London-based legal research firm RSG Consulting found the boost in litigation work also caused a growth in boutique firms who have been able to pick up new clients, reports the Economic Times.
The research revealed that domestic M&A deals handled by Indian law firms fell 38 per cent in 2012 compared with the previous year, while outbound deals involving an Indian company acquiring a foreign target fell 37 per cent. The report also claims that the collective turnover of the top 40 Indian law firms in 2012 was $640 million.

Increasing revenue

Berjis Desai, senior partner of law firm J Sagar Associates, said that the increase in policy, regulatory matters and dispute resolution more than made up for the expected growth stagnation, with the firm actually increasing revenue by 18 per cent.
Abhijit Joshi, senior partner and CEO of AZB & Partners, commented: ‘The flip side of adversity is opportunity. When economic down cycle slows transactional activities, opportunities to grow other areas like anti-trust, litigation and franchising arise and we have tried to cease those very opportunities.’