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

Amarchand & Mangaldas & Suresh A Shroff & Co consolidates its position at the top of the rankings this year. A peer notes: “The partners at the firm are remarkable and each have their respective areas of focus. As a practitioner, you can’t beat working at the firm for opportunities, which builds up a vast pool of experience.” One client adds: “I would give the firm three thumbs up. It has provided excellent advice and has always been responsive to my requests for information or instructions.” The firm acted for JSW Steel on its acquisition of 45.53% of the equity of debt ridden Ispat Industries by way of a preferential allotment. The transaction was valued at US$787 million and closed in December 2010. A corporate client says: “I know which partner to ask for my specific needs. The firm is top notch for each of its specialties.”

“AZB & Partners dominates the market in the country,” says a peer. The firm was involved in the high profile Vedanta-Cairn transaction, which was finally approved in 2011. The Vedanta Group, which comprised Vedanta Resources and Sesa Goa, acquired a controlling interest in Cairn India for an aggregate consideration of about US$9.6 billion. Founding partners Zia Mody and Bahram Vakil are highly praised by clients, with one noting: “With the senior partners on the job, we can rest easily. They have excellent ability and render excellent and prompt opinions.” The firm hopes to ensure that its legacy will continue in the coming years beyond the founders. As a step towards achieving this, it appointed partner Abhijit Joshi as the firm’s CEO in 2011.

J Sagar Associates is highly regarded for its expertise in corporate matters. The firm is a top tier outfit, says one client. “The firm is highly professional, diligent and reliable. I don’t think it’s possible to hire lawyers like the ones there anywhere else. The team has a very good mix of people who work hard and people who have international experience, which makes it very unique.” The firm acted for Temasek Capital of Singapore in a private equity investment of US$200 Million in GMR Energy. Clients enjoy the firm for its comparative strength. “We work with all the law firms,” says one. “But I would recommend this firm because its partners are quite iconic. Some of the individuals there are like brands. I’d recommend them because of that, even without taking into account technical ability.”

Desai & Diwanji climbs the rankings this year on the back of praise from peers and clients. A competitor notes: “One cannot consider corporate law without thinking of the firm. The lawyers there combine quality with a steady quantity of work.” Some of the notable work from the firm in the past year includes acting for KKR in its acquisition of the Capsugel business of Pfizer, advising Blackstone Capital in its acquisition of a shareholding stake in Monnet Power, and representing Sanofi Pasteur in the acquisition of Shantha Laboratories. One client says: “In the last five years, almost all of our work has been done by the firm. We’re very comfortable with it and honestly there’s no reason to switch. The people there rate very highly on ethics, and that’s a crucial criterion for us.”

Khaitan & Co is involved in the top transactions in the country, working for a mix of domestic and international clients. One client was impressed with the firm’s international abilities: “The lawyers were quick to pick up on concepts and I was impressed that they had a very global outlook to things. They operated at an extremely high level.” The firm represented Honda Motor on its sale of shares in the joint venture Hero Honda Motors to Hero Investments. This was one of the largest M&A deals in 2011. This transaction was completed in March and valued at US$852 million. Clients are convinced of the firm’s excellence, with one saying: “The firm is completely at par with any other firm in the market in corporate matters.”

Luthra & Luthra grew its practice over the past year, which has led to, among other things, a larger presence in Mumbai. One international client says: “The firm has experience and exposure with international clients so the lawyers understand our concerns and how we want things done a certain way. We will definitely continue to use this law firm.” The firm represented Abbott Laboratories in its acquisition of Piramal’s healthcare solution business. With complex corporate and tax issues, this transaction was one of the largest in India particularly for the pharmaceutical industry. The deal was valued at US$3.8 billion and completed in September 2010.

Trilegal retains its position in the rankings this year. The firm is regarded as an expert on cross border transactions, while one client had praise for partner Sridhar Gorthi. “He is one of the finest and most balanced partners I’ve worked with,” says the client. “He’s very sharp, professional, and calm during negotiations. He’s essentially a deal closer.” The firm represented Thomson Reuters on its high profile acquisition of legal process outsourcing provider Pangea3. The work involved a range of multijurisdictional issues including advise on withholding tax matters relating to a recent judgment in India. Gorthi led on this transaction, which was valued at US$35 million and completed in November 2010.

DSK Legal has grown tremendously in the last year. The firm moved to a new office in Mumbai and established a Bangalore presence. One client says: “The partner we worked with was very good on multiple transactions and was very responsive. Most lawyers suggest solutions on the legal side, but this partner suggests deal structure solutions in the nature of commercial structures, which was a great asset.” The firm represented JSW Steel Group on its joint venture in India with UK steel company Severfield. The transaction was valued at US$219 million and closed in November 2010.

Kanga & Co represented United Spirit on its acquisition of a 54.69% stake in Pioneer Distilleries, which is in the business of distillation of spirits using molasses and grain. This transaction is pending closure of the public offer under the Sebi takeover code. Senior partner Preeti Mehta led the team on this transaction, which has been valued at US$22.2 million.

Nishith Desai Associates bolsters its reputation in the market this year with peers and clients recommending the firm for its corporate work, particularly in the area of private equity. One client says: “The firm has some very senior team members who are hands-on on every matter. They are repositories of legal information in the country.” The firm represented Dewan Housing Finance on its acquisition of Deutsche Postbank Home Finance. This transaction was valued at US$240 million and completed in January 2011. One client notes: “No other firm keeps us up to date like this firm does. When it comes to communication, it sets the absolute standard for other firms.”

Talwar Thakore & Associates retains its place in the rankings with its work in transactions such as client BP’s landmark acquisition of a 30% stake in 23 oil and gas production blocks from Reliance Industries. The transaction was valued at US$9 billion and is reported to be one of the largest ever M&A transactions in India. It was led by partner Narayan Iyer and completed in February 2011.

“ALMT Legal has a formidable reputation in the corporate area. The team is knowledgeable, accessible and responsive to client requirements,” says one satisfied client. A high profile deal for the firm was the acquisition of client TutorVista Global by Pearson Singapore. The US$117 million transaction was headed by partner Dhanya Menon and completed in January 2011.

Bharucha & Partners has a growing corporate practice, and one corporate client says: “For all corporate law matters, the firm is our primary counsel. We’ve been working with it for many years and have been very happy with its service.” Partner Justin Bharucha is praised by another client: “He knows his stuff. He’s very good, pragmatic, commercial and responsive. We were able to reach him at all times.” A notable transaction for the firm was advising the Aditya Birla Group on the restructuring of its telecom assets.

Juris Corp acted for BanyanTree Growth Capital in its investment in oil, gas and power sector company Dee Development Engineers by way of equity shares and compulsorily convertible preference shares. Headed by partner Vandana Sekhri, the transaction was valued at INR500 million (US$11.2 million) and completed in February 2011.

Majmudar & Co welcomed the arrival of partner Rukshad Davar from Bharucha & Partners in 2011. “I would recommend the firm,” says one client. “I’ve worked with other law firms but this one really deserves its own class.” A notable transaction was the firm’s representation of Reliance Venture Asset Management on its investment in AllGreen Energy Indi. Valued at US$12 million, the deal represented a substantial investment in the country’s renewable energy sector.

Platinum Partners is roundly praised by peers and clients alike. One competitor says: “In terms of ability, the firm is light years ahead of some others in the market.” Partner Nihar Mody is singled out by peers as “a brilliant lawyer”. The firm is a boutique specialising in M&A and private equity work. It is led by a group of partners with strong domestic experience and an extensive international work background.

S&R Associates is better known for its capital markets expertise, but the firm is making gains in the corporate area. One corporate client says: “It is far and away the best Indian law firm I’ve worked with, and I’ve worked with quite a few. The firm is good at anticipating problems and giving nuanced advice.” A high profile transaction for the firm includes acting for Vodafone Group on its US$4.2 billion purchase of a 22% stake in Essar Communications. It also advised on Vodafone’s US$1.26 billion purchase of approximately 11% of the shares of Vodafone Essar from ETHL Communications Holdings.

Tatva Legal has been making waves in the market this year having only been established at the beginning of 2010. Clients recommend the firm’s dedication to work and its ability. “The firm is certainly conservative overall, but the lawyers are willing to research opportunities and transactions rather than going with the status quo,” says one. A high profile matter last year was the firm’s representation of Coffee Day Resorts in an investment from KKR, Standard Chartered Private Equity and New Silk Route Partners. This deal was valued at US$200 million and led by partner N K Dilip.

Argus Partners

Argus Partners is based in Kolkata and recently opened a new Mumbai office in June 2011. The firm is making gains in the country, with many a client offering praise. “There’s a sort of togetherness about that firm, with people who stick together and expertise that sticks together. That’s the sign of a good future,” says one. A notable transaction for the firm was advising of Tega Industries in a US$40 million investment from TA Associates. The deal completed in May 2011.

Global Jurix

Global Jurix is a full service law firm with connections in regions across India. The firm employs 50 legal professionals across its New Delhi headquarters, Mumbai, Hyderabad, Nagpur and Ahmedabad offices. It is also part of an international network of associated firms in the UK, China, South Africa, the US and Australia. The lawyers at Global Jurix provide advice in industry sectors such as power and energy, real estate, infrastructure and banking.

Hitesh Sanghvi Law Offices

Hitesh Sanghvi Law Offices combines personal attentiveness with quality with strong technical ability. The firm is ably led by Hitesh Sanghvi, who is noted by a peer as “a rising star in the industry”. Sanghvi led a firm team representing prominent engineering company Gearspect Group in the setting up of a subsidiary company as part of its entry into the Indian market. This transaction was completed in February 2011.

India Juris

India Juris is a growing firm with a pan-Indian network combined with a solid corporate presence. Acting for a range of clients, such as ApnaCircle Infotech, S M Wireless Solutions and E2E Networks, the firm is looking to expand its practice in the future. The firm possesses a range of legal expertise, with peers noting the strength of its labour and employment capabilities in particular.

OP Khaitan & Co

OP Khaitan & Co provides legal advisory services for both domestic and international companies and possesses considerable expertise on cross border transactions. One notable deal in the past year was the firm’s representation of Korean company GS Home Shopping in its acquisition of a stake in TV18HSN of TV18 Group. Partner Gautam Khaitan was the lead on this transaction. Other clients include Infotech Design Systems, Clinirx Research and Contisteel India.

Rajinder Narain & Co

Rajinder Narain & Co is a “firm with both history and prestige in the market”, says a market commentator. First established in Delhi following the country’s independence in 1947, the firm maintains offices in Delhi and Mumbai. The firm has been rebranded as RNC Legal in recent years, and boasts a growing dispute resolution practice encompassing litigation and arbitration work for both domestic and international clients. Its aviation practice is highly regarded in the market, with one competitor noting: “It’s been a standout part of its overall practice.”

Singhania & Partners

Singhania & Partners has a notable corporate practice, with one peer noting: “We definitely see the firm in this area of practice.” It also has experience in supporting areas such as competition law. For example, in one high profile matter, the represented itself against Microsoft before the CCI. Another notable transaction for the firm in the past year has been its work for IFCI in the setting up of a domestic venture capital fund for private equity investment in companies in the infrastructure sector. This matter is yet to complete and is valued at INR20 billion.

Swarup & Company

Swarup & Company is guided and managed by partner Shailendra Swarup, who has a substantial reputation in the legal industry. The firm has two partners, and is involved in corporate work in the country. Swarup led a firm team representing Indian basmati rice maker Kohinoor Foods in its joint venture with US company McCormick for marketing and selling the client’s food and rice products in India. Advised by J Sagar Associates, McCormick is expected to invest US$115 million for an 85% stake in the joint venture.

Titus & Co

Titus & Co regularly advises international and domestic companies on matters of corporate law. The firm acted for Knorr-Bremse in a share purchase agreement involving the acquisition of shares from its domestic joint venture partner. The work included advising on issues regarding the Companies Act and the Foreign Exchange Management Act. This transaction was led by RS Mittal and Monica Bansal.