Indian law firms Luthra & Luthra, Indian Law Services and DSK Legal have topped the legal advisory leader board for project finance deals closed in the first half of 2009 according to the latest statistics released by Dealogic.

Luthra & Luthra came out as both the top legal advisor to global project finance deals in this period for its role on six deals totalling US$6.3bn, giving it a market share of 6.3%. Indian Law Services acted on 14 deals worth just over US$6bn, according to Dealogic, meaning its market share is an even 6%. On Global PFI/PPP deals Luthra closed three deals equalling close to $US3bn, making its market share just over 10%. DSK Legal followed in second place with a market share of 6.7%. This means that Indian law firms enjoy a 28.2 % market share of all PFI/PPP deals and an 18.1% share of global project finance deals.

Their strong showing is ostensibly due to a purple patch for Indian project finance. In this period, the subcontinent saw 36 projects close with a value of $US31.9bn - an increase of 158 % on the same period last year. India's increased activity means that Asia was the only region to exhibit an increase in project finance volumes (+6%). North America (-37%), Middle East and Africa (-68%) and Western Europe (-41%) all fell dramatically while the worst performer in this period was Eastern Europe, which saw volumes fall by 85%

Indian deals closed (1H09)

Legal Advisors of Global PFI/PPP Deals

 Legal Advisors of Global Project finance deals

 Source: Dealogic

Related stories:

• Strategic M&A beckons for Asian financial sector
• Indian clients to feel pinch of new tax on law firms, LPOs
• Rio Tinto outsources to India to cut legal costs