RSG Top 40 Law firm Rankings and Report Top Level Stable Mid-Level Witnesses some movements

RSG, a London based research and consulting firm has come out with this year’s ranking for top 40 law firms in the country and a report on the Indian law firms and the legal market.

RSG, a London based research and consulting firm has come out with this year’s ranking for top 40 law firms in the country and a report on the Indian law firms and the legal market. 

According to RSG survey, Indian law firms have grown by 20 percent on average since last year showing that the legal market is booming. However, the numbers of partners overall has only grown by 5 percent despite over half the firms in the top 10 reviewing their compensation systems. 

RSG survey throws up some interesting statistics. Top 40 firms 4,097 lawyers who are managed by 592 Partners which means an average of 1 partner for every 6 lawyers. However, the the top two firms Amarchand Mangaldas and AZB & Partners have a ratio of 1 partner for nearly 10-11 lawyers while Khaitan and J Sagar have a ratio of 1 partner for every 4 -5 lawyers. 

Speaking to Bar & Bench, Reena SenGupta, the managing director of RSG said, “We are noticing a lot of potential in the market. We actively considered a further 30 law firms for inclusion into the top 40. These included firms that have either recently set up shop or won significant mandates. Many of the smaller firms received strong client recommendations. It’s becoming interesting to note how the smaller firms are beginning to make their presence felt”. 

Talking on the changes in the ranking from last year Reena said, “At the top of the ranking, there is little dramatic change – just nuances in the positioning. The same firms still hold the top five positions. They are not going anywhere. There is more movement around the middle of the table and overall five new firms have entered the ranking this year”.

There is hardly any change in the rankings of the top 5 law firms. Last year, Amarchand and AZB were tied at the top spot. This year Amarchand & Mangaldas takes the lead with the first spot and AZB ranks second.

According to the RSG survey, this year, Amarchand & Mangaldas gained more positive client references for its resourcing and ability to handle major transactions to win the first position. This year there is a tie at third position. Both J. Sagar Associates and Khaitan & Co. are ranked third. Khaitan has been witnessing a lot of growth in its Mumbai office. Again, Trilegal and Luthra & Luthra tied at rank 5.

There appears to be some changes in the rankings at the mid-level and lower-level. The firms that seem to have done well this year is S&R which ranks 13 and shares the same position as Kochhar & Co. According to RSG Survey, the highest ranked firm that constitutes value for money is S&R, a relatively young law firm that started in Delhi and has just opened in Mumbai.

The firms that have come down in the ranking list are Wadia Ghandy and Co. which has fallen from a joint rank of eighth last year to 15 this year. Dua Associates has also witnessed a fall in their ranking which can possibly be attributed to a whole bunch of partners who left the firm and started Tatva Legal.

Reena made another interesting observation on quality of client service. According to Reena, India is one of the few markets where the law firms don’t necessarily do so well on things like client service and clients have to put up with lesser than acceptable service levels.

According to the RSG Report, the intense fragmentation of the Indian legal market is fuelled by the lack of institutional client loyalty, the booming Indian economy, the low levels of client service from the top law firms and the culture of entrepreneurialism among young Indian lawyers.

The RSG top 40 firms is a ranking based on quality, profile and capability. Opinions from Indian and foreign clients, Indian lawyers and the deal performance of the firms over a three year and 12-month period were used to compile this ranking.

Client reviews are the most important component of RSG ranking. In 2011, RSG claims that they have interviewed 231 clients, of which 103 were multi-nationals. RSG also interviewed and investigated 70 Indian law firms.

Some of the firms missing from the RSG Report which are ranked in Chambers & Partners and other publications include Seth Dua & Associates, Gagrats, Poovayya & Co, Link Legal, Singhania & Co. 

Last year, RSG had published an India report intending a holistic view of the market and the players. It released a report to coincide with the launch of their India branch, RSG India Centre.