Clients appreciate the high calibre of lawyers at the firm: “Their level of understanding is impressive and they know the requirements demanded by bankers. They’re quick and accurate in their work, which fits seamlessly with our customers.”

“J Sagar Associates is among the top firms in the country,” says one competitor. The firm secures its position at the top of the rankings again this year. A client says: “The lawyers there have outstanding expertise and experience.” Partner Somasekhar Sundaresan is highly respected by practitioners in the country for his “excellent ability in all matters relating to securities law”. The firm advised a Morgan Stanley led consortium in its high profile US$425 million investment in Indian power company Asian Genco for developing a 4,000 MW portfolio. This portfolio is expected to cost US$4.5 billion and include hydro, thermal and alternative energy sources. The firm advised on Indian law issues alongside a group of international law firms.

Luthra & Luthra enjoyed a superb year and, as a result, is promoted to the top tier of the rankings this year. One client says: “It’s one of the good law firms to work with and the lawyers there turn around things very quickly. They have quick understanding and respond efficiently.” A high profile capital markets transaction last year was its work for the Ministry of Coal and Coal India in the IPO of Coal India, which was the largest IPO to date in India. It was valued at US$3.4 billion and closed in November 2010. Peers and clients note the firm’s successful efforts to boost this area of its practice, with one client saying: “The firm has good technical ability, and is definitely hungrier and willing to work that much more for it.” Another client says: “We’ve seen the firm take on more work in this area in the last few years.”

Desai & Diwanji climbs up the rankings this year, with clients and peers united in their praise for the firm’s quality service. The firm was involved in several notable deals this year: representing Deutsche Bank in a INR4 billion (US$90.2 million) structured financing for Yamaha Corporation; advising Union Bank of India in the INR20.5 billion (US$462 million) financing of the oil seeds facilities of Amrut Oil; and acting for Punjab National Bank in the INR18.5 billion (US$417 million) structured financing for the export trade and facility expansion requirements of Orbit Exports. One client says: “The lawyers there are simply the best. Their quality is undeniable. I would even say they’re on par if not better than the top largest firms in the country.”

Juris Corp is the dominant, and some clients say only, force in the derivatives market in India. One client says: “The firm has a monopoly on derivatives practice in the country, despite the best efforts of larger firms to break into that area. I have to go to it for advice because its lawyers are so good.” Founding partner H Jayesh is highly regarded by peers and clients, with one client saying: “He has fantastic knowledge, especially in the derivatives space. The best derivatives lawyer in India today.” The firm advised Royal Bank of Scotland in the extension of a term loan facility to Infotel Broadband Services. The transaction was valued at US$1 billion and was completed in October 2010.

Khaitan & Co expands its banking and finance practice this year, with one peer saying: “The firm has exposure in the capital markets, and a substantial volume of work. I would rate it highly.” The firm advised Central Bank of India in a rights issue this year. This US$562 million transaction was unique as it was the first rights issue undertaken by any public sector bank. The deal was led by Nikhilesh Panchal and closed in April 2011. Partner Haigreve Khaitan is a lawyer without peer, say competitors and clients. One client says: “I will try to be brief, but he was simply outstanding. He was extremely proactive and very sensitive to the needs of our company.”

“S&R Associates is the top capital markets firm in the country,” says one satisfied client. The firm is expanding beyond this specialty into other areas. Another client praises the depth at the firm: “The associates at the firm are more thorough than other firms. As a whole, the outfit takes on fewer deals, and the leverage ratio is much better. You get partner attention and you get experienced advice from practitioners.” The firm represented MakeMyTrip in its US$134.1 million follow-on public offering on the Nasdaq. Founding partner Sandip Bhagat headed the team on this transaction, and Bhagat is respected by peers and clients. “He is a very experienced partner who’s very quality conscious,” says one partner at a rival firm. “He is a US trained lawyer and understands Indian law as well, which is a rare and valuable combination to have in India.”

Talwar Thakore & Associates is a “standout law firm for banking and finance advice in India”, says one client. Ably supported by its ‘best friend’ Linklaters, the firm has enjoyed a steady stream of quality transactions this year. The technical ability at the firm is of high quality, with clients praising the firm’s sophistication. “The firm gets two to three deals from us a year, but these tend to be more complex than any others,” says one. “We know that it has the bandwidth to handle such specific matters with attention and ability.” A firm team, led by partners Kunal Thakore and Narayan Iyer, advised Standard Chartered Bank and JP Morgan as mandated lead arrangers on Vedanta’s acquisition of a controlling stake in Cairn India. This expertise and attentive service is appreciated by clients, with one saying: “Through working with the firm, we know that it won’t stretch beyond its core competence. We recognise and appreciate that it won’t expand at the expense of its quality of service.”

Trilegal has one of the “top banking practices in the country”, says a peer. The firm continues its development as a preferred firm for international clients, with its ‘best friend’ relationship with Allen & Overy an important asset to its growing profile. Clients appreciate the firm’s international network and ability. “The cross border work we have with the firm has been seamless in transition between international counsel of Allen & Overy and the domestic partners,” says one. “It’s not just lending a brand name to the local firm; there is genuine international expertise here, which has been impressive.” A recent deal for the firm was its representation of an Axis Bank led consortium in the rupee financing of a special purpose vehicle of Reliance Infrastructure for the Mumbai Metro rail project. This matter was completed in March 2011 and was valued at US$1.56 billion. Clients recommend star partner Akshay Jaitly, with one saying: “His manner is mature and measured, and he is very sharp. He brings a lot of value to the table. It is difficult to find lawyers who can work effectively in the private and public space, but he understands both perspectives. He is able to deal with both kinds of clients in an equally effective manner.”

“Banking is Wadia Ghandy & Co’s forte,” says a peer. The firm is a consistent performer in the financial sector in the country. One client notes: “The firm keeps up a very balanced perspective in the context of the legal and regulatory framework in banking transactions.” Partner Ashish Ahuja is highly regarded among legal professionals, say peers and clients. One competitor says: “He’s a true professional and guides the firm forward.” A highlight for the firm this year was its advice for Macquarie SBI Infrastructure Investments on its investment in GMR Airports Holding, which followed its restructuring into an airport holding company. The transaction was valued at US$200 million.

ALMT Legal had an eventful year, with a group of partners leaving to form Clasis Law and taking the foreign tie-up with UK firm Clyde & Co with them. Despite these changes however, clients are sure of the firm’s quality with one noting: “The firm is head and shoulders above the rest when it comes to partner time on a deal.” A notable capital markets transaction was the firm’s representation of Photon Kathaas Productions in its admission on to the AIM. This transaction was valued at £5 million (US$8.19 million) and completed in November 2010.

DSK Legal has made gains in the market in the last year. The firm expanded into a new office in Mumbai and established a regional office in Bangalore. Clients adore the firm, with one saying: “The firm is equipped with legal manpower that satisfies our varied requirements. The lawyers’ output is of quality, their consultation process with the client is comprehensive, and their advice is honest.” A highlight for the firm was acting for Kalyani Group in the financing of the construction and development of its proposed SEZ project in Pune. This deal was valued at US$137 million and was completed in February 2011.

FoxMandal Little remains a substantial player in the market and maintains “a steady stream of work”, says a competitor. Partner Sumes Dewan has been on most of the capital markets work at the firm since arriving last year, and is acclaimed by clients as “a definite highlight” at the firm. A recent notable matter was its representation of SEL Manufacturing on a GDR issue that was listed on the Luxembourg Stock Exchange. This deal was valued at US$46.5 million and completed in May 2010.

Gagrats consolidates its place in the rankings this year. The firm maintains a healthy relationship with top class clients such as Infrastructure Leasing & Finance Services, Indiabulls Financial Services and Lloyds Finance. A notable deal for the firm was its work for Jet Airways on a financing by JP Morgan and Nomura Capital against credit card receivables. Partner R J Gagrat is praised by clients, with one saying: “First and foremost, he’s a person who genuinely gives all his time to the client, and finds time to understand the needs of the client.”

Kanga & Co combines traditional legal pedigree with continuing quality advice as it maintains its position in the rankings. Key partner Preeti Mehta is highly regarded by the market. “She takes a very balanced view of the situation and helps both parties look at the situation,” says one client. “[She’s focused on] getting things done rather than blocking. She’s clear about what she wants her client to be protected against, but if something can be worked upon she will advise on it.” One highlight for the firm last year was its representation of USL Holdings and United Spirits on a bilateral facility of US$85 million from DBS Bank in Singapore.

Majmudar & Co is led by the “youthful but experienced” managing partner Akil Hirani, who is praised by peers and clients alike. One international client says: “The clients like the tenor and quality of the advice given by the firm.” The firm advised Axis Bank in its financing of Essar Group’s Cyprus entity. Valued at US$150 million and closed in August 2010, this transaction was completed during a choppy period for structured deals. Another client says: “The firm has good younger partners that come in and the bench is pretty good. The associates are surprisingly well trained. By that I mean that the market is full of many great partners, but the people under them usually are not very good. Hirani focuses on getting associates’ hands dirty early so they have practical experience.”

Nishith Desai Associates has maintained a steady banking and finance practice over the years, and retains its position in the rankings. One client says: “The firm is extremely responsive and very knowledgeable. The lawyers there give accurate and appropriate advice and do so in a timely fashion.” The firm advised SKIL Ports & Logistics in its listing on London’s Aim market. This transaction was completed in January 2011 and valued at £76 million (US$124.5 million). Clients praise the firm for its international perspective. “The firm has branch offices abroad,” says one. “It may not be the final authority in these countries because the lawyers are not licensed to practice in these countries, but they are certainly well aware of regulations and deal structures and frameworks. This helps tremendously.”

“It is hard to think of areas where Phoenix Legal can improve,” says one client. “But, if hard-pressed, it could be its visibility in the legal community. This may need some improvement as the firm is clearly better than nearly all legal firms, but has not received the recognition yet.” The firm has maintained an impressive supply of work despite its modest size. One client says: “The lawyers are quite professional in their approach. They deliver the work on time and understand the value of time.” The firm represented Bank of America on the issue of commercial paper notes by ICICI Bank in the US commercial paper market. Partner Sawant Singh led this transaction, which closed in November 2010 and was valued at US$545 million.

Rajani Associates has carved out a niche for itself in the banking and finance realm, with peers particularly highlighting the firm’s ability in capital markets work. “The firm is respected for its in depth knowledge, fast service and concern for the client as the first priority,” says one client. The firm was involved in GDR and FCCB work for clients Essar Oil and Prakash Industries, respectively.

Udwadia & Udeshi is a historic part of the legal industry in India, with one peer explaining: “The firm has been around for a while. Partner Darius Udwadia is particularly good despite his advancing age.” The firm maintains a high level of quality despite its modest size, and has retained a solid position in the rankings over the years.

Finsec Law Advisors

Finsec Law Advisors was founded as a securities and financial services boutique by Sandeep Parekh. The firm employs a small team of experienced lawyers that advise on both the regulator and practitioner side. One client says: “Taking technical ability and responsiveness into consideration, it is entirely possible the firm would come out higher than other law firms because it’s willing to go the extra mile and work closely on any transaction.” The firm represented Claris Lifesciences on its IPO in December 2010.

MV Kini & Co

MV Kini & Co is known for its work in the banking and project finance areas. The firm advises clients such as the Punjab National Bank and the Bank of Baroda. A highlight for the firm this year was acting for the latter in the drafting of project finance documentation for credit facilities for the Moradabad Bareilly Expressway. This transaction was valued at INR13.2 billion (US$296 million).

Seth Dua & Associates

Seth Dua & Associates is a full service firm with considerable experience on cross border transactions. The firm advised Genting Group of Malaysia in setting up a 92 MW wind power project in the state of Gujarat. The transaction is valued at US$600 million and is yet to be closed. It is reported to be one of the largest FDIs in the new and renewable energy sector in India.

SJ Law

SJ Law specialises in project finance, and has been recommended by market observers as a “top class project finance firm”. Though the firm was only created in late 2008, it has found itself on some top transactions acting for State Bank of India, Vedanta Aluminium and Infrastructure Development Finance Company. One high profile deal for the firm was its representation of a consortium of banks, with State Bank of India as the lead lender, in Adani Power’s expansion of a supercritical thermal power project. The transaction was completed in June 2011 and valued at US$1.4 billion. One client says: “It’s the only law firm with a dedicated service directed towards infrastructure practice.”