Leading the field

In its fifth annual survey of international law firms, India Business Law Journal reveals the frontrunners in the race for India-related work

George W Russell reports

As the global economic environment continues to stabilize, Indian and international companies are eyeing each others’ markets for new opportunities. Capital markets and mergers and acquisitions transactions are gradually returning to previous levels, while certain sectors – notably energy and natural resources, technology, real estate and healthcare – are showing signs of continuing strength. “We are pleased that the market is now picking up, which in turn means more opportunities for us,” says David Jacobs, the head of the India global focus group at Baker & McKenzie.

Lawyers and clients alike hail continuing reforms in India, which are encouraging trade and investment. “India’s long-term commitment to continue opening up its M&A market through a sustained programme of legal and policy reforms is helping to drive global interest from investors looking to participate in its fast-growing economy,” says Sumesh Sawhney, a partner at Clifford Chance in London.

Much remains unreformed, of course, to the chagrin of law firms. Sandeep Katwala, the head of the India group at Linklaters, points to a few key obstacles, among them: uncertainty in the interpretation of laws, difficulty in ensuring the enforceability of contracts, ambiguity with regard to dispute resolution and confusion over the government’s requirements for regulatory permits and approvals.