India Business Law Journal presents its third annual survey of the international market for India-related legal expertise and reveals the top foreign firms of 2009. George W Russell reports from Bangalore
As international law firms continue to face difficult times, many are banking on India to help see them through the financial downturn. While lawyers hope that income in India can offset losses in other jurisdictions, clients depend disproportionately on foreign firms to guide them through India’s legal labyrinth. According to RSG Consulting, a London-based legal consultancy, nearly 80% by value of India-related work is undertaken by international law firms.
More than 200 firms worldwide have embarked on India-related deals, transactions, litigation, arbitration and cases over the past two years. Since the recession hit, a number of those firms have vanished, downsized or retreated into other niches or geographical areas. Nevertheless, India Business Law Journal has identified 100 law firms – from global giants to niche developed-economy practices and lesser-known emerging-market firms – that are the top international advisers for India-related legal work.
Firms eager to work on Indian purchases that match the scale of Tata Group’s acquisitions of steelmaker Corus and car manufacturers Jaguar and Land Rover have been disappointed in 2008 and 2009. “Inbound investment into India has slowed compared to the bumper years of 2006 to 2008,” says Paul Supramaniam, who heads the India practice at Berwin Leighton Paisner in London. “Similarly, Indian corporates are more circumspect about headline-grabbing acquisitions abroad.”
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