Legal companies bolster M&A advisory practices

Law firms have started ramping up their mergers and acquisitions (M&A) advisory practices in India, buoyed by anticipation that deal activity will surge as private equity firms sharpen their focus on the country.

Last month, full-service law firm Kochhar & Co. announced the appointment of Akshat Bhatnagar - as partner in its corporate and M&A practice at the Gurgaon office - along with his team of three associates.

Recently, Argus Partners strengthened its M&A practice in Bengaluru by onboarding three partners -Anindya Ghosh, Ashwin Krishnan and Anantha Krishnan Iyer - along with their teams from IndusLaw. Around the same time, Harshit Anand, a corporate and M&A partner at AP & Partners, joined JSA Advocates & Solicitors at its Gurgaon office.


"We are in talks with some good teams and hope to onboard them in the next couple of quarters," said Vivek Chandy, joint managing partner of JSA Advocates. "The M&A market is very good and we want to capitalise on the demand." In June, Iqbal Khan and Ambarish joined JSA advocates from Shardul Amarchand Mangaldas & Co. with their team of more than a dozen lawyers.

According to data compiled by PwC India, the industry recorded 2,259 M&A and PE investments totalling $60.64 billion between January and December 10, 2024.

Law firms are anticipating significant deal flow in traditional sectors such as infrastructure, IT/ITES, and banking and finance, as well as in emerging sectors like green hydrogen, solar cell manufacturing, renewable energy and data centres.

Avimukt Dar, founding partner of law firm IndusLaw, said the firm is looking to ramp up its M&A and PE profile in old economy sectors such as infrastructure and energy.

"PE funds do a lot of control deals these days and that requires dedicated M&A teams which are sector agnostic and have a good grip on shareholders agreements and the attendant complexities of multi-investor transactions," said Dar.

Yogesh Singh, partner and head of corporate practice at law firm Trilegal, said the firm has invested significantly and has grown its M&A and general corporate capabilities.

"We've added over 15 equity partners to our corporate group, responding to rising client demand for deeper bench strength and specialised expertise," said Singh.

"The 2025 pipeline seems to be strong with a few large deals in the making. Significant dry powder, limited investment opportunities in China coupled with India's growth story makes India a very attractive destination," said Bhavin Shah, partner and leader of deals at PwC India. "Most global investors are very bullish on India currently. So subject to any global geopolitical headwinds, India is set to attract a huge amount of foreign capital over the next few years."

Amar Sinhji, executive director - human resource at law firm Khaitan & Co., said: "We meticulously evaluate potential opportunities, seeking to integrate teams that possess exceptional expertise and align seamlessly with our core values and client-centric approach."