Partnering with other organizations, this Indian law firm started operating in 2004 and became one of the most renowned and powerful legal firms in India. They expanded to different offices in major cities such as Mumbai, Delhi, Bangalore, and Pune throughout the years and integrated more than 450 legal professionals into their team, which aided them in achieving a stronghold within the Indian market. The firm is known to maintain several impressive clients including Fortune 500 companies, investment banks, and private equity, thus contributing to India’s economy. Let us dig deeper into their assets and turnover and try to understand why the firm is ranked among the top ones in the country.
The Legal Market in India: An Overview
The Growing Indian Legal Market
The Indian legal market was valued at 1.3 billion dollars (₹8400 crore) and continues to skip to newer heights as the number is increasing due to foreign investments, changing regulations, and an increase of domestic clients looking to hire an advocate.
AZB & Partners’ Market Position and Revenue Highlights
The firm AZB and Partners have a large portion of its share in the market with their revenue ranging up to ₹300 crores. Their finances are impressive as the firm is engaged in a notorious amount of high-profile mergers and acquisitions along with advisory services in numerous industries.
AZB & Partners were unbeaten as the leader in Legal Advisors to private equity (PE) deals for the year 2021 as per the Venture Intelligence League Table. They outperformed their closest rivals Cyril Amarchand Mangaldas (CAM) and Shardul Amarchand Mangaldas (SAM) by advising 120 deals with a combined value of $25.6 billion. Such incredible performance allows us to illustrate the great potential of AZB & Partners as they are proven leaders for PE deals in India as a testament to their courage and expertise in dealing with high and complex transactions.
Also read: Top 10 Corporate Law Firms in India | Best Legal Services
Key Revenue Drivers of AZB & Partners
Private Equity and Mergers & Acquisitions (M&A)
AzB’s participation in private equity transactions has helped the firm improve its earnings. The firm’s participation in transactions such as the Flipkart funding round of 3.6 billion dollars or the 3-billion-dollar acquisition of Hexaware Technologies accentuates its dominance in the M&A realm. Such transactions help AZB not only to make money but also to get the trust of potential partners among international companies.
Sector-Specific Expertise
- IT & ITeS: $11.3 billion in revenues in the information technology industry is a decent achievement for AZB, considering that it is an IT services provider market that is an integral part of the Indian economy.
- BFSI (Banking, Financial Services, and Insurance): With transactions resulting in US$ 6.1 billion for the firm, the firm registered deals while showcasing its skills in understanding the attributes of the financial industry.
- Energy: The firm spearheaded the deals today, leading with $1.6 billion, thus proving its expertise in a sector very important to the infrastructure development of India.
- Client Portfolio: The Firm works with clients across several industries such as technology, real estate, pharmaceuticals, and financial services. With prominent clientele such as Google and Mercedes Benz, it does provide the firm’s capability of being able to handle such clients on a bespoke basis.
What Sets AZB & Partners Apart
- Full Spectrum Offering: AZB & Partners advocates clients in all areas of Law including corporate law, competition law, dispute resolution, capital markets, white-collar crime, and much more. These features enable it to take on an integrated approach and the clients are able to get advice that best suits their specific needs.
- Key Metropolitan Areas: AZB has its offices in the major Cities of the metros of India which puts it in a position to meet the needs of clients across India. This geographic presence enables the firm to tackle legal problems that are peculiar to each jurisdiction and at the same time have local, national, and international perspectives.
- International And National Exposure: Chambers Asia-Pacific and Chambers Global have consistently ranked AZB as a Band 1 firm in its various categories such as Banking & Finance, M&A, and Dispute Resolution.
- High-value transactions: Its advisory roles in landmark deals have won awards and the trust of the clients making it a market leader.
- Robust Leadership: The leadership team at the AZB has many years of experience and insight. Pioneering figures such as Zia Mody have been instrumental in developing the culture of the firm and sustaining its growing trajectory.
Also read: Top 10 Criminal Law Firms in India: Expertise, Achievements, and Legal Aid
AZB & Partners Net Worth and Market Share
The firm is able to claim revenue figures of ₹300 crore thanks to the demand for legal services in India. Since it is not listed, there are no public figures on its exact net worth; nevertheless, where AZB surpasses its competitors are its earnings and the geography of opportunities.
Of note is the law firm’s share of the $1.3 billion legal market in India where its practice is mainly in corporate restructuring and transaction work among others. This market valued at $900 million is purely within AZB’s market competencies, hence, capturing a significant part of the market is made easier and more efficient.
Obstacles and Prospects
Obstacles:
- Pressure on Billing Rates: The mean hourly billing of senior partners in India stands at $992, a figure which lags behind that of the international markets like the UK where it’s at $1200. This imbalance can affect the profit margins.
- Growing Competition: There is tough competition for AZB as realty firms CAM and SAM are also aiming for competition in the same market.
Foreign Direct Investment Opportunities
- Foreign Direct Investment (FDI): New prospects bring new challenges as opening the legal services market in India to foreign companies presents incredible potential opportunities and AZB’s strong local and foreign networks put it in a good position to compete globally.
- Potential New Legal Services Markets: Legal Policies such as GST and other programs in the renewable energy market are new markets that may require legal policies, owing AZB opportunities to widen its reach.
The Future of AZB & Partners
India’s legal market is changing, and AZB & Partners is one the best-positioned new firms to leverage this changing market practice. With the firm’s quality and great ability to maneuver the difficult legal and regulatory constraints, clients are likely to continue preferring this firm.
Key areas of focus for the future include:
- Emerging sectors particularly fintech and renewable energy.
- Increased focus on international clients through increasing international partnerships.
- Increased focus on technology-oriented and efficient cost solutions.
Conclusion
Well-developed portfolios, varied clientele, and zeal for excellence qualify the firm to be a major player in the 1.3-billion-dollar Indian legal market. Though there is still pricing pressure and competition, AZB’s focus on strategy and client satisfaction allows the firm to be the leader in the space. The impact that the firm will have on the legal world will be substantial as the company continues to grow and shift.