Indian law firms still on top in global ranking: Survey
Indian law firms, which beat some of the world`s biggest to emerge as top legal advisors to global deals last year, have retained their edge with three domestic firms finding pride of place in the top 10 ranking.
In the area of public private partnerships (PPP), Luthra & Luthra retained the No. 1 slot as a global player for the second year in a row with a 7.6% market share, valued at $3.29 billion for the first nine months of 2010 (see chart). This cemented its advantage over some of the world`s largest firms like Clifford Chance, Allen & Overy, DLA Piper and Linklaters.
India Law Services secured the No. 3 position with a 5.4% market share, valued at $2.35 billion. However, DSK Legal, which was at No. 2 in 2009, failed to make it to the top 10 this time.
Luthra & Luthra also secured the No. 2 slot behind Linklaters in the global project finance category with a market share of 3.7% by offering legal advice for 17 deals worth $15.5 billion.
Amarchand, Mangaldas and Shroff slipped from No. 3 position in 2009 to the 7th slot in the top 10 ranking with a 3.9% share across 13 deals valued at $8.3 billion.
Overall, India`s market share in global PPP in the top 10 category for 2010 was 13%, accounting for $5.6 billion and 11.2% in global project finance, accounting for $23.9 billion, according to a report by Dealogic Global Investment Banking.
Rajiv Luthra, founder and managing partner of Luthra & Luthra said: "This distinction augurs well for the Indian legal fraternity. I believe more Indian firms will be in the top 10 list in the next decade considering that domestic law firms are attracting some of the finest talent with the willingness and drive to compete with the best."
Global project volumes rose to $244.3 billion in the first nine months of 2010, up 21% from $201.7 billion during the same period in 2009. Asian project volumes increased 55% with a value of $93.2 billion. India was the leading nation with $56.8 billion with 97 projects during this period.
