When India Business Law Journal published its first survey of leading foreign law firms for India-related work nearly two decades ago, India occupied a very different position in the global legal and economic landscape than it does today.

International firms viewed the country as a market of immense promise but considerable complexity characterised by bureaucracy, regulatory hurdles, restrictions on foreign legal practice and an economy that, while expanding rapidly, had yet to establish itself as a central force in global commerce.

Twenty years later, that picture has changed dramatically.

The evolution of the foreign law firm market serving India mirrors the remarkable transformation of India itself. What began as a relatively small group of international firms advising on occasional outbound acquisitions, foreign investments and capital market transactions has developed into a sophisticated global ecosystem of dedicated India practices spanning virtually every major area of law.

Today, hundreds of international firms compete for India-related work, while many of the world’s largest firms maintain substantial India-focused teams, dedicated India desks and longstanding relationships with Indian corporates, financial institutions and domestic law firms.

In the early years, India-related mandates were concentrated in a handful of practice areas. Cross-border M&A, project finance and international capital markets dominated instructions, and most foreign firms approached India opportunistically rather than strategically. Few firms had lawyers whose primary focus was India, and dedicated India practices were the exception.

But as India’s economy expanded and Indian companies became increasingly ambitious global players, law firm strategies evolved. The outbound acquisition wave of the 2000s and early 2010s demonstrated that Indian businesses were no longer simply recipients of foreign capital; they were becoming multinational investors in their own right.

Conglomerates, technology companies, pharmaceutical groups and infrastructure businesses began pursuing acquisitions and investments across Europe, North America, Africa, the Middle East and Asia. International firms responded by building specialist India teams capable of supporting clients wherever opportunities emerged.

At the same time, the nature of India-related legal work became more sophisticated. What was once primarily transactional evolved into a multidisciplinary practice encompassing private equity, venture capital, restructuring, competition law, investigations, regulatory compliance, intellectual property, technology, data protection, international trade and dispute resolution. For many global firms, India work has shifted from a niche practice to a strategically important business line.

Perhaps the most significant change has been the maturation of the Indian legal market itself. The rise of sophisticated domestic law firms, internationally experienced in-house legal teams and globally minded business leaders has transformed client expectations.

In response, foreign firms have moved beyond viewing India simply as an emerging market opportunity. Many have recruited India-qualified lawyers, established India groups across multiple offices, appointed India practice heads and invested heavily in understanding India’s regulatory environment, business culture and commercial realities. Others have strengthened relationships with Indian firms and developed strategic alliances designed to position themselves for long-term growth.

The perception of India has also undergone a fundamental shift. Earlier editions of this report frequently focused on India’s future potential. Today, India is increasingly viewed as a present-day opportunity. It has emerged as one of the world’s fastest-growing major economies, a leading destination for global capital and a critical component of multinational supply chain strategies.

Geopolitical developments, including supply-chain diversification, shifting trade patterns and ongoing strategic competition between major economies, have further elevated India’s importance in boardrooms around the world.

The past 12 months have reinforced this trend. India’s growing network of trade and investment agreements – including the landmark India-UK Free Trade Agreement and the India-UAE Bilateral Investment Treaty – have strengthened investor confidence and created new opportunities for cross-border legal work.

Regulatory modernisation, including developments in data protection, cybersecurity, AI governance and criminal law reform, has generated increasing demand for international firms capable of advising clients across multiple jurisdictions. Meanwhile, the gradual liberalisation of India’s legal sector has encouraged foreign firms to deepen their India capabilities and expand their relationships with domestic firms.

The opportunities are evident across a broad range of practice areas. India remains one of the world’s most active capital markets, with strong IPO activity attracting international investors and generating significant work for global firms. Private equity and venture capital transactions have also remained robust, while inbound investment continues to flow into technology, infrastructure, manufacturing, energy and industrial sectors.

At the same time, Indian companies continue to pursue overseas acquisitions, joint ventures and strategic partnerships, creating demand for sophisticated advice on financing, governance, antitrust, sanctions and post-acquisition integration.

The disputes landscape has evolved in parallel. Rising foreign investment, increased cross-border commerce and more complex commercial relationships have driven growth in international arbitration and cross-border litigation involving Indian parties. Technology, infrastructure, shareholder, intellectual property and data-related disputes are becoming increasingly common, while clients seek advisers capable of managing proceedings across multiple jurisdictions.

Arbitration remains the preferred mechanism for resolving many international disputes, supported by India’s growing dispute resolution infrastructure and increased use of mediation and other alternative dispute resolution mechanisms.

Looking ahead, the question is no longer whether foreign law firms should invest in India capabilities, but how much they are willing to invest.

Competition for India-related work has never been more intense as firms from around the world are expanding teams, strengthening local relationships and integrating India expertise into their global practices.

The reason is simple: India is no longer viewed as a market of future promise alone. Rather, it is increasingly regarded as one of the most important long-term growth opportunities in the global legal industry, making a credible India strategy an essential component of international success.

TOP 15

• • A&O Shearman
  

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• • Baker McKenzie
  

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• • Bird & Bird
  

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• • Clifford Chance
  

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• • Freshfields
  

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• • Herbert Smith Freehills Kramer
  

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• • Hogan Lovells Cadwalader
  

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• • Jones Day
  

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• • King & Spalding
  

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• • Kirkland & Ellis
  

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• • Latham & Watkins
  

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• • Milbank
  

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• • Linklaters
  

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• • Sidley Austin
  

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• • White & Case

Firms listed in alphabetical order. All firms in each category of equal standing

A&O Shearman stands tall among its peers, recognised for its achievements on large, complex and innovative deals. Highlights of the past year include advising the mandated lead arrangers and underwriters on a SGD1.32 billion (USD1.02 billion) back-leverage financing for Stellar Asia Holdings II for its investment in Nxera, alongside Singtel; acting for the book-running lead managers as US counsel on the State Bank of India’s USD2.9 billion qualified institutional placement; and assisting Hapag-Lloyd on the acquisition of a co-controlling stake in JM Baxi Ports & Logistics. A&O also supports non-profit Increasing Diversity by Increasing Access (IDIA) through training initiatives and internships for IDIA scholars in its Singapore office.

Baker McKenzie routinely appears as counsel on high-value headline deals. Examples include advising Harman on the USD375 million sale of its digital transformation solutions business unit to Wipro, and acting as lead transaction counsel on the provision of USD650 million secured multi-tranche syndicated social loan facilities to HDFC Credila Financial Services to further education for students from marginalised and vulnerable communities in India. “Baker McKenzie is our most preferred legal partner amongst foreign law firms,” says Gaurab Chaudhury, group CFO at Tata Autocomp Systems. They “provide practical advice on complex transactions … and state their views transparently”.

Bird & Bird has guided Indian multinationals and global corporates on complex mandates across technology, life sciences, infrastructure, energy, finance and professional services. The firm assisted Zydus Wellness on its GBP239 million (USD320.5 million) acquisition of UK-based digital consumer healthcare platform Comfort Click; and advised ICICI Bank on a MAD492 million (USD52.6 million) cross‑border bank guarantee facility supporting Tata Advanced Systems in connection with a Moroccan defence supply contract. One client notes the firm’s “strengths in handling both institutional and entrepreneurial matters, and its knowledge of the Indian and UAE markets”, while another praises its “proactive, solution-oriented approach”. Partner Surabhi Singhi is well regarded.

Clifford Chance’s India work is propelled by an integrated global team operating across London, Singapore, Hong Kong, Tokyo, the Middle East and Europe. In one standout deal, the firm advised Tata Motors on the EUR3.8 billion (USD4.34 billion) recommended voluntary tender offer for Iveco Group, which involved comprehensive multijurisdictional antitrust assessment. The firm was also instructed by global investment firms SeaTown and Varde on a USD350 million pre-IPO financing for InMobi, India’s first startup unicorn. The firm’s core India group comprises partners Nish Shetty, Nigel Wellings, Jamie McLaren, Jason Mendens, Shaun Langhorne, Ranbir Hunjan, Sohini Kar-Purkayastha and Adrian Cartwright.

Freshfields has been a frontrunner on India-related mandates for almost three decades. In the past 12 months, the firm: advised Novartis on its proposed sale of its 70.68% shareholding in Novartis India to ChrysCapital; assisted Blackstone on the IPO listings of Ventive Hospitality on the National Stock Exchange of India and the Bombay Stock Exchange; and acted for Deutsche Telekom on satellite disputes and enforcement proceedings relating to an UNCITRAL BIT arbitration against India’s government. Partners Arun Balasubramanian and Piusha Bose co-head the India practice.

Herbert Smith Freehills Kramer runs a distinguished India practice, which was led with passion by partner Chris Parsons as chair from 2005 until his retirement in May this year. Partner Alan Montgomery now takes over as the new chair, while partners Siddhartha Shukla and Dhananjaya Chak co-head the practice. Last year, the firm was counsel to Wipro on its acquisition of a majority stake in French aerospace manufacturer Lauak Group. This year, the firm advised international lenders on the financing of two renewable energy projects for Clean Max; and BAT on its GBP315 million (USD421 million) sale of shares in ITC Hotels.

Hogan Lovells Cadwalader’s thriving India offering draws clients in search of expertise across the practice spectrum. The merger of Hogan Lovells with Cadwalader became official on 1 July, creating the fifth-largest law firm in the world by revenue with 3,100 lawyers and 900 partners. Stellar achievements include advising: Meta Platforms, on its USD100 million joint venture with Reliance Industries to develop and scale enterprise AI solutions for Indian and global markets; the lead managers on the proposed USD1.5 billion IPO of SBI Mutual Fund; and international and local lenders on the proposed financing of a combined solar and wind captive power plant in Karnataka.

Jones Day is hailed for its handling of sophisticated and sensitive matters, and an ability to work seamlessly across teams and jurisdictions. In a recent highlight, the firm advised Peabody on: its proposed USD3.77 billion acquisition of four metallurgical coal mines in Australia’s Bowen Basin from Anglo American; and a deal which required antitrust clearance in India, Brazil, Turkey, Vietnam, Japan, China, Slovakia, Taiwan and Korea. Arvind Sharma, a partner at Shardul Amarchand Mangaldas & Co, appreciates Jones Day’s “deep understanding of the Indian legal and business environment” and commends partner Parveet Singh Gandoak for “exceptional legal acumen and a proactive approach in managing complex India-related matters”.

King & Spalding is renowned for its prowess on corporate M&A matters, dispute resolution and banking and finance assignments. Indian content technology platform VerSe Innovation turned to the firm when it acquired Magzter, which operates a global digital newsstand. Aditya Birla Group instructed the firm for advice on its USD125 million acquisition of AluChem Companies, and SpiceJet sought its expertise for several English Commercial Court proceedings brought by various lessors. Partners Amit Kataria, Sunandini Das, Tom Sprange KC, John Savage KC, Sajid Ahmed, Andrew Brereton and Rahul Patel are key India experts.

Kirkland & Ellis has long been a trusted legal partner to clients seeking advice on India-related litigation and arbitration, cross-border investigations, M&A, restructuring, tax, IP, and technology matters. Kirkland’s client portfolio includes Axis Bank, Essar Steel, Infosys, Lodha Group, Reliance Communications, Bain Capital, Blackstone, KKR, Dabur, Ranbaxy and Glenmark Pharmaceuticals. Recently the firm advised Bharti Enterprises and Warburg Pincus on their strategic investment in Haier India, and counselled funds advised by Apax Partners on a strategic investment in iD Fresh Food, an Indian clean label food brand.

Latham & Watkins was an adviser on seven India Business Law Journal Deals of the Year 2026 – more than any other international firm. Recent highlights include: acting for Tata Capital on its USD1.75 billion IPO on the Bombay Stock Exchange and National Stock Exchange of India (NSE); and guiding MakeMyTrip on its offering of USD1.25 billion of 0.00% convertible senior notes due 2030. Beyond capital markets, the firm advised TPG on its USD1 billion investment in Tata Consultancy Services to support the growth of their AI data centre business, HyperVault; and assisted Adani Airports on a USD750 million external commercial borrowing from a consortium of international banks.

Linklaters has been active in the Indian market since the mid-1980s and consistently ranks as a leading player. The India practice, based primarily in Singapore and London, stands out for its expertise in capital markets, banking and finance, and M&A corporate work. Highlights in the past 12 months include advising Jefferies India as placement agent on JSW Energy’s INR40 billion (USD418.8 million) qualified institutional placement of shares; underwriting Powerica’s INR11 billion IPO on the National Stock Exchange of India and the Bombay Stock Exchange; and guiding Nexans on exclusive negotiations to sell its autoelectric business to Samvardhana Motherson.

Milbank’s India practice is co-ordinated primarily through its London, Hong Kong and Singapore offices, bringing vast experience on high-end export credit agency work, telecoms and technology, infrastructure and project bonds, and private equity and corporate finance. Key highlights include advising: Apollo Management on the purchase by Apollo-managed funds and other investors of USD750 million senior secured notes issued by Mumbai International Airport; I Squared Capital on its USD130 million financing to Cube Highways & Infrastructure II to partly fund the acquisition of Chenani Nashri Tunnelway; and the lenders on USD162 million dividend recap financing for EQT in relation to Indian pharma company Indira IVF.

Sidley Austin runs a thriving India practice winning roles on assignments such as: international counsel to the underwriters on Tata Capital’s USD1.75 billion IPO; legal counsel to Macquarie Asset Management on the sale of its Safeway Concessions toll roads platform in India for USD1.7 billion; and adviser to Hindalco Industries in the first administrative review by the US Department of Commerce of the anti-dumping duty order on common alloy aluminum sheet from India. “Sidley is always ahead of the curve on the international regulatory framework,” says Vishal Bandekar, senior vice president at Kotak Mahindra Capital. “We have always loved working with them.”

White & Case is frequently at the forefront of many complex, high-value and strategically important India-related matters for corporates, financial institutions, sponsors and the government. The firm demonstrated its corporate clout as adviser to Sun Pharmaceutical on its USD11.75 billion acquisition of US drugmaker Organon & Co. It also assisted Tropical General Investments on its joint venture with Reliance Consumer Products, marking the latter’s first major foray into the fast-moving Nigerian and West African consumer goods markets. On the contentious side, the firm is representing India in enforcement proceedings brought by Deutsche Telekom, related to two arbitration awards for a cancelled satellite deal.

KEY PLAYERS

• • Ashurst Perkins Coie
  

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• • Cleary Gottlieb
  

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• • Cooley
  

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• • Covington & Burling
  

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• • DLA Piper
  

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• • Eversheds Sutherland
  

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• • Gibson Dunn & Crutcher
  

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• • K&L Gates
  

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• • Mayer Brown
  

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• • Penningtons Manches Cooper
  

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• • Reed Smith
  

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• • Simpson Thacher
  

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• • Skadden
  

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• • Stephenson Harwood
  

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• • Three Crowns

Firms listed in alphabetical order. All firms in each category of equal standing

India-focused clients have faithfully relied on Ashurst to steer their deals and disputes. The firm secured a favourable order for Pharmacor, an Australia-based subsidiary of India’s Alkem Laboratories, in patent proceedings in the Federal Court of Australia. It also assisted India’s Amplus Energy Solutions – an affiliate of Petronas – on the sale of its shareholding in Amplus Energy Solutions FZE in Dubai to Three Eight Six. Ashurst completed its merger with Perkins Coie on 1 July 2026, shifting the India practice to a centralised offering across 52 offices and 23 countries under the unified Ashurst Perkins Coie platform.

Cleary Gottlieb is often selected by clients for complicated cross-border assignments. Goldman Sachs turned to the firm when it was financial adviser to Iveco Group on the latter’s EUR3.8 billion (USD4.3 billion) acquisition by Tata Motors. Later, TPG Rise instructed the firm on its carve-out and acquisition of Siemens Gamesa’s wind turbine business in India and Sri Lanka, together with a long-term technology licensing agreement with Siemens Gamesa. “The Cleary London team of partners – Nallini Puri, Nick Levy and Tihir Sarkar – is fantastic; commercial with tremendous domain expertise,” says Nisha Kaur Uberoi, chair of the competition practice at JSA.

Cooley’s strengths lie in fund formation, venture capital, emerging companies, capital markets and M&A. The firm supports many of the world’s most disruptive companies and innovators as they expand into and out of India. Last year, the firm advised ChrysCapital on its record USD2.2 billion closing for its 10th fund in India’s largest private equity raising to date. It also assisted Reliance Industries on its joint venture with Meta to build and scale AI solutions for enterprises in India and select international markets. The firm bolstered its India team with the arrival of two new partners – Shashwat Tewary from Sidley Austin and David He from Gunderson Dettmer.

Covington & Burling has built a vibrant India practice over 25 years. This year the firm represented Jio Financial Services on a joint venture with Allianz Europe in the Indian domestic reinsurance space, and advised Bajaj Auto on US Office of Foreign Assets Control (OFAC) and EU sanctions. Rohit Rajagopal, vice president and general counsel at Acme, has worked with the firm on project development mandates, some of which “are an industry first and highly complex”, he says. Rajagopal commends chair of global project development and finance practice group Agnieszka Klich and special counsel Nitin Banerjee “for their exceptional experience in infrastructure-related matters and focus on commercial sensitivities”.

DLA Piper added to its corporate credentials when it advised Wipro on the acquisition of the digital transformation solutions business unit of Samsung Electronics-owned Harman last year. Meanwhile, in April it concluded two major deals. One was for Haier Smart Home on the partial sale of its shareholding in Haier India and the latter’s issuance of new equity to an investor consortium comprising affiliates of Warburg Pincus and Bharti Enterprises. The second was for Everstone Capital on its USD270 million investment in Apothecon Group, a combined entity between India-based Apothecon Pharmaceuticals and US-based Navinta III.

Eversheds Sutherland’s global reach earned it a role as lead Asia counsel to Edwards Lifesciences on the USD4.2 billion sale of its critical care business to American medtech multinational BD, covering 39 jurisdictions including India. The firm also advised GSK Pharma on renewable energy arrangements with CleanMax, including a group captive structure for solar power supply to its Maharashtra facility. Arpinder Singh, the India and emerging markets leader at Ernst & Young, consulted the firm on cross-border and India-linked matters involving regulatory, investigations and deal-related complexities. “They translate complex legal issues into actionable insights … and are particularly effective in matters that require co-ordination across geographies and disciplines,” he says.

Gibson Dunn & Crutcher has decades of experience assisting on deals with an India element. Last year, the firm guided Marriott International on its minority equity investment in Concept Hospitality, an Indian hotel management company with more than 100 hotels across 90 locations. This year, the firm was international legal counsel to Blackstone on a USD600 million equity fundraising for Mumbai-based AI infrastructure company Neysa, through which Neysa intends to secure an additional USD600 million debt financing. Partner Jai Pathak and of counsel Karthik Ashwin Thiagarajan are primary contacts.

K&L Gates’ India practice is served by lawyers based in 28 offices across Asia, the US, UK and Europe led by partner Anil Patel in Houston. Much of the firm’s India-related work is handled from Singapore by partners David Kuo, Meraj Noor and Raja Bose. The firm recently advised Olam Holdings on the USD375 million sale of Mindsprint and its subsidiaries to Wipro Networks. In addition, it was counsel to Samvardhana Motherson International on two transactions: the acquisition through its subsidiary SMRP of a 95% stake in Japanese automotive parts manufacturer Atsumitec; and its investment in Rider Dome, which specialises in rider assistance systems for two-wheelers.

Mayer Brown’s work for Indian and international financial institutions in 2025 spans high-value capital markets transactions, cross-border financings and renewable energy projects, reflecting deep expertise in both Indian and global regulatory environments. Major mandates include advising: Manappuram Finance on its update of a USD750 million secured EMTN programme; the arrangers and dealers on the update of a USD5 billion GMTN programme by Axis Bank; and IT solutions provider Hexaware Technologies on its acquisition of SMC Squared, a leader in building global capability centres.

Penningtons Manches Cooper enjoyed a busy year on India-related assignments. Shipping Corporation of India relied on the firm to draft and negotiate a memorandum of association (MOA) for its acquisition of two large gas carriers procured from Qatari shipping major Milaha.

Reed Smith is known for providing sophisticated structured finance advice, helping banks and institutions navigate evolving market dynamics, risk frameworks and complex lending structures. In January, the firm welcomed banking and finance expert Gregory Xu from Stephenson Harwood. Soumya Banerjee, segment legal head at YES Bank, calls counsel Aditi Aparajita and partner Gregory Xu “remarkable lawyers who bring a lot of knowledge, experience and a pragmatic approach” to corporate lending transactions. Partner Gautam Bhattacharyya, who focuses on international arbitration and litigation, is also a key contact for India-related matters.

Simpson Thacher’s India-focused transactions are led by partners Ian Ho, Jonathan Hwang, Makiko Harunari and Anuj Shah, each bringing expertise across M&A, private equity, real assets and financing. The firm has been a preferred adviser to Blackstone, advising on the purchase of South City Mall in Kolkata for USD377 million, and most recently advising the firm on the announced USD2 billion merger in the global packaging market of EPL and Indovida India. In addition, it was appointed as counsel by an affiliate of KKR for the latter’s sale of a majority stake in Avendus Capital to Mizuho Securities.

Skadden has been active on India-related international disputes and secured several significant wins in the field. The firm is currently representing one of the world’s largest cryptocurrency exchanges in a Singapore-seated arbitration against an Indian cryptocurrency exchange arising from the termination of a share purchase agreement between them. On the corporate front, it was counsel on two blockbuster deals: first, acting for Trip.com in the USD3 billion sale of a portion of its class B ordinary shares in MakeMyTrip; and second, advising Capgemini on its USD3.3 billion acquisition of WNS to create a global leader in agentic AI.

Stephenson Harwood is consistently active on Indian cross-border investments and disputes. Axis Bank called on the firm’s expertise for advice on its USD150 million unsecured term loan facility to Airtel Congo – one of the largest bilateral financings into the Democratic Republic of Congo by an Indian bank operating from GIFT City. Premji Invest and TPG Capital relied on the firm to carry out legal vendor due diligence for the offshore subsidiaries of ID Fresh Food India in the Gulf Co-operation Council (GCC) region, as part of their planned exit from the company. Fusion CX also instructed the firm to prepare legal opinions on its US, Jamaican and Canadian subsidiaries in connection with its proposed IPO in India.

Specialist international arbitration firm Three Crowns is advising a leading Indian renewable energy company in complex, multi-contract arbitrations arising out of the supply, installation and operation of wind turbine generators for large-scale wind farms in India. The case involves significant damages and technical issues. Montek Mayal, a partner and practice head for Asia and the Middle East at Osborne Partners, worked with the firm on two matters recently and says: “I found the team to be highly hands-on, commercially sophisticated, and particularly strong in dealing with complex damages and evidentiary issues in high-stakes disputes.”

SIGNIFICANT PLAYERS

• • Addleshaw Goddard
  

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• • Arnold & Porter
  

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• • BCLP
  

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• • CMS
  

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• • Cravath Swaine & Moore
  

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• • Dorsey & Whitney
  

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• • Goodwin Procter
  

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• • Greenberg Traurig
  

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• • Gunderson Dettmer
  

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• • Kelley Drye & Warren
  

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• • Kilpatrick Townsend & Stockton
  

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• • McDermott Will & Schulte
  

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• • Morgan Lewis & Bockius
  

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• • Norton Rose Fulbright
  

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• • Paul Hastings
  

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• • Pillsbury Winthrop Shaw Pittman
  

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• • Pinsent Masons
  

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• • Sheppard
  

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• • Stewarts
  

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• • Trowers & Hamlins

Firms listed in alphabetical order. All firms in each category of equal standing

Addleshaw Goddard saw an increase in India-related assignments in the past year. The firm was counsel to JSW Infrastructure on its joint venture with Minerals Development Oman to build a new USD419 million port in the Dhofar governorate of Oman. It also represented GuarantCo on its partial credit guarantee for a loan facility by Axis Bank to Chartered Speed to support the scaling and operation of a 300-plus fleet of electric buses across Chhattisgarh and Meghalaya. “Addleshaw stands out especially for being more agile, partner-led and commercially driven compared to some larger firms,” says Ramesh Krishnamurthy, global CEO of Komerz.

Arnold & Porter counts Dr Reddy’s Laboratories, Eraaya Lifespaces, Aurobindo and Patel Engineering among its clients. Last summer, the firm boosted its India offering with the hiring of Pallavi Mehta Wahi as head of its Seattle office. Wahi has “an instinctive understanding of the deep connections that determine how decision-making in India truly works” and “has access to a huge local network”, says Bharat Anand, a Khaitan & Co partner who has worked with the firm on “cutting-edge AI and IP disputes”, and on global capability centres, JVs and investigations in India. “She is the single point of contact that any global GC looking at India truly requires.”

BCLP offers capabilities on both contentious and non-contentious matters. The firm recently advised Tech Mahindra on its acquisition of Finastra’s Fusion Cash Management platform software. It was also counsel to OGD Services, part of the Essar Group, in a high‑profile appeal before the Judicial Committee of the Privy Council for the recoverability of third‑party litigation funding costs and the enforceability of litigation funding agreements following the UK Supreme Court’s landmark decision in the PACCAR case.

“BCLP is very commercial, collaborative, responsive, technically excellent, relationship-oriented and good value for money,” says Vivek Chandy, joint managing partner at JSA.

CMS’ India work spans M&A, joint ventures, infrastructure projects, disputes fundraising and regulatory advice. This year the firm advised Climate Fund Managers on its USD32.2 million commitment from its EU-supported Climate Investor Two fund to the Akaia Green Fuels commercial waste-to-biogas facility in Uttar Pradesh. It also assisted Indian fintech unicorn Kreditbee on its reshoring and reverse flip from Singapore to India.

“We have closely worked with [partner] Babita Ambekar on a lot of debt financing and equity transaction structuring, and she always has great advice and guidance,” says Purvasha Mansharamani, head of legal at Stride Ventures.

Note: CMS is an international organisation of independent law firms, further information about which can be found here: . Matters have been contributed by CMS member firms outside of India.

Cravath Swaine & Moore takes pride in its role on plum projects with an Indian element. Last June, Cravath acted as special US counsel, representing the underwriters on the INR125 billion (USD$1.31 billion) 144A/regulation S IPO of HDB Financial Services, a diversified retail-focused non-banking financial company. Cravath advised a large syndicate of underwriters while acting as sole US counsel to the transaction. At the end of 2025, the firm represented healthcare company Viatris on the USD815 million sale of its equity stake in Biocon Biologics to Biocon. Partners Philip Boeckman and GJ Ligelis Jr are key India team members.

Dorsey & Whitney’s (D&W) India practice focuses on cross-border M&A, US regulatory matters and sector-specific work in mining, healthcare, and food, beverage and agriculture. The firm is advising: Indian fintech unicorn Yubi on its US structuring; Indian battery tech company Gegadyne on US regulatory matters and China-related commercial opportunities; and a Lusophone African state on the enforcement of a multimillion-dollar commercial arbitration award against an Indian engineering and construction company. “D&W have been absolutely electric in their response,” says Amitesh Bhattacharya, group general counsel at Yubi. Partners Carsten Greve and Troy Keller are “meticulous and very detail-oriented”.

Goodwin’s India practice focuses on private equity, M&A, joint ventures and strategic transactions, venture capital, growth equity, fund formation and capital markets. African climate-focused investment platform Helios Climate turned to the firm for advice on its USD60 million fundraising, in partnership with Private Infrastructure Development Group, for SUN Mobility. Bengaluru-based SUN specialises in energy infrastructure and battery swapping solutions for electric vehicles. The firm’s life sciences M&A team, meanwhile, supported a subsidiary of Piramal Pharma on its acquisition of the global rights to Kenalog – an injectable product – from Bristol-Myers Squibb for USD35 million.

Greenberg Traurig represents India-based companies on complex, cross-border matters involving global growth, advanced manufacturing and regulated industries. Key assignments in the past year include: representing Praana Group on its acquisition of a portion of Halliburton’s multi-chem business; advising Samsung Electronics on its acquisition of FläktGroup, Europe’s largest heating, ventilation and air conditioning company, from Triton, which included a significant Indian subsidiary; and acting for multiple Indian generic drug companies on regulatory and dispute matters in the US. The firm profited from the arrival of former head of the global India practice at Baker McKenzie, Ashok Lalwani, earlier this year.

Gunderson Dettmer focuses exclusively on the innovation economy, advising companies and funds of all sizes across the US, Asia-Pacific, Europe, Latin America and the Middle East-North Africa (MENA) region. In the past 12 months it advised Prosus Ventures on its USD54 million series B funding of SpotDraft, an India-based AI-powered contract lifecycle management platform built for in-house legal teams. The firm has also guided longtime client Lightspeed India Partners as lead investor in the USD13 million seed financing of Level3AI, a Singapore-based startup building enterprise-grade AI agents that manage end-to-end customer engagement.

Despite a subdued US M&A and corporate transactions market, Kelley Drye & Warren’s India practice estimates it has opened close to 100 new matters during the year. The firm handled commercial disputes and corporate deals as well as employment counselling. In collaboration with the firm’s international trade and export controls practice group, Kelley Drye also advises clients on regulations relating to defence procurement, including the International Traffic in Arms Regulations (ITAR) and Defence Federal Acquisition Regulation Supplement (DFARS). Partner Deepak Nambiar chairs the India practice.

A key strength of Kilpatrick Townsend & Stockton’s India-related practice is its extensive footprint across major US business and technology markets. In addition to offices in New York, Washington, Chicago, San Francisco, Silicon Valley and Houston, the firm has a significant presence in growth markets such as Atlanta, Raleigh, Seattle, Dallas, Denver, Phoenix and Winston-Salem. In the past year, the firm advised on cross-border technology transactions, outsourcing, IP, regulatory matters, litigation, strategic investments, credit arrangements and operational matters involving Indian entities. Partner Sonia Baldia heads the India team.

McDermott Will & Schulte was formed last August by the merger of McDermot Will & Emery and Schulte Roth & Zabel. The firm brings together McDermott’s established strengths in areas such as health and life sciences and tax, with Schulte’s credentials in private capital, hedge fund and investment management. The firm is also continuing to invest heavily in digital assets, with a large and dedicated digital assets and crypto team. The firm’s India work covers M&A, private equity, white collar and investigations, data privacy and cybersecurity, tax, digital assets and, most recently, sports law, with its team advising on Indian Premier League mandates.

Morgan Lewis & Bockius offer clients guidance on inbound and outbound investment, joint ventures and strategic alliances, technology startups and innovative enterprises, infrastructure and project finance, IP and licensing, and data privacy compliance. The firm also brings expertise in aviation, acting for both Indian airlines and lessors leasing aircraft into India. Partners Rahul Kapoor, Divya Thakur, Sidanth Rajagopal, George Cyriac and Vishnu Shankar are key contacts for India-related work.

Partner Raj Karia heads the India practice at Norton Rose Fulbright with support from fellow partners Nick Merritt and Shabnam Karim. GlobalData instructed the firm as lead counsel for its acquisition of AI Palette, an AI-powered consumer insights platform. The transaction involved complex cross-border IP structuring, softwares service contracts and data compliance considerations. The firm also demonstrated its clout in the projects and energy space, advising TAQA on its divestment of TAQA Neyveli Power – which operates a 250MW lignite-fired power plant in Tamil Nadu – to MEIL Energy for about USD105 million.

Paul Hastings is advising the Asian American Hotel Owners Association (AAHOA), the world’s largest hospitality trade association, on a broad range of India-related commercial, regulatory and strategic initiatives. A team led by partner Ferish Patel, who joined the firm in April from Cooley, also advised Brookfield Private Equity on the sale of its portfolio company, Sirion Labs, to Haveli Investments. “Ferish Patel and his corporate team are thoughtful and focused on achieving practical outcomes for clients,” says Kumar Shah, managing director at Brookfield Asset Management. “Ferish balances legal rigour with commercial judgement and leads sophisticated cross-border matters efficiently and effectively.”

Pillsbury Winthrop Shaw Pittman’s India practice is supported by a cross-office, multidisciplinary team of partners including specialists in energy, infrastructure, technology, international trade, finance and disputes. “Pillsbury brings strong domain expertise, particularly in regulated and technically intensive sectors such as energy, infrastructure and nuclear-related matters,” says Sweta Durgavajjala, M&A manager at Larsen & Toubro. Martin Walter, head of legal at Aircraft Finance Germany, appreciated the team’s “ability to convey complex legal issues in an understandable and precise manner” during the company’s first sale and leaseback transaction for a package of three new Airbus A321neo aircraft with IndiGo.

Pinsent Masons has more than 2,300 partners and lawyers and a network of 31 offices on four continents. The firm’s India-focused work spans energy and natural resources, financial services, retail, sport and hospitality, infrastructure and real estate, professional and public services, and technology, science and industry. As part of its continued investment in the India practice, the firm welcomed Dinesh Banani as a partner and head of US securities from Herbert Smith Freehills Kramer. Banani has more than 20 years’ experience advising corporates and investment banks on equity and debt capital markets deals.

Since 2017, Sheppard has provided L&T Technology Services with advice on a nationwide basis on employment law issues, including compliance with US, state and local laws, and employment litigation. The firm is also a trusted adviser to HCLTech in connection with high-profile sponsorship deals, and Tech Mahindra in litigation, internal investigations and dispute resolution. Sheppard “is our trusted partner for the intersection of India-US commercial, disputes, licensing and related work,” says Eric Winston, executive vice president and general counsel at Mphasis. The firm “has a deep understanding of cross-border implications, legal issues and important cultural sensitivities”.

Stewarts’ India practice continues to work on complex, high-value disputes across a range of industry sectors. The firm is currently representing families of more than 50 passengers in their legal claims for compensation against Air India, Boeing and other potentially responsible parties in relation to the tragic Air India Flight 171 crash in Ahmedabad last June. Mahmood Khairaz, a director at Deinon Insurance Brokers, consults the firm on most legal matters both in India and internationally. “They are very proactive, prudent and detailed, and ensure we are well aware of all aspects of litigation in different jurisdictions,” he says. “They offer a comforting personal touch and gather facts with patience and sincerity.”

Trowers & Hamlins’ client roster largely comprises Indian public sector, private and non-bank lenders, as well as multinational banks with an Indian presence. It assisted State Bank of India on a structured trade transaction for Trafigura through a letter of credit facility and advised ICICI Bank’s IBU GIFT City branch on a USD50 million multi-facility financing to Jindal Seamless Pipe Manufacturing. The firm has “a good sense of what works in an offshore context for India deals,” says Ashish Gala, the co-founder and managing partner of VentureSoul Partners. India desk head Debopam Dutta’s “energy and commitment levels are quite impressive”, he adds.

REGIONAL & SPECIALIST

• • Al Tamimi & Co (Middle East and North Africa)
  

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• • Bowmans (Kenya, Mauritius, Tanzania, South Africa and Zambia)
  

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• • Collyer Law (Singapore)
  

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• • Corrs Chambers Westgarth (Australia)
  

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• • Dentons Rodyk Davidson (Singapore)
  

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• • Drew & Napier (Singapore)
  

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• • Duane Morris & Selvam (Singapore and Myanmar)
  

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• • Elias Neocleous & Co (Cyprus)
  

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• • ENS (African continent)
  

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• • Heuking (Germany)
  

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• • Mori Hamada & Matsumoto (Japan)
  

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• • Nishimura & Asahi (Japan)
  

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• • Rajah & Tann (Singapore and Southeast Asia)
  

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• • TLT (UK)
  

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• • TMI Associates (Japan)
  

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• • WongPartnership (Singapore)

Firms listed in alphabetical order. All firms in each category of equal standing

Al Tamimi & Co has seen growth in instructions relating to private capital, infrastructure, technology, healthcare, energy and more from Indian clients investing in the Middle East and North Africa region. The firm advised ODM Educational Group on its acquisition of Sabari Indian School in Dubai, and acted for HSBC Middle East on a USD45 million loan facility granted to Asian Paints. Puneet Rathsharma, a corporate and commercial lawyer at Pinac Law, says partner Richard Catling “is a commercially astute lawyer and drives client’s strategic interests very well”, while senior associate Pallavi Satpute’s “familiarity with Indian M&A transaction nuances and sensitivities is a great plus”.

Bowmans demonstrated its clout when it advised Natco Pharma on its USD221 million acquisition of a significant minority equity stake in Johannesburg Stock Exchange-listed Adcock Ingram. In another highlight, the firm was counsel to Africa50, together with Power Grid Corporation of India, on its landmark USD311 million public-private partnership agreement with the Kenya Electricity Transmission Company to develop, finance, build and operate critical transmission lines in Kenya. “Bowmans gives great quality advice and is always very responsive,” says Rabindra Jhunjhunwala, a senior partner at Khaitan & Co who has worked with the firm across practice areas. “They really know the African landscape well.”

Collyer Law has jostled for position in the past decade, earning roles as Singapore counsel on high-profile deals including as adviser to Power Finance Corporation on its project financing to Gentari Renewables India Castor One to develop integrated wind, solar and energy storage projects in India. “I have found their advice to be more practical and execution-focused, especially in matters requiring co-ordination between multiple stakeholders and across jurisdictions,” says Ashok Ganesan, group company secretary at Sterlite Electric. “I particularly appreciate their ability to balance legal risk with commercial practicality, which is valuable for our ongoing business operations.”

Australian firm Corrs Chambers Westgarth focuses on strengthening India-Australia business ties across priority sectors including technology, media and telecoms, corporate, M&A, infrastructure, and energy and resources. Latha Nair, a partner at K&S Partners, praises the firm’s capabilities on intellectual property matters. “Their expertise in geographical indications [GI] work is exceptional for Australia,” she says. Nair admires partner “Stephen Stern for his depth and extent of experience in handling GI issues, and his litigation and prosecution experience”. He also recommends senior associate Nicholas Mason.

Indian clients who engage Dentons Rodyk Davidson profit from niche local knowledge and experience in Singapore together with a huge network of international offices through the Dentons brand, plus deep ties in India through the firm’s combination with Link Legal, formalised in 2023. In the past 12 months the firm has been instructed on a variety of disputes, tackling issues including misrepresentation, fraud, employment conflicts and unpaid debts involving Indian companies. Key members of the India team are senior partners Ajinderpal Singh, Kirindeep Singh, Sunil Rai, Ray Chiang and Sivanesan S.

“Drew & Napier is the firm you go to for highly complex technical matters when the requirement is to think outside the box and get creative,” says Chaitanya Arora, managing director at Secretariat International. “The team is formidable for dispute resolution services.” The Singapore firm handled a rich variety of mandates for Indian entities, which included assisting Dystar Global on the USD702 million exit of Kiri Industries, and acting in a USD300 million Singapore-seated arbitration against Byju’s Investments. CEO Cavinder Bull and directors Mahesh Rai and Abhinav Bhushan are highly respected.

Duane Morris & Selvam is hugely admired for the depth and breadth of its India practice spanning capital markets, oil and gas advisory, dispute resolution, and corporate M&A. Director and capital markets expert Jamie Benson is “an exceptional team leader … responsive, dependable, highly focused, result-oriented and calm under pressure,” says Saurabh Agarwal, the founder-director of Kennis. Sushmita Gandhi, a partner at Trilegal, describes director for corporate and energy Priyank Srivastava as “very knowledgeable and fiery in the work that’s entrusted to him”, adding that his “deep-rooted Indian connection and understanding of the Asian market gives him an edge in the India-Singapore market”.

Elias Neocleous & Co’s prominence in Cyprus is undisputed. Vilok Sharma, the co-founder of Hindu Swayamsevak Sangh, which has established a presence on the Mediterranean island, says the firm “combined technical legal expertise with responsiveness, accessibility and a commercially pragmatic approach”. In a recent highlight, the firm provided detailed Cyprus tax and structuring analysis and careful assessments of complex cross-border investment structures to Terminal Investments for the financing of its potential acquisition of a 49% stake in Adani Vizhinjam Port. Motaher Chowdhury heads the India desk with support from counsel Marina Joud and legal consultant Fabian Cabeza.

ENS continues to assist Indian corporates on the African continent, and African companies on their forays into India. ENS is particularly strong on IP matters and manages trademark and patent portfolios across Africa for Dr Reddy’s Laboratories, Havells India, Bharti Airtel, Greenlight Planet, UPL, Solar Industries India and others. The firm recently collaborated with Indian counsel to protect African brand MTN Group’s single-colour mark – a difficult feat due to arguments around a lack of inherent distinctiveness. The matter involved at least eight separate hearings in India and the development of submissions to show the acquired distinctiveness of the colour in respect of the goods in question.

Heuking continues to maintain a tight grip on the India-Germany corridor. It advised Anand Group’s cleantech company, ANEVOLVE, which develops and manufactures eco-friendly technologies and systems, on the acquisition of APAG Group. It also acted for Luxor International and its German subsidiary on corporate governance issues and claims for damages against the former managing director. “Heuking is particularly strong in the areas of M&A, technology, public procurement and defence,” says Sachin Mehta, a partner at TT&A. He endorses partners Martin Imhof and Patrick Müller for their “quick turnaround and polite approach towards challenging transactions”.

Mori Hamada & Matsumoto is highly trusted by clients for business partnerships between Indian and Japanese companies. The firm advised Proterial on its joint venture with Shirdi Sai Electricals to build India’s first amorphous electrical steel manufacturing plant, and assisted Oji Holdings on its acquisition of a majority stake in Chemfield Cellulose. “With several Indian-qualified lawyers on their team, they are increasingly able to handle Indian matters independently, requiring limited local support unless the issue is highly complex or regulatory in nature,” says Rudra Kumar Pandey, a partner at Shardul Amarchand Mangaldas & Co.

Nishimura & Asahi routinely attracts the lion’s share of major Indian-Japanese deals. The firm was counsel to Mitsubishi Estate and Sumitomo on their participation in a large-scale office development project in the Kalina district of Mumbai. It also advised Mizuho Financial Group and Mizuho Securities on their acquisition of more than 60% of the shares of Avendus Capital. Nisha Kaur Uberoi, chair of the competition practice at JSA, commends partners Taeko Suzuki and Shimada Madoka for their “tremendous understanding of the Indian market across sectors”, describing them as “very commercial and excellent lawyers”.

Rajah & Tann is an appealing choice for India-based clients looking at opportunities in Singapore, Southeast Asia and beyond. On the corporate side, the firm was lead counsel to the founder of Cloud4C Group when it was sold to Capgemini. Cloud4C, headquartered in Singapore, has most of its employees and operations in India. On the contentious side, it represented Zettai, the Singapore-based entity managing WazirX, a major cryptocurrency exchange platform in India, on restructuring liabilities arising from a cyberattack affecting more than 16 million users. A four-month moratorium was obtained to facilitate the development of a scheme of arrangement under Singapore law.

TLT has fortified its India offering, moving beyond multijurisdictional lending and cross-border enforcement. The firm supported the UK government’s Department for Business and Trade in negotiations resulting in a successful trade deal with India. In addition, TLT has seen an increase in activity across corporate, data protection, private client and regulatory matters. The firm advised the shareholders on the disposal of Neutral Digital, an augmented reality marketing company in the aviation sector, to Maxposure, and acted for IDBI Bank on the recovery of an USD85 million loan from a BVI borrower and its Indian corporate parent.

TMI Associates regularly advises on cross-border M&A, joint ventures, foreign investment regulation, corporate governance, compliance, labour and employment, dispute resolution and exit strategy. With 700 lawyers and 100 patent and trademark professionals, TMI is also well positioned to counsel clients on IP issues in the Japan-India circuit. Last June, the firm assisted L&T Semiconductor Technologies and Kaynes Semicon on their acquisition of the semiconductor module business from Fujitsu General. “Their cultural fluency across Japan-India matters facilitates constructive engagement with sponsors, lenders and Indian counterparties,” says Saurav Kumar, a partner at CMS IndusLaw.

WongPartnership showed its might on a recent high-profile investment case when it successfully represented Deutsche Telekom in Singapore enforcement proceedings before the Singapore International Commercial Court (SICC) and a five-member bench of the Singapore Court of Appeal in proceedings relating to the enforcement of an investment treaty arbitration award against the Republic of India. The firm is also acting for Tata Power in a matter valued at more than USD490 million before the SICC. Mathew Chacko, a founding partner at Spice Route Legal, instructed the firm on a Singapore-India reverse merger, and says the team was “responsive, clear and extremely proactive”.

FIRMS TO WATCH

• • Charles Russell Speechlys
  

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• • Debevoise & Plimpton
  

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• • DWF
  

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• • Fieldfisher
  

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• • Foley Hoag
  

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• • Gowling WLG
  

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• • Howard Kennedy
  

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• • Hughes Hubbard & Reed
  

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• • O’Melveny & Myers
  

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• • Orrick
  

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• • Osborne Clarke
  

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• • Ropes & Gray
  

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• • Slaughter and May
  

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• • Squire Patton Boggs
  

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• • Watson Farley & Williams
  

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• • WilmerHale

Firms listed in alphabetical order. All firms in each category of equal standing

Charles Russell Speechlys represented SkyPower Global on the sale of SkyPower Services MENA to Inox Clean Energy to launch a renewable energy platform designed to deploy more than 10 gigawatts of solar-powered infrastructure across Africa. Shashwat Sharma, a partner at Trilegal, says the firm is “commercially minded, responsive and solution-oriented. We found them very easy to work with and effective at managing transactions efficiently without overcomplicating issues.”

DWF assisted on bank lending transactions, acquisitions, employment and pensions, tax matters and more for Indian clients in the past year. The firm recently welcomed Rory White-Andrews, an India-focused restructuring and insolvency partner in its London office, and Imogen Francis, an India-focused IP director in Birmingham.

Howard Kennedy is acting in a complex London-seated International Chamber of Commerce arbitration for a state‑owned rail operator that is part of a large Indian‑headquartered multinational group. The case relates to the rehabilitation of a national railway line. “They are at the top end of the market,” says Chintan Chandrachud, a barrister at Brick Court Chambers. “The team is among the most collaborative that I have worked with. Arish Bharucha knows the Indian market inside out. Major Indian businesses trust him … his advice is candid and honest.”

Partners Ken Lefkowitz and Chuck Samuelson lead the India practice at Hughes Hubbard & Reed (HHR). The firm recently advised Infosys on two deals: its acquisition of Houston-based energy consulting company MRE Consulting; and its agreement to acquire Optimum Healthcare IT for USD465 million, marking its largest deal to date in the healthcare sector. “HHR is very effective and also cost-efficient,” says Inderpreet Sawhney, chief legal officer at Infosys. “Their advice is practical and pragmatic.”

Osborne Clarke provides ongoing pan-European commercial, regulatory and legal support to longstanding clients such as Tech Mahindra, Tata Technologies, ITC Infotech and Apollo Tyres on their operations and investments across Europe. The firm is currently acting for Switch, an electric transport provider and part of the Hinduja Group, in high court litigation in London against Transport UK concerning the performance of various electric buses on certain bus routes in London.

Slaughter and May is frequently at the forefront of landmark, headline grabbing deals. The firm is advising Diageo on its subsidiary United Spirits’ divestiture of its equity stake in IPL franchise owner Royal Challengers Sports to a consortium comprising Aditya Birla Group, The Times of India Group, Bolt Ventures and Blackstone’s perpetual private equity strategy BXPE for USD1.8 billion. The firm was also counsel this year to Prudential on the IPO by its joint venture associate ICICI Prudential Asset Management Company on the Bombay Stock Exchange and National Stock Exchange of India.

This year, Squire Patton Boggs acted as US special counsel to Muthoot Finance on a USD600 million high-yield bond issue. The firm also advised IIFL Finance on the update of its USD1 billion global medium-term note programme, and a USD500 million social bond drawdown under that programme. The transaction was one of the first major deals executed under India’s newly liberalised external commercial borrowings framework.

Watson Farley & Williams advised the Japan International Co-operation Agency on a USD75 million financing package for ECOM Agroindustrial and ECOM Agroindustrial Asia as part of a USD175 million project aimed at strengthening supply chains and improving the livelihoods and employment of more than 60,000 small-scale farmers in India, Indonesia, Papua New Guinea and Vietnam. The initiative will facilitate the stable procurement of coffee while also providing consulting services such as coffee certification support, climate change adaption pilot projects, and farming support for female farmers.

REGIONAL FIRMS TO WATCH

• • Allen & Gledhill (Singapore)
  

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• • Anderson Mori & Tomotsune (Japan)
  

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• • Appleby (Mauritius)
  

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• • Atsumi & Sakai (Japan)
  

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• • Fasken (Canada)
  

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• • FBT Gibbons (US)
  

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• • Fladgate (UK)
  

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• • Hengeler Mueller (Germany)
  

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• • Inventus Law (US and India)
  

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• • Irwin Mitchell (UK)
  

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• • Kegler Brown Hill + Ritter (US Midwest)
  

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• • Keidan Harrison (UK)
  

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• • Kim & Chang (Korea)
  

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• • LCA Studio Legale (Italy)
  

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• • Nagashima Ohno & Tsunematsu (Japan)
  

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• • PDLegal (Singapore)
  

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• • Shook Lin & Bok (Singapore)
  

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• • Uteem Chambers (Mauritius)
  

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• • Yulchon (Korea)

Firms listed in alphabetical order. All firms in each category of equal standing

Allen & Gledhill guided specialty chemical company Kiri Industries on the USD689.03 million divestment of its 37.57% stake in DyStar Global Holdings by a combination of sale share and a share buyback. The firm was also counsel to DBS Bank, acting through its IFSC banking unit in India, on the secured financing of three A321neo aircraft to InterGlobe Aviation. This was DBS’ first aircraft financing in India.

Prior to listing its shares on the National Stock Exchange and the Bombay Stock Exchange of India late last year, Lenskart had to ensure it filed appropriate disclosures regarding its subsidiaries Owndays and MLO KK in Japan. The company instructed Atsumi & Sakai, which seconded one of its lawyers to Owndays for more than six months to complete the work. It subsequently engaged the firm as Japanese legal counsel for its IPO in India.

Frost Brown Todd and Gibbons officially merged on 1 January this year, creating FBT Gibbons, with 800 lawyers across 25 offices in the US. The firm recently advised a US-based oil field services company on its joint venture in India to manufacture oil field chemicals and proppants for sale in India and export throughout the India-Pacific region. It also acted for an Indian bank on a USD40 million external commercial borrowing facility with the US subsidiary of a listed Indian company. In April, John Chrisman, who has advised on more than 250 transactions in India, joined the firm as a partner from Dentons.

Fladgate specialises in advice to non-resident Indians and high-net-worth Indian individuals who are promoters and controlling shareholders of substantial companies in India on personal wealth management matters, corporate, financial and other legal needs. The firm also helps Indian clients navigate corporate, commercial and real estate transactions and related disputes. Fladgate strengthened its India team with the appointment of funds, finance and regulatory associate Niharika Chaturvedi last September, and dispute resolution partner Milan Kapadia earlier this year.

When Tata Technologies acquired Wolfsburg-based engineering firm ES-Tec Group for EUR75 million (USD85.5 million), it enlisted Hengeler Mueller’s support. The firm also negotiated a cross-border agreement for the sharing of proprietary technology in the health and fitness sector with a partner in India. The firm added further expertise to its India desk capabilities this year with the hiring of partners Matthias Rothkopf, who brings experience in IP, antitrust and technology-related matters, and Theresa Lauterbach, with broad experience in corporate law and M&A.��

Irwin Mitchell assists Indian investors on financial services and corporate work through its 24 offices across the UK. The firm: advised Indian travel tech company Rategain on its acquisition financing of a US business; acted for Indian media tech company Qube Cinema on its purchase of UK business assets out of administration; and assisted multiple offshore branches of Indian public sector banks with loan facilities to various public sector renewable and non-renewable energy companies including Bharat Petroleum, Indian Oil and REC.��

Kegler Brown Hill + Ritter “provides a unique advantage of India business sense with US legal landscape and strategies,” says Vimal Dangri, general counsel at Mastek. In one notable achievement, the firm advised Illinois Institute of Technology in securing formal approval from India’s University Grants Commission to establish a new degree-granting campus in Mumbai. The milestone made Illinois Tech the first American university authorised to open a campus in India.

London-based disputes and insolvency law boutique Keidan Harrison has nurtured relationships with leading Indian law firms and India-focused barristers in London to provide holistic advice on contentious matters with an Indian nexus. “Keidan Harrison offers the same quality standard as any big international law firm,” says Nitesh Jain, a partner at Trilegal, who instructed the firm for a banking dispute before an English commercial court involving an Indian client with a foreign subsidiary. “Availability is not an issue, and they are very cost-efficient.”

LCA Studio Legale offers Indian clients guidance on strategic investments in Italy, particularly in highly regulated and innovation-driven sectors such as pharmaceuticals, life sciences, manufacturing and logistics. It also advises Italian businesses on their operations in India. “What sets them apart is a genuinely rare business-oriented mindset,” says Piero Guizzetti, the managing partner at VPC India. In addition to legal parameters, “they engage with the commercial logic of a transaction, identifying creative, practical solutions”.

PDLegal is steadily building its presence across Asia, bringing Indian clients access to an increasingly regional legal platform for conflict resolution and investment opportunities. Last year, it formed an association with Malaysian boutique firm Tan Siew & Lee, and this year it opened an office in Sydney under the PDLegal Australia banner. “They navigate cross-border matters involving Indian promoters, counterparties or assets with a nuanced and solutions-oriented approach,” says Sonali Mehta, an associate partner at Desai & Diwanji.����

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View the A-List

Japanese law firms are riding a wave of growth. In 2023, the Tokyo Stock Exchange (TSE) launched a ‘value-up’ initiative, requiring companies with a price-to-book ratio��(PBR) below 1 to��disclose��plans to improve their corporate value, warning that non-compliance could result in delisting.

As a result, Japanese companies have been compelled to carve out unprofitable or low-margin subsidiaries to improve capital efficiency. Amid this shift, well-capitalised global private equity firms have increasingly��acquired��these spin-off assets or taken companies private through management buyouts.

Carve-out deals are more complex than standard M&A transactions, as they require the precise separation of assets, personnel, and intellectual property entangled with the parent company. Japanese law firms are boosting their advisory track records by handling legal due diligence and separation structuring for sellers, or by conducting acquisition financing and regulatory reviews for buyers.

Cross-border M&A activity is also on the rise. Facing a shrinking domestic population and limited growth prospects, Japanese corporations are increasingly adopting cross-border acquisitions abroad as a core survival strategy.��Thus, the rising demand for regulatory compliance and due diligence has become a primary driver of business for Japanese law firms.

Finally, the Bank of Japan raised its policy interested rate twice during the period from May 2025 to May 2026. In an environment of rising interest rates, holding cash incurs significant opportunity costs. Japanese companies are increasingly prioritising strategic investment, a shift that is creating new advisory opportunities for law firms.

Against this backdrop of��opportunities for Japanese law firms,��we present our annual A-List of the top 100 lawyers and 30 Legal Icons in Japan. The A-List is based on extensive research and nominations from in-house counsel based in Japan and elsewhere, as well as from Japan-focused partners at international law firms.

While��many��A-list lawyers and Legal Icons are based in Tokyo, the nation’s capital, a notable number also practice in Osaka, a major city in the�� Kansai ��region—Japan’s second-most populous area.

Defending Japanese interests abroad

With Japanese companies highly active on the global stage, their legal counsel��are��facing a busy reality driven by cross-border litigation.

Featured in this year’s A-List, Takanori Abe, managing partner at Abe & Partners, earned distinct praise from a client who noted that “it would not have been possible to win the case […] had Takanori and his team not been advocating for us.”

Shohta Ueno, London-based executive director and assistant general counsel at Regeneron Pharmaceuticals,��says��“Abe is an exceptional patent litigator who has delivered outstanding results for Regeneron over the past year.”

“Regeneron is fortunate to have him as a trusted adviser, and I recommend him without reservation for this recognition.”

David Banchik, chief IP counsel at Galderma SA in Switzerland, also speaks highly of Abe’s capabilities in cross-border litigation.

“Abe was very effective working with an international team of lawyers and technical experts as part of a multijurisdictional litigation while managing all of the complexities of the litigation locally.”

Guy Lachmann, partner at Pearl Cohen Zedek Latzer Baratz in Israel, worked with Akira Ehira, partner at��Mori Hamada & Matsumoto,��as co-counsel on��representing��some of Japan’s leading multinational corporations on their business��endeavours��in Israel.

“All throughout our mutual work, Mr Ehira consistently proved to be an extremely top tier quality expert on the matters addressed by him,” says��Lachmann. “I feel very grateful for the opportunity to work with him and for him to serve as co-counsel alongside me on complex matters.”

The specialist edges

Specialised��expertise��remains��a key driver for recognition in this year’s A-List, backed by a volume of client endorsements praising individual lawyer performance.

As the CEO of a deep-tech company operating at the intersection of AI, simulation, and human data, Takuya Tsuda from��MQue��in Tokyo, has worked closely with Masafumi Masuda, partner at Mori Hamada & Matsumoto, on matters directly related to AI governance and data protection.

“In today’s environment, where AI and data governance are becoming central to corporate strategy, lawyers who can integrate legal knowledge with business and technological understanding are indispensable,” says Tsuda.

“He embodies this capability, and I believe his recognition would strongly align with the forward-looking nature of this ranking.”

Naohiko��Ueno, analyst at Toyota Financial Service in Tokyo,��also��praises that��Masuda’s “greatest strength lies in his ability to provide advice that goes beyond legal theory.”

“He not only ensured that legal requirements were met but also provided practical suggestions that considered which disclosure items investors would focus on.”

Highly regarded for his depth of knowledge in IP law, Kei Iida serves as a partner at Nakamura & Partners.

“Iida’s experience in patent law, both in Japan and the US, is beyond impressive, as is his technical understanding and knowledge of trial practice in Japan,” says Noel Whitley, chief IP counsel at Skyworks Solutions based in��the��US.

“Iida and his team handled a large litigation matter that was a must-win for our company,” he added.

Stephen Kovacic, director at��Ironbutt��Enterprises based in Canada, also recognises Iida’s��“very clear and precise advice on Japan IP law.”

“Iida is able to provide advice to us that allows us to develop good strategies in defending or asserting IP, as well as good strategies on discussions on settlement of disputes,” says Kovacic.

Legal titans

Masakazu Iwakura, partner at TMI Associates, reinforces his position as an icon in this year’s A-List, drawing praise from a client who lauded him as a “titan of the Japanese corporate legal landscape.”

“Iwakura has assembled an incredibly talented team around him at TMI��associates and��works on some of the most prestigious transactions going around,” says a British corporate lawyer at an international law firm.

“He is incredibly well connected, enabling him to provide informed and insightful commercial advice to his many clients.”

Finally, Tom Platts, a partner at Stephenson Harwood, describes Eric Marcks of southgate as a “standout figure in the Japanese legal landscape.”

“His work at��southgate��has set a high bar for cross-border M&A in Japan and he has rare ability to bridge the cultural and legal gaps that often arise in multi-jurisdictional deals,” says Platts.

“Marcks is a pragmatic,��commercially minded��lawyer who understands the ‘big picture’ without losing sight of the technical details.”

The post The A-List: Japan’s top lawyers and Legal Icons appeared first on 91��Ƶ.

The global AI boom is driving Taiwan’s economic growth. According to the Directorate General of Budget, Accounting & Statistics (DGBAS), Taiwan’s economy grew by 8.63% in 2025, marking the highest rate of economic expansion in 15 years.

For 2026, the DGBAS predicted real GDP growth of 7.71%, saying “major cloud service providers have significantly expanded their AI-related capital expenditures, driving increasingly robust demand for Taiwan’s semiconductor and ICT products”.

As the AI-related semiconductor industry grows in importance, Taiwanese law firms are taking on an expanded role. Following a Taiwanese court’s conviction of a company for leaking core technology in April 2026, semiconductor supply chain participants will likely need to implement highly advanced technology management frameworks, prompting a notable rise in legal advisory requests.

The increase in inbound investment is another major driver of demand for Taiwanese legal services. Taiwan largely alleviated tariff uncertainties on advanced semiconductor goods via trade talks with the US in January. As its status in the global supply chain solidifies, private capital investment is increasingly flowing into Taiwan to build out state-of-the-art chip processes and infrastructure.

Notably, Taiwan’s Ministry of Economic Affairs said that, from January to May 2026, 979 foreign direct investment (FDI) projects with a total approved amount of USD8.4 billion were recorded. This represents a 53.8% increase in the FDI compared with the same period in 2025.

These inbound investments necessitate obtaining regulatory permits, performing legal due diligence in M&A and joint venture transactions, and implementing structural protections for critical intellectual property. By navigating these complex, large-scale challenges on behalf of investors, Taiwanese law firms are anticipated to play a facilitating role in Taiwan’s economic growth.

Recognising this increasing role of law firms in Taiwan, Asia Business Law Journal proudly presents the Taiwan Law Firm Awards 2026, celebrating Taiwan’s best law firms in the past year. We have given awards in categories including the Law Firm of the Year, Best Overall Law Firms, Best Boutique Law Firm and Best New Law Firm, in addition to recognising winners in 31 practice area categories.

Lee and Li is also well known for its Japan practice, operating three – corporate, patent and trademark – Japanese practice teams. The firm recently advised SoftBank Group on the Taiwan-specific legal components of its USD6.5 billion acquisition of Ampere Computing Holdings. Completed in November 2025, the transaction involved the firm providing due diligence, merger filing support and transaction documentation. Ampere, a silicon design company, is now a wholly owned subsidiary of the SoftBank Group.

Akimoto Kawamura, senior partner at Japanese full-service law firm Atsumi & Sakai, says Lee and Li is “particularly strong for Japanese companies, with profound experience and strong Japanese-language capability”.

He adds that Lee and Li has “expertise and accumulated experience nurtured by the long history of the firm”, which was founded in 1965.

Utilising its global platform, Baker McKenzie Taipei advises on intricate cross-border mandates. Underscoring its capabilities, the firm was named a winner in the Life Sciences & Healthcare category. An example is the firm’s role in advising Lotus Pharmaceutical on its acquisition of New Alvogen Group Holdings, finalised in December 2025. The transaction presented complex IP challenges related to Alvogen’s specialised pharmaceutical portfolio, which includes peptides, as well as its manufacturing operations in the US. M&A partners Hao-Ray Hu, Alex Chiang, Fang-Yi Jen and Louis Hsieh spearheaded this transaction.

BizLink Holding’s USD900 million acquisition of Interplex Datacom, a division of Blackstone-backed Ennovi, is another example of the firm’s cross-border legal work. Announced in June 2026, the deal involved the Taiwan-based buyer acquiring the Singapore-headquartered manufacturer, which supplies specialised components for AI servers and data centres. The transaction is being led by Taipei-based partners Gwyneth Gu and Jun Chen, and is scheduled for completion in the second half of 2026.

The firm’s Taipei office is led by managing partner Grace Shao, who concurrently serves as the head of the IP and technology practice groups, practice areas of rising significance as Taiwan’s tech sector continues to rise.

Dentons Taiwan recently noted that patent law had remained one of their primary focuses in the past 12 months. The firm’s capabilities in this sector span patent protection, filing strategy, enforcement and regulatory compliance, with a particular focus on cross-border matters.

The firm advised 1Zpresso on a global patent and trademark strategy for the eponymous brand. Dentons Taiwan assisted the coffee grinder manufacturer with its IP portfolio development and brand protection efforts amid its global expansion.

Capital markets also emerged as a key focus in the past year. Patricia Yeh, head of global banking at UBS Taiwan in Taipei, has worked with Dentons Taiwan on several capital market transactions in Taiwan over the past few years. “Dentons Taiwan is our go-to counsel for Taiwan-related matters in capital markets as well as M&A transactions,” says Yeh.

In 2026, UBS completed Vanguard International Semiconductor’s USD350 million European convertible bond offering with Dentons Taiwan.

The firm also captured an Insolvency & Restructuring award. In 2026, the firm advised a leading international Commerce as a Service (CaaS) company on the liquidation of its Taiwan branch.

Tsar & Tsai Law Firm, an established law firm in Taiwan, serves a portfolio of high-profile clients, including Uber Technologies. The firm represented Uber in its acquisition of 100% of the shares in Taipei-based Crown GPS Taxi. Tsar & Tsai provided legal counsel throughout the transaction, including conducting due diligence, negotiating agreements and securing foreign investment approvals. The deal, which closed in February 2026, marked Uber’s first acquisition of a taxi service provider in Taiwan.

Tsar & Tsai is also recognised with both Energy & Natural Resources and Real Estate awards. The firm advised the finance parties for the Greater Changhua 2 offshore wind project. The financing involved a consortium of five export credit agencies: the National Credit Guarantee Administration (NCGA); the Export & Investment Fund of Denmark (EIFO); Export Finance Norway (Eksfin); the Export-Import Bank of Korea (KEXIM); and UK Export Finance (UKEF). Led by partner Janice Lin, the transaction reached financial close in July 2025.

Lin also led the USD1.96 billion refinancing of the Formosa 2 offshore wind project, which closed in April 2026.

The firm recently acted on behalf of German consumer goods company Beiersdorf, which owns the well-known brand “NIVEA”. Tai E successfully convinced the TIPO that an opposed mark, “NEAUVIA”, was likely to cause confusion to the relevant public because this opposed mark for use on the designated goods was similar to “NIVEA”. The TIPO issued a decision in favour of the German company.

Tai E also represented an unnamed Taiwan-based manufacturer in a civil action before the Taiwan Intellectual Property and Commercial Court (TIPC) regarding a fictitious agreement to transfer ownership of a utility model patent and the right to apply for an invention patent. The firm prevailed in both the first and second instances. In August 2025, the Supreme Court dismissed the appeal, rendering the judgment final and binding.

Tai E professionals frequently participate in public hearings concerning amendments to the Trademark Act and the Patent Act, while also regularly consulting with government agencies regarding examination guidelines.

The corporate boutique law firm was appointed by the World Bank as a contributor for the Taiwan jurisdiction to its Business Ready project, from 2024 to 2026, covering five legal areas: business entry; competition law; labour; commercial lending; and electronic payments.

The project is a global benchmarking initiative that assesses the quality of the business environment across economies, and Tayhuan provided legal and regulatory expertise to support the World Bank’s assessment of Taiwan.

Miyu Lee, chief legal officer and general counsel at Mondu Financial Services in Berlin, praises Tayhuan, which operates offices in Taipei and Taichung. “We have had really positive experiences with the firm: responsive, delivering in a timely manner, and reasonable billing. They show commercial understanding and are straightforward in communication,” said Lee.

OTHER AWARD HIGHLIGHTS��

LCS & Partners has experience in all areas of private financing, representing borrowers, banks and other financial institutions in a variety of financing transactions. The firm advised Bank SinoPac on a cross-border syndicated loan used to finance facilities used in Navigator Financial Leasing’s operational capital.

In this transaction, Bank SinoPac intended to finance facilities for a total amount of RMB333 million (USD49 million) used in Navigator Financial Leasing’s operational capital, as agent bank of a syndicated loan. LCS advised the lenders in preparing Taiwan law-governed promissory notes, and reviewed the guaranteed documents from a Taiwan law perspective.

The deal, completed in January 2026, showcases a cross-border financial transaction where legal frameworks for security and guarantees under Taiwan law were examined, alongside mainland China’s financial transaction requirements.

LCS also clinched a Capital Markets award, and assisted Dynamic Electronics, a key subsidiary of Taiwan-listed Dynamic Holding, in its successful IPO and listing on the main board of the Shanghai Stock Exchange in October 2025. The firm advised on all aspects of the cross-border restructuring and regulatory compliance required for this listing.

A noteworthy trend in Taiwan’s legal market is the rising demand for legal counsel regarding wealth management and succession planning, driven by an active generational shift.

Formosa Transnational Attorneys at Law acted on behalf of a financial education institution jointly established by the regulatory authority and the banking sector, as well as a trust industry association, in providing training courses for family trust planning advisers targeting financial professionals nationwide.

The firm also advised a major commercial and savings bank in Taiwan, acting for the bank in assisting with the handling of real estate, inheritance and will-related matters in foreign jurisdictions, including advising on a review process conducted by authorities regarding wills. The lead partners for this mandate were Peng Kwang Chen and I-Ming Chen.

Reflecting the comprehensive strength of its business practice, which earned the firm an award in the Corporate & Commercial category, the firm also acted for Taiwan’s top two supermarket chains in filing an administrative lawsuit challenging a competition penalty imposed by the Fair Trade Commission. This case is currently ongoing.

“Formosa Transnational assembles the most suitable team of highly experienced professionals on a case-by-case basis, which gives us a strong sense of trust in their services,” says Yasuyuki Kuribayashi, partner at City-Yuwa Partners in Tokyo. City-Yuwa and Formosa act as direct referral partners by virtue of their exclusive jurisdictional memberships within the World Law Group.

PwC Legal Taiwan expanded its Japan practice this year, appointing Hiroki Sadatomo as director in April. Being a qualified lawyer in Japan and a registered foreign lawyer in Taiwan, Sadatomo will help grow and advance the firm’s Japan practice.

PwC Legal Taiwan notably advised Hotai Motor in relation to the acquisition of five subsidiaries of Hino Motor in Japan, a NTD10 billion transaction announced in December 2025. Lead partner Ross Yang advised on the transaction, which marks Hotai’s first entry into the Japanese market and one of the company’s largest overseas investments.

The firm also handled some noteworthy inbound transactions, and earned an award in the Inbound Investment category.�� Acting as legal counsel for the shareholders of Augentix, lead partner Kent Chong advised on the sale of 100% of the shares to Qualcomm Technologies in the US. Successfully closed in December 2025, this transaction is considered one of the major foreign investment transactions approved by the Department of Investment Review in 2025.

“PwC Legal serves as our preferred external legal adviser for outbound M&A, particularly in connection with large-scale, complex, multijurisdictional transactions,” says CJ Huang, general manager of international legal affairs centre at Luxshare ICT in mainland China.

“I am confident that, for outbound M&A, no other law firm in Taiwan could have delivered the same level of service.”

K&L Gates’ capital market practice is currently advising on the IPO of StemCyte, which is the first major stem cell-focused biotech IPO in the Taiwanese market, helping the client secure technically complex regulatory and compliance approvals.

The K&L team also advised on the IPO of Lightel Corporation, which was a cross-border listing utilising an offshore holding company structure, serving as a notable precedent for facilitating the entry of optical communications companies into the Taiwanese capital market. This IPO was completed in November 2025.

While Taiwan is home to the world’s most advanced semiconductor ecosystem, K&L Gates is providing legal support to some key industry leaders. Highlighting its capabilities in high-tech sectors, the firm was recognised as a winner in the Semiconductor & Advanced Manufacturing category. The firm notably advised Foxconn Technology, through its wholly owned subsidiary Q-Run Holdings, on its strategic investment of up to USD30 million in RoboTemi Global, a wholly owned subsidiary of Hong Kong-based Robocore Technology, as part of Robocore’s series D financing.

The firm is also representing an undisclosed Taiwanese semiconductor company in a patent dispute against a global competitor. Acting for the complainant, K&L Gates has asserted three of its client’s patents and is seeking an exclusion order against the rival firm.

Winkler Partners, which won a Labour & Employment award this year, recently represented a global company in wrongful termination claims and injunction proceedings under Taiwan’s Labour Incident Act, successfully resisting employee reinstatement efforts despite the employee-friendly legal framework.

The firm’s labour and employment team has reported heightened activity driven by Taiwan’s #MeToo movement and amendments to the Gender Equality in Employment Act. Led by Christine Chen, who has experience in both contentious and advisory matters, the practice is guiding clients through complex workplace harassment matters and related disputes.

Peter Dernbach leads the firm’s trademark prosecution strategy. Recently, Winkler Partners successfully secured trademark registration for a US professional sports league by overcoming a refusal, based on prior rights held by a Taiwanese professional team, including navigating sensitive commercial and legal considerations in a high-profile sector.

The firm’s award-winning trademark litigation and enforcement practice is also recognised for handling complex, high-value disputes involving trademark infringement, counterfeiting, unfair competition and other related brand protection issues.

Notably, it assisted with dismantling a large-scale counterfeit operation in Taichung. Working with the police, the firm located and raided a warehouse, seizing nearly 10,000 counterfeit goods. Subsequently, initiated criminal trademark enforcement proceedings resulted in a favourable judgment against the defendant in the case.

Chen & Lin Attorneys-at-Law has advised on a series of key strategic transactions for domestic and multinational clients in the past year. Highlights include: representing Cadence Design Systems in its acquisitions of Arm’s Artisan Foundation IP business, and Hexagon’s design and engineering business; advising Solidigm on its USD500 million strategic investment in Nanya Technology; and guiding Hitron Technologies in its cross-border acquisition of Canada’s Perle Systems.

The firm’s capital markets practice is growing and, reflecting the industry expertise that earned the firm an award in the Life Sciences & Healthcare category, advised Taiwanese digital health startup H2 on the listing of its Cayman holding company on the Taiwan Emerging Stock Board. The cross-border mandate included pre-listing restructuring, corporate governance alignments, and co-ordination with legal counsel in Japan and the Cayman Islands. H2 was officially listed in November 2025.

Chen & Lin further demonstrated its cross-border capabilities by acting as Taiwan legal counsel for the dual listing of Infinity Development Holdings on the Singapore Exchange (SGX) Catalist board. The client was a Cayman-registered holding company currently listed in Hong Kong.

GuoJu Law Firm’s award-winning labour and employment practice represents a diverse roster of major domestic and multinational corporations. Recently, the team has provided ongoing legal counsel to several notable corporate and publicly listed clients, including TVBS Media, Carrefour and Hsing Fu Golf Club.

The firm recently secured a mandate from TVBS Media to handle a dispute concerning an alleged violation of the Occupational Safety and Health Act. The firm is representing the broadcaster in filing both an administrative appeal and a subsequent administrative lawsuit regarding the matter.

Verna Chen, general counsel at Dentsu Taiwan in Taipei, says: “[GuoJu] have strong expertise in labour law and are able to provide advice from a client-oriented perspective, with a clear focus on practical and strategic considerations.”

The firm also has a strong TMT practice, recently helping to establish the legal infrastructure necessary for data standardisation and public trust. The firm is assisting Taiwan’s Ministry of Digital Affairs, providing strategic counsel on the development of a national points-based incentive system.

This mandate addressed the legal complexities inherent in cross-ministerial data sharing and the creation of institutionalised settlement mechanisms, required for platform scalability. These unified legal and operational frameworks that integrate digital services across various ministries now serve as a platform for Taiwan’s digital governance maturity.

A winner in this year’s Japan Practice category, Justin & Partners recently advised Top High Image on a JPY2 billion (USD12.3 million) real estate investment in Kumamoto, Japan. The project involves the development of apartment-style hotels designed to capitalise on regional growth spurred by TSMC’s expansion in the area.

In a separate matter, Justin & Partners advised Catcher Technology on regulatory filings and compliance under Japan’s Foreign Exchange and Foreign Trade Act in connection with its investment in a publicly listed Japanese company.

Furthermore, the firm provides Taiwan-related legal counsel to nearly 100 Japanese enterprises including JCB, JSR, Restar, Disco, RS-Tech, Shiseido and DAZN. Justin & Partners’ client portfolio also spans multiple sectors including TSMC suppliers, banking and insurance, media streaming, consumer goods, and the food and beverage industry.

The firm’s managing partner, Justin Chen, has been a registered foreign lawyer in Japan since July 2025.

Demonstrating the expertise that earned the firm an award in the Fintech category, Lee Tsai & Partners recently advised a Taiwan subsidiary of a Singapore virtual asset service provider that offers wallet infrastructure and virtual asset custody services on its application for registration as a virtual asset service provider (VASP) under Taiwanese law. The engagement encompassed the preparation of the application package and regulatory engagement with the competent authority.

The advisory service marks a rare successful VASP registration by a foreign-backed entity in Taiwan, according to the firm, which said completion of this mandate underscored international confidence in the regulatory development of Taiwan’s virtual asset market.

Lee Tsai is currently developing an in-house AI solution designed to enhance responsiveness, knowledge management and service delivery for its clients.

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View the A-List

Law firms in Bangladesh are looking to turn challenges into opportunities as the country navigates an economic slowdown. Bangladesh’s economic growth slowed to 3.49% in the 2024–25 fiscal year, down from 4.22% a year earlier, amid repeated flooding and a period of political instability.

According to a World Bank press release issued in April 2026, Bangladesh’s poverty rate also increased from 18.7% in 2022 to 21.4% in 2025, adding 1.4 million more poor people that year. The World Bank says wages of low-income workers have not kept up with prices and this sector of society’s purchasing power has been reduced.

However, some law firms thrive in economic downturns. When companies facing cash flow pressures collapse during an economic downturn, law firms’ insolvency and restructuring practices experience a surge in activity, generating substantial fee income.

Economic downturn also tends to drive an increase in litigation. Disputes that might have been resolved through negotiation during stronger economic conditions, can escalate into more contentious legal battles when liquidity tightens, leading to a rise in civil litigation.

Labour disputes arising from large-scale workforce reductions and M&A involving distressed assets are also among the factors that create opportunities for law firms during economic downturns. As law firms seek to capitalise on opportunities created by the economic slowdown, competition within Bangladesh’s legal market is intensifying.

Against this backdrop of opportunities for law firms, Asia Business Law Journal proudly presents its A-List of the top 50 lawyers practising in Bangladesh, plus six Legal Icons for the first time. The A-List is based on extensive research conducted and nominations received from in-house counsel based in Bangladesh and elsewhere, as well as partners at international law firms.

Client feedback submitted to Asia Business Law Journal reveals a distinct preference for lawyers who provide commercially viable solutions.

Rational commercial understanding

Rezaul Hossai, CEO of strategic management company Celero in Dhaka, says that “as a corporate lawyer, responsibility is not only on solving legal issues but also giving guidelines and identifying grey areas to play around in a competitive market.”

Hossai has worked with Eftakharul Alam Bhuiya, head of chambers at ProLegal, since 2017. “As a corporate lawyer, Bhuiya has an exceptional positive attitude in legal understanding, rational commercial understanding, and dedication towards clients making him a very rare corporate lawyer whom I have worked with,” Hossai says.

Shamsher Ahmed, COO at Nexdecade Technology (Pvt) Ltd in Dhaka, also praises Bhuiya. “He is an exceptionally proactive and trusted adviser who has an outstanding work ethic, commercial acumen and deep expertise in corporate, commercial matters,” Ahmed says.

“He consistently provides practical solutions, sound judgement and the confidence that every matter is in safe hands.”

Mahmud Fahad, who serves as first vice president and head of court operations at City Bank in Dhaka, is among those who have recommended Saqeb Mahbub and his firm, Mahbub & Co.

“What sets Mahbub & Co apart is its ability to provide not only technically sound legal advice but also commercially pragmatic solutions,” says Fahad.

“The firm’s lawyers understand that clients require more than abstract legal opinions; they seek actionable guidance that aligns with business realities. This commercial awareness, coupled with legal acumen, allows the firm to add tangible value to its clients’ operations and decision-making processes.”

Valuable asset

Rizve Joarder, CEO and lead developer of Gazipur-based WebDevelopment24/7, has endorsed Khademul Islam Choyon, managing partner of KIC Legal, describing him as a “valuable asset” to the Bangladeshi legal community.

“With a calm and thoughtful demeanor, Choyon communicates his ideas effectively and provides well-reasoned solutions, making him a trusted adviser and a valuable asset of Bangladesh,” Joarder says.

Omar Nahian, head of business at the Dhaka-based travel agency Vindeshi, echoed these sentiments. “Choyon is widely regarded as one of the finest lawyers in Bangladesh. His arguments are not only logical but also highly persuasive, reflecting both experience and intellectual strength,” says Nahian.

Ruma Afroza Khanam, head of counsellor at Educator Study Abroad in Dhaka, added his praise for Choyon. “His communication skills are impressive — articulate, persuasive, and always grounded in logic and evidence,” Khanam says.

Tanjib-ul Alam, founder and head of chambers at Tanjib Alam and Associates, was cited by Confidence Group chairman Imran Karim as “one of the best lawyers in Bangladesh”.

“Tanjib-ul Alam has been our lawyer for a long time and performed his duties to the best of his ability. He is one of the best lawyers in Bangladesh in my view and I wish the best in all his endeavours,” says Karim.

Denise Shiu, partner at Cleary Gottlieb Steen & Hamilton in Hong Kong, has worked on multiple matters with Imtiaz Farooq, head of chambers at Farooq & Associates. She describes Farooq as a “well-rounded lawyer” who is available to advise on a broad range of legal issues in Bangladesh.

“In one circumstance, Imtiaz and his team were able to handle a very challenging closing involving foreign parties on a tight timeline so we were able to meet our original deadline,” Shiu says.

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IN THE PAST YEAR, geopolitical tensions have continued to roil the global landscape while an uneven economic recovery has driven profound transformation across the commercial map.

In tandem, the relentless wave of technological innovation spearheaded by AI continues to inject new possibilities into every industry.

China’s legal framework has grown increasingly refined, marked by official implementation of the Regulations on Cyber Data Security Management and the Private Economy Promotion Law, along with comprehensive enforcement of the newly revised Anti-Unfair Competition Law and Company Law.

Amid the volatility, businesses are exploring new paths forward, and many foreign enterprises are strengthening collaboration with their Chinese mainland counterparts to co-develop competitive new products, while Chinese firms are accelerating outbound expansion to move into fresh markets overseas.

In the face of these shifting dynamics, the mission of in-house counsel transcends mere risk control. They also bridge the gaps between commercial objectives and regulatory rules, blaze trails across the frontiers of law and technology, and deploy the vision to transform compliance from a cost centre into a sustainable competitive edge.

These professionals who safeguard commercial value and carve out new horizons with their expertise provide enterprises with the resilience to progress steadily amid uncertainty.

To honour their achievements in the past year, recognise outstanding contributions to businesses and industries, and highlight those widely acknowledged by the market, China Business Law Journal announces its annual In-house Counsel Awards.

The final winners are determined through a combination of market nominations, submissions from nominees and independent research by the editorial team, aiming to faithfully reflect industry consensus.

This year’s unprecedented number of nominations highlights the growing dynamism at the intersection of law and business. CBLJ maintains its commitment to multi-source verification to ensure complete impartiality; all winners derive from external nominations, candidates cannot self-nominate or nominate their own teams, and all entries undergo rigorous editorial review.

As with all our awards, the entire process – from nominations to the final announcement – is completely free of any fees. The awards include the In-house Team of the Year and General Counsel of the Year, the highest accolades for the team and individual divisions, respectively, as well as finer categories covering a myriad of practice areas and industry sectors.

For teams:

For individuals:

We believe that the legal market’s vitality derives from the synergy of professionalism and commercial insight. We extend our gratitude to all survey participants, and congratulate the winners on securing market recognition through their solid achievements.

Highest honour

Xie Chenyang, vice president and chief legal officer at Foxconn Industrial Internet (FII), is honoured with the General Counsel of the Year award. Leading a legal team of nearly 100 professionals, Xie supports FII’s global footprint.

His major project achievements in 2025 included: spearheading the compliance framework for a RMB2 billion (USD294.8 million) employee stock ownership plan; managing factory construction compliance in Vietnam, the US and Mexico; and orchestrating the acquisitions of Digiwin Software and Hengdrive.

Xie also spearheaded the development of a global sanctions and blacklist screening platform in the past year.

By translating dozens of global sanctions regimes – including the US Treasury’s Specially Designated Nationals (SDN) and Blocked Persons List, and the Bureau of Industry and Security’s (BIS) Entity List and Unverified List – into system parameters, he achieved a qualitative shift in compliance from reactive remediation to proactive prevention. This included successful removal of two subsidiaries from the BIS Unverified List.

The platform automatically scans high-risk entities during the contract drafting stage, accelerating risk resolution efficiency by 90% and reducing manual screening hours by 85%. Furthermore, a compliance dashboard monitoring all business lines in real time is implemented, successfully turning compliance from a cost centre into a value engine.

Cong Qunji, a Beijing-based partner at King & Wood who previously assisted FII with its A-share IPO, praises Xie: “He possesses rich theoretical knowledge and practical experience… His contributions to intellectual property protection, dispute resolution, compliance and risk management have been instrumental in driving these initiatives forward.”

Xie is also a “winner” in the categories of Intellectual property (Patent), and Technology & telecoms, as well as “highly commended” in the categories of Environment, social and governance (ESG), Compliance (cross-border), Data and cloud services, and Manufacturing.

This year’s other top accolade, the In-house Team of the Year award, goes to the legal and compliance department of China International Capital Corporation (CICC).

Under the leadership of Joe Zhou, CICC’s chief compliance officer and head of legal and compliance department, the winning team delivers comprehensive legal support and strict compliance oversight across all business operations, development and innovations.

In the past year, CICC participated in numerous high-profile capital markets projects, including: the HKD4.15 billion (USD530 million) Hong Kong IPO of AUX Electric; the HKD18.36 billion privatisation of ENN Energy; the RMB15.8 billion Shanghai IPO of Huadian New Energy; and the Sunshine Lake Pharma listing by introduction.

Wang Jin, general counsel and general supervisor of legal and compliance at Beijing Electronics Holding, notes that CICC’s legal and compliance department gathers top-tier talent from elite international investment banks and leading domestic and overseas law firms. She commends the team for possessing both broad global perspective and exceptional professional capabilities, which have earned them an outstanding reputation within the industry.

This year, CICC’s legal and compliance department is also named a winner in the categories of Investment banking, and Restructuring, as well as highly commended in Capital markets (domestic), Mergers & acquisitions (domestic), and Securitisation.

Guardians of corporate growth

Legal teams led by seasoned professionals seamlessly integrate profound legal expertise with a deep understanding of business operations, safeguarding their companies’ production and business activities across specialised fields such as dispute resolution, compliance, intellectual property and capital markets.

In the past year, Tian Xingchuan, general counsel of Harbin Electric International, led his department to continuously refine the full-lifecycle management system for cross-border dispute resolution.

While pushing forward claims for a project in Mexico, he and his team integrated localised legal resources, organised evidence chains, drafted claim letters, and participated in contract modifications and commercial negotiations throughout the process. Their efforts secured a nine-month project extension and recovered nearly USD30 million in direct cost losses.

Zhu Yuanyuan, a Beijing-based partner at King & Wood, highly commends Tian: “He possesses a penetrating understanding of the group’s domestic and overseas business footprint, commercial logic and industry trends. His outstanding cross-departmental synergy and artful communication, both internally and externally, have forged a forward-looking risk assessment system that efficiently integrates legal, financial, operational and risk-control resources.”

“He has consistently provided precise legal advice at critical decision-making junctures, earning deep trust from the board and management.”

As the pace of global expansion accelerates, legal departments must protect company interests on a global scale. As general counsel of lidar manufacturer Hesai Technology, Emily Wu led her team through a series of major transactions and cases, including driving the company’s dual primary listing in Hong Kong and managing its inclusion on the US Department of Defence’s 1260H CMC List of Chinese military companies operating in the US.

Brian Liu, a Shanghai-based partner at Fangda Partners, applauds Wu for her high professional acumen and ability to assess regulatory trends, transforming geopolitical risks into a manageable compliance path that played an irreplaceable role as a cornerstone for the company’s credibility in international capital markets. “With her exceptional performance amid complex regulatory storms, Emily Wu has redefined the dual role of a legal chief as both a business partner and corporate guardian,” says Liu.

In 2025, the Hong Kong IPO market saw a strong recovery, with CITIC Securities International achieving an impressive second-place ranking in Hong Kong IPO underwriting market share. Beryl Sit, head of legal and global investment banking managing director, played a pivotal role in achieving this result, participating in blockbuster projects including Zijin Gold International’s USD3.7 billion Hong Kong IPO.

The legal department supported completion of more than 500 cross-border capital markets transactions including executing USD500 million convertible bond transactions for both ZTE and MMG, and assisting Tencent and Baidu with multiple tranches of bond issuances.

Xiang Tianning, a partner at Clifford Chance’s Beijing office, commends the department as “highly professional, providing feedback on advice given by external counsel that is both clear and reasonable”.

Leaders of the industry

Outstanding in-house counsel not only resolve difficulties for enterprises in a complex and volatile commercial environment; they also set a leading example in their respective industries with solid legal foundations and outstanding professional capabilities. They consistently translate complex legal issues and internal industry operations into practical commercial solutions, inspiring external counsel and other legal peers.

Shawn Cao, a Shanghai-based partner at JunHe, praises Liang: “He is deeply rooted in M&A legal practice within the energy sector, possessing solid and profound professional knowledge and industry experience.”

Bai Lin, the Beijing-based founder, director and managing partner of RongYing Law Firm, admires the professional foundation and practical experience of Chen Xu, general counsel of Primavera Capital, in the field of private equity investment.

“Chen Xu’s work style is extremely steady, with outstanding stress resistance and exceptional practical wisdom in problem solving,” says Bai. “In complex situations, she can always find the best balance and protect the maximum interests of the enterprise in the most appropriate manner.”

Trademark protection has always been one of the top priorities of intellectual protection. During a critical moment in 2025, when a core brand of NVC Lighting China faced large-scale infringement, Zhai Jing, General Manager of Legal & Compliance, led her team to prepare and organise a systematic rights protection campaign.

This included administrative investigations covering more than 20 provinces nationwide, civil infringement lawsuits in more than 10 provinces, and several criminal reports.

The Supreme People’s Court subsequently ruled that trademark rights of the “NVC” series belong to the company, requiring infringing parties to standardise their use of corporate trade names and prohibiting standalone or prominent use of “NVC” characters.

The State Administration for Market Regulation also officially issued a letter requiring market regulation departments in multiple regions across the country to conduct comprehensive investigations into the “NVC” trademark infringement cases.

Chen Jing, a Beijing-based partner at Commerce & Finance Law Offices, says rights protection by Zhai and her team was effective and precise, reflecting her “truly exceptional leadership and strong organisational and coordination capabilities” to prompt the crackdown on infringement.

Pillars of legal teams

Beyond responsibility to resolve corporate challenges and the profound expertise required to navigate their industries with ease, outstanding general counsel should possess exceptional co-ordination skills.

They not only build a professional internal legal team in their daily management, but also actively break down communication barriers, balance the needs of other departments, and efficiently leverage external counsel, assembling a powerful synergy to achieve the company’s core commercial objectives.

In an M&A transaction in early 2025 for Autoliv China, the world’s leading automotive passive safety supplier, the company’s legal department, led by Huang Yiyun, vice president of legal affairs, steered the entire process of legal work including due diligence, negotiations with counterparties, communication with national regulatory authorities, and the establishment of new entities.

Ye Han, a Beijing-based partner at Merits & Tree Law Offices, lauds Huang’s achievements, noting that she has been deeply rooted in the corporate legal field for many years. With a solid professional foundation and rigorous risk-control thinking, he says she successfully integrates commercial demands with legal needs.

“In terms of internal management, Huang provides multi-dimensional training and guidance to young lawyers in the legal team regarding legal practice, working methods and communication styles,” says Ye. “In terms of external communication, she can co-ordinate external law firms, reasonably allocate external resources, and accurately control and manage the progress and direction of the law firm work. She is truly a model of excellent corporate counsel.”

During communications and project collaborations with Rene Yuan, vice president of CMC Inc, Guangzhou-based partner at King & Wood, Bob Mo, says he appreciates the leadership and sense of responsibility she has demonstrated as head of a major corporate legal department during complex projects and key matters. He admires her solid and comprehensive professional legal acumen.

Mo notes that Yuan possesses a deep understanding of core legal fields such as M&A, corporate governance, intellectual property and compliance risk control, and is “capable of making precise judgements under complex commercial conditions, and providing practical legal solutions for the company’s decision-making level”.

Michael Zhang, a Shanghai-based managing partner of Sheppard Mullin, recommends Iris Yuan, head of��legal��and compliance and company secretary at clinical-stage biotech company DualityBio. Zhang says Yuan brings specialised legal experience in the pharmaceutical sector and is deeply familiar with areas including pharmaceutical intellectual property licensing, corporate financing and cross-border compliance.

Zhang notes that she precisely grasps key points in daily legal operations, efficiently manages complex compliance matters, and co-ordinates multi-party resources, successfully helping the company to list in Hong Kong.

“As external counsel, collaborating with Iris Yuan has always been exceptionally smooth, and I am constantly learning new knowledge and gaining interpersonal experience from her,” he says.

While providing ongoing legal services to Tapestry Greater China, William Yang, a senior partner at AllBright Law Offices’ Shanghai office, is impressed by the legal department led by Lillian Lu, Tapestry’s vice president and associate general counsel.

“They not only approach matters from a professional legal perspective, but are also capable of thinking deeply through a commercial lens; they maintain a pragmatic style and possess a strong business-oriented mindset,” says Yang.

Having collaborated with the Tapestry legal team in multiple leasing disputes, he says the legal department consistently finds the best solutions for the company through close collaboration with operational teams, and never compromises when issues of compliance or integrity are at stake.

“They show great respect for external counsel and utilise external resources wisely and efficiently,” he adds.

Supernova in the area

In the legal profession, the weight of seniority is self-evident, but time is never the sole measure of value. Although the winners of the Emerging Achievers award have yet to amass decades of legal experience, they have already made remarkable leaps driven by mature professional capabilities and resounding achievements.

In the past year, Liao Wenying, legal head of AgiBot Innovation, one of the world’s leading companies in embodied AI and humanoid robotics, demonstrated her prowess in a series of major capital markets projects.

She assisted the company in completing the acquisition of an A-share listed company, spearheaded its joint-stock reform to ensure the clarity and compliance of its corporate governance structure, and participated in a series of investment and financing projects for AgiBot and its subsidiaries.

Lawrence Ho, a partner at JunHe based in Shanghai, Chongqing and Hong Kong, has collaborated extensively with Liao and her team across multiple business lines, and says her professional proficiency and co-ordination skills have left a profound impression. “[Liao] has delivered solid and fruitful work, highlighting her professional value,” he says. “She is an outstanding practitioner in the field of modern corporate in-house counsel.”

To navigate rapidly evolving legal rules in the field of embodied AI and avert potential risks in operational compliance and capital markets, #Liu Wen#, general counsel of robotics manufacturer Linkerbot Beijing Technology, led her team to construct a proactive compliance management system and comprehensively upgrade data and algorithm governance.

At a critical stage, when the company’s business was growing rapidly and urgently required capital, Liu, building on a comprehensive grasp of the company’s legal needs, spearheaded the design of an equity structure and transaction documents that balanced financing efficiency, shareholder structure optimisation and future planning.

This ensured the transaction was legally compliant and risks were controllable amid rapid advancement, winning the respect and trust of investors.

Zhang Meng, a Beijing-based partner at Commerce & Finance Law Offices, praises Liu not only for her legal expertise, but also for her flexible commercial thinking in specific tasks.

“Liu actively builds highly efficient and sound legal operating mechanisms for the company she serves, achieving a year with zero litigation and assisting the company in compliant listing, highly demonstrating her potential as an in-house counsel,” he says.

One of the world’s top drone manufacturers, JOUAV Automation, faces high compliance requirements due to the nature of the industry and its dual-use products. Under the leadership of Yue Yuan, head of legal and intellectual property, the team continually internalises laws, regulations and corresponding standards into actionable compliance requirements for the enterprise, while strengthening personnel training and assessment.

The department is also deeply involved in bidding processes, using legal means to safeguard the company’s interests and secure bidding performance.

The department also effectively cracks down on actions that disparage the company’s commercial reputation, obtaining favourable court judgments that compel involved enterprises to issue public statements that eliminate adverse effects on the company.

Ma Dongxiao, a Beijing-based equity partner at Zhong Lun Law Firm, praises Yue for leading the legal and IP team to “penetrate the frontline of the business, collaborate efficiently across departments, and assist in the company’s compliance management and business development, achieving excellent results and track records in internal control, industry compliance, export control compliance, bidding compliance and safeguarding, as well as intellectual property protection”.

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View the A-List

As Indonesia maintains steady economic growth, local law firms are playing an increasingly critical role in supporting investment, regulatory compliance and large-scale industrial development. Indonesia’s economy grew by 5.11% in 2025, maintaining a growth rate of more than 5% for the fourth consecutive year. The Indonesian government projects that in 2026, economic growth will reach 5.4–5.6%.

The main driver of economic growth is the manufacturing sector, accounting for 19% of GDP. The success of manufacturing has created significant demand for legal services, with Indonesian law firms assisting companies with inbound investment and market entry, licensing compliance and complex supply-chain contracts.

As Indonesia searches for new engines of economic growth, this important role of local law firms is expected to increase.

At the centre of this plan is Danantara, the country’s second sovereign wealth fund established in February 2025.

Danantara recently launched six natural-resource processing projects worth about USD7 billion as part of the government’s plan to capture more value from domestic resources.

Indonesian law firms will play a crucial role in structuring these investments, negotiating joint ventures with foreign partners, and ensuring compliance with corporate and investment regulations. They are also essential in handling engineering, procurement and construction agreements, as well as long-term supply contracts for raw materials.

Amid escalating global uncertainty in 2026 – exacerbated by heightened instability in the Middle East on top of ongoing US trade sanctions and embargoes – Indonesia is one of the few emerging economies maintaining stable growth of around 5%.

As the country seeks to solidify its position as Asean’s strategic hub for resource-based manufacturing and processing through investment in natural resources, local law firms are expected to play a critical role as trusted partners, essential for capturing opportunities amid the uncertainty.

Against this backdrop, Asia Business Law Journal proudly presents its A-List of Indonesia’s top 100 lawyers and 41 legal icons, recognising the legal experts helping shape the country’s next stage of growth.

Women leaders

More than 70 years since Ani Abbas Manopo became the first Indonesian woman to earn a law degree, her successors continue to exert significant influence in the nation’s legal landscape, securing recognition on this year’s A-List.

Almaida Askandar, partner and co-founder at IABF Law Group, is applauded by Edrick Leonard, finance and accounting head at Sun Motor Group in Jakarta, for her “principal leadership and the strong strategic foundation she brings to the firm”.

“Almaida’s leadership creates an environment where complex matters are handled with structure and accountability,” he says. “Her role ensures alignment across partners and teams, maintaining high standards while supporting practical, business-oriented legal solutions.”

Having worked closely with Fransisca SH, partner and head of banking and finance at Makes & Partners in Jakarta, during the past two years, Glynnis Theresa Acosta, group general counsel at Protelindo in Jakarta, tells ABLJ: “She has consistently provided exceptional support to both me and our company across numerous complex transactions.”

Acosta especially remembers that in two particularly memorable transactions that ultimately did not close “Fransisca demonstrated the same level of enthusiasm, commitment and drive as she does on deals that reach completion, making me feel that she was as invested in the deal as her client. “It’s difficult to imagine what more one could reasonably ask for in an external adviser,” she adds

Top counsel for high-value listings

In 2025, the Indonesian IPO market recorded a decrease in the total number of listings, though this was offset by an increase in average deal sizes. This trend reflects a market shift towards higher quality, high-value offerings, which has consequently driven greater demand for sophisticated legal counsel.

Pingkan Ratna Melati, senior vice president counsel and corporate secretary at TBS Energi Utama in Jakarta, has had “extensive first-hand experience” working with Genio Atyanto, managing partner at boutique firm Genio Atyanto & Partners, particularly on capital market-related corporate actions and regulatory advisory.

She says, “Genio has been highly reliable in advising on a wide range of capital market matters, including corporate actions, regulatory interpretations, disclosure considerations and engagement with regulators.

“Based on my experience, I confidently recommend Genio for recognition as a trusted and capable adviser in capital market corporate actions.”

Sheni Adriana Sapija, a legal counsel manager at Ceria Prima Investama in Jakarta, agrees with Melati. “His contribution has significantly enhanced our ability to execute critical transactions and navigate sensitive government engagement in Indonesia,” says Sapija.

GHP Law Firm partner Lavie Daramarezkya is “a go-to adviser for capital markets and related transactions within Indonesia’s F&B and hospitality industries”, according to Lewi Aga Basoeki, corporate secretary at Siloam International Hospitals in Tangerang.

“She adeptly guides clients through the intricacies of the local legal and regulatory framework, with particular strength in orchestrating thorough due diligence processes, ensuring full compliance, and facilitating critical regulatory liaisons,” says Basoeki.

Daramarezkya is also praised by Mohamad Iqbal Saleh, head of talent and performance management at AIA Indonesia in Jakarta.

“A natural hustler with a strong entrepreneurial mindset, she combines adaptability with execution,” says Saleh. “Supported by an extensive professional network across the legal, financial and business sectors, she consistently delivers strategic value to clients.”

Seamless collaboration

As Indonesia’s influence within the global and regional economic landscape expands, demand is rising among corporations for legal counsel with specialised expertise in cross-border transactions.

Hairong Li, partner at Zhong Lun Law Firm in Beijing, has worked with Yohanes Masengi, managing partner at Corra Legal, during the past several years on cross-border M&A transactions.

“Masengi stands out as an exceptional legal professional,” says Li. “He managed the process with great efficiency and professionalism, making the collaboration seamless. Without hesitation, I recommend Masengi to any client seeking top-tier legal counsel.”

Noverina Swasty, head of legal and corporate secretary at Tripatra Engineers and Constructors in South Tangerang, also praises Masengi. “We value Masengi’s reliability, responsiveness and strong command of Indonesia-focused regulatory and commercial considerations, combined with his ability to translate complex issues into clear, decision-ready guidance for business stakeholders.”

For South Korea-related legal matters in Indonesia, Inseo Lee, a partner at Yoon & Yang in Seoul, respects Turangga Harlin, managing partner at MHMS Advocates, for his “strong understanding of both Indonesian law and Korean business practices”.

Lee says, “He has substantial experience collaborating with Korean law firms, in-house legal teams and business executives, making him a reliable partner for cross-border transactions and ongoing legal support.

“For Korean companies and individuals seeking trustworthy legal counsel in Indonesia, especially for matters involving Korean interests, Harlin is a highly capable and dependable choice.”

According to an anonymous Japanese senior in-house counsel, his/her company was “almost on the edge of giving up on looking for a professional lawyer within our budget” before finding RBP Asia partner R Bayu Perdana and his team “very helpful”. The Japanese client adds: “The amount of effort and support during the whole process by focusing on getting the deal based on Indonesian law fairly was amazing; it was another level of professionalism.”

Yibo Chen, a senior counsel at Guozun Cathay Associates in Beijing, also speaks highly of Perdana. “He tracks legal and policy updates closely, demonstrating rigorous analysis and strategic thinking in complex transactions, compliance and emerging industry issues, earning trust from domestic and international clients.”

Specialist edge

Finally, specialised sector expertise remains a primary driver for inclusion in this year’s A-List, with several practitioners earning recognition for their deep industry knowledge. ADCO Law partner Dendi Adisuryo in Jakarta is highly regarded by Daniel Siahaan, legal division head at Pamapersada Nusantara, who says: “Over the past year, he has played a central role in supporting our company through four separate due diligence processes in connection with the potential acquisition of strategically important companies in the mineral sector.

“His advice has allowed us to obtain key environmental and operational approvals necessary for us keep to our operations in full compliance and prevent enforcement sanctions.”

Dhika Ashita Haruni, head of legal and commercial, Asia, at Thiess Contractors Indonesia in Jakarta, also notes Adisuryo’s legal expertise, “specifically in mining law”.

“His law firm is widely respected for its client-focused approach, depth of legal knowledge and ability to handle complex matters with clarity and precision,” says Haruni.

In the labour and employment sector, Wina Aesthetica, senior legal counsel at Honest Financial Technologies in Jakarta, worked with Ichsan Perwira Kurniagung, founding partner at FKNK Law Firm in Jakarta, over time-sensitive legal matters.

“As the lead partner on both matters, Ichsan provided clear oversight of his team and took ownership of the team’s involvement in the process from strategy through execution,” says Aesthetica. “Despite very tight timelines, he and his team were consistently proactive, co-ordinated and responsive, enabling both matters to be concluded efficiently and without residual issues.

“I recommend him as a top lawyer who combines strong technical competence with a practical, client-focused approach.”

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Malaysian law firms are experiencing a significant uptick in demand, driven by the country’s expanding international partnerships. One key example is recent revitalisation of the Lao PDR-Thailand-Malaysia-Singapore Power Integration Project, which initially launched in June 2022.

Malaysia’s state-run utility firm, Tenaga Nasional, signed a two-year energy agreement to transmit electricity from Laos to Singapore in January 2026, contributing to strengthening regional energy connectivity and reducing fossil fuel dependency.

As the Asean energy market expands and Malaysia anticipates increased revenue and improved grid efficiency in its role as a power transit hub, law firms are expected to identify significant new growth opportunities within the sector.

Government data underscores the tangible impact of the country’s expanding international presence, revealing that Malaysia’s global trade reached a milestone in 2025, surpassing the MYR3 trillion (USD760 billion) mark for the first time.

This represents a 6.3% year-on-year increase from 2024. An official statement notes: “This shows that the country remains strong and resilient, as well as globally competitive, despite a complex landscape of geopolitical tensions and supply chain realignments.”

In 2026, with geopolitical volatility disrupting maritime supply chains, demand for rail freight is also expanding as the logistics industry prioritises more stable transportation corridors. As Malaysia seeks to establish itself as a strategic rail hub connecting Asia, law firms are increasingly engaged in providing specialised counsel on large-scale infrastructure projects, navigating regulatory permit processes and conducting detailed risk assessments.

While Malaysia’s expanding international profile presents significant growth opportunities for the legal sector, it is also intensifying market competition. Law firms are increasingly vying to secure mandates as lead advisers for major corporations, a competitive trend that is expected to persist as the regional economy integrates.

Against this backdrop, Asia Business Law Journal proudly presents the Malaysia Law Firm Awards 2026, recognising the nation’s exceptional law firms. We have given awards in categories including Law Firm of the Year, Best Overall Law Firms and Best Boutique Law Firm, in addition to recognising winners in 30 practice area categories, each of equal standing.

Christopher & Lee Ong (CLO), a member firm of Rajah & Tann Asia, has been named Law Firm of the Year for five consecutive years, maintaining its streak since the award’s inception in 2022. Effective from 1 January 2026, the firm expanded its bench strength in litigation and arbitration via a merger with Sanjay Mohan Advocates & Solicitors, adding 28 dispute-focused lawyers including seven partners.

CLO identifies capital markets as one of its key practice areas in the past 12 months. Notably, the firm acted as legal counsel to the underwriters for leading private healthcare provider Sunway Healthcare Holdings’ IPO on the Bursa Malaysia. The offering, which raised about MYR2.86 billion, saw the company commence trading on 18 March 2026.

CLO also represented Dr Kee Kirk Chin and Apex Holdings in the MYR1.9 billion conditional voluntary general offer by Pharmora Investment Holdings for leading domestic pharmaceutical manufacturer Apex Healthcare Berhad (AHB). The transaction, which closed on 9 January 2026, involved a consortium of joint ultimate offerors supported by strategic financial structuring to achieve full acquisition.

The transaction included the disposal of shareholdings in AHB by substantial shareholder WHSP Holdings, which CLO also advised, through the voluntary general offer process. The dual roles undertaken in this transaction positions it as a landmark public market takeover with strategic and financial implications for Malaysia’s M&A landscape.

In representation of Sapura Energy and its 22 subsidiaries, the firm acted as lead solicitors for schemes of arrangement in Malaysia, handling both court-facing and transactional aspects of the restructuring as Vantris Energy. The schemes were approved by a majority of more than 95% in all 52 classes of creditors across 23 companies, and the high court granted sanction of the schemes on 6 March 2025.

Rahmat Lim says this case is the first time where the Singapore and Malaysia courts have used the protocol on court-to-court communication and co-operation between the two countries. Advising the clients were managing partner Azman bin Othman Luk, partners Jack Yow, Kwong Chiew Ee, Neoh Jin Keat and Tan Yan Yan, and principal Melvin Ng.

The firm also acted as Malaysian counsel for Bridge Data Centres Malaysia in respect of loan financing of up to USD2.8 billion, granted by a consortium of international lenders. The client was a wholly owned special purpose vehicle of Holdco, a Bain Capital-owned company. Holdco is the holding company of several Malaysian-incorporated data centre operating companies. Partner Kelvin Loh and principal Kimberley Yee led this transaction.

Shearn Delamore & Co has seen an uptick in competition mandates against the Malaysia Competition Commission (MyCC) in the past year. The firm is currently representing multiple insurers in ongoing Court of Appeal proceedings regarding the dispute between Persatuan Insurans Am Malaysia (PIAM) and the regulator. The dispute stems from the MyCC’s MYR173.65 million fine imposed on PIAM and its members for alleged price fixing. Additionally, the firm is representing clients in the poultry feed industry after the MyCC made a MYR415.5 million decision against an alleged chicken feed cartel. The Competition Appeal Tribunal unanimously affirmed the MyCC’s decision on 11 February 2026.

Following the 1 January 2026 commencement of the Arbitration (Amendment) Act 2024 in Malaysia, Shearn Delamore has reinforced its focus on high-stakes alternative dispute resolution. Managing partner Rodney Gomez, a seasoned arbitrator in construction and engineering matters, continues to lead the firm’s mandates in this evolving regulatory landscape.

“Rodney Gomez has been reliable, particularly for matters in which court representation is required,” says Shannon Tan, general counsel at engineering and construction company Exyte in Singapore. “His reputation precedes him, great to have as counsel representing you in the courts.”

Lim Chong Kin, managing director at Drew & Napier in Singapore, says his firm often works with Shearn Delamore on matters involving data protection, and technology, media and telecoms (TMT). He recommends Janet Toh, Irene Yong and Timothy Siaw: “They are knowledgeable in their respective practice areas and provide practical and commercially sound advice.”

Skrine acted as Malaysian counsel for Italian oil and gas giant Eni in its investment agreement with Petronas to establish a joint venture in Malaysia and Indonesia. Officially announced on 3 November 2025, this partnership is to form a financially independent entity called NewCo, which will manage 19 regional upstream assets. Partners Fariz Abdul Aziz and Wei Xian Tan handled this matter.

The firm also counselled US management consulting firm Accenture with the acquisition of Malaysian consulting and digital transformation firm Aristal Solutions, which was announced on 21 July 2025. Skrine conducted Malaysian legal due diligence on Aristal Solutions and reviewed the transaction documents to ensure compliance with local law.

In a strategic move to secure new growth engines, the firm also launched a dedicated India desk in January 2026, following a surge in cross-border corporate activity between Malaysia and India. Skrine has also established collaborative frameworks with Indian law firms to provide commercially integrated legal advice on mandates requiring local Indian expertise.

The firm acted for oil and gas company Single Buoy Mooring in a high-stakes patent infringement action before the Kuala Lumpur IP High Court concerning the client’s patent. The defendants included South Korean global conglomerate Samsung Heavy Industries in a case involving complex issues of claim construction, novelty and inventive step in specialised offshore engineering.

The firm represented Single Buoy Mooring in seeking injunctive relief and damages while defending against a validity counterclaim. The matter was finally amicably resolved without costs on 30 May 2025.

Angie Ng, senior counsel at Pixlr in Kuala Lumpur, consults with WJNT on trademark-related matters including the filing of new trademark registrations, renewals, oppositions and ongoing maintenance of the trademark portfolio.

“Overall, WJNT has been a trusted and dependable firm to work with and their level of service has met our expectations consistently over the years,” says Ng. “Their responsiveness and clear communication are key strengths that we greatly appreciate.”

Tracie Ng, manager of group legal and compliance at property developer SP Setia, says her company typically engages Wong Jin Nee & Teo for trademark matters. “Their advice is clear, quick and reliable,” she says.

Other award highlights

Lee Hishammuddin Allen & Gledhill (LHAG) is widely regarded as a premier practice in Malaysia across various areas of dispute resolution, including corporate and commercial litigation, international arbitration, and white-collar defense.

The firm recently expanded its litigation bench through a merger with boutique litigation practice Shan Chambers, bringing former partner SM Shanmugam back to the firm. In addition to handling both contentious and non-contentious matters domestically, LHAG operates a dedicated China desk to reflect the growing importance of bilateral ties and to better serve its Chinese clients.

Leveraging its Baker McKenzie international network, Wong & Partners continues to remain an M&A powerhouse, securing mandates from both domestic and international clients.

The firm currently advises DKSH Performance Materials (DKSH) in acquiring functional food manufacturer AIC Ingredients. Led by partner Addy Herg, the team supports DKSH in the full cycle of the transaction from deal structuring and diligence to negotiation and finalisation of definitive agreements. The transaction is expected to close in the second quarter of 2026.

Wong & Partners also acted as lead counsel for a consortium of seven local and international financial institutions in a MYR15 billion multi-currency syndicated financing deal supporting development of data centres within the Johor-Singapore Special Economic Zone by Singapore-based DayOne Data Centres. In this matter, the firm advised a banking group comprising CIMB, Credit Agricole, DBS, Maybank, OCBC, Standard Chartered and UOB.

As jumbo financing for digital infrastructure projects continues to rise in the region, this deal highlights the critical role of legal advisory in large-scale investments between Malaysia and Singapore.

Securing a mandate to advise state-owned oil giant Petronas, one of Malaysia’s most important clients, is regarded as a market benchmark. Adnan Sundra & Low (ASL) was Malaysian counsel to the arrangers and dealers on its USD30 billion global medium-term note programme, unconditionally and irrevocably guaranteed on a senior basis by Petronas, and the issuance of USD5 billion in notes on 3 April 2025.

The transaction was governed by New York law and represented Petronas’ return to the international USD bond market, the largest oil and gas issuance out of Asia since 2020, and the largest Asian international bond transaction since 2021.

An of counsel at a prominent Singapore law firm says she typically engages ASL on behalf of clients for complex M&A transactions involving Malaysian law aspects. “From years of working together, we can confidently continue to recommend Adnan Sundra & Low to clients for complex M&A transactions involving Malaysia.”

Operating within Malaysia’s dual financial landscape – where shariah compliance remains a pivotal pillar alongside conventional systems – ASL also secured the ESG award in recognition of its extensive sustainability mandates.

The firm helped establish sustainability-linked sukuk, embedding enforceable, programme-level decarbonisation and certification commitments into the issuer’s funding architecture.

ASL also advised on upsizing a sukuk programme to finance hydropower-led grid expansion and last-mile rural electrification, enabling Islamic infrastructure finance as an enabler of inclusive energy transition.

Azmi & Associates continues growing as a leading full-service firm, now numbering 115 Malaysian bar lawyers. Its planned Putrajaya office expansion marks a strategic move to deepen its engagement within the administrative capital’s legal and advisory landscape.

Azmi is currently advising Advanced Drainage Systems in its USD1 billion global carve-out acquisition of Norma Group’s water management business. This involves cross-border co-ordination aligned with the global transaction framework of a New York stock exchange-listed entity, including the restructuring and transfer of a key Malaysian subsidiary and manufacturing operations.

The firm is advising on the Malaysian regulatory aspects of the transaction.

Ahmad Azhar Shah Ibrahim, head of legal, procurement and compliance at Sime Darby Property, says Azmi & Associates delivered his team “exemplary” services.

A senior in-house counsel for a major Malaysian property developer also praises the firm. “They are very good, competitive and easy to work with,” says the counsel. “They understand business needs and are creative in structuring deals. They are also fast and responsive, not sticky about the scope of works and billings.”

Zaid Ibrahim & Co’s banking & finance practice had a busy year, advising domestic and international financial institutions, insurers, hedge funds and corporates on syndicated financing, cross-border lending, restructuring, export credit financing and structured trade finance. Bank Negara Malaysia and the Securities Commission Malaysia maintain longstanding relationships with the firm for comprehensive regulatory support.

The firm’s infrastructure, energy & utilities team also advised regulators on Malaysia’s first utility-scale battery energy storage system agreements, and assisted developers on run-of-river and gas engine generator power plants.

Zaid Ibrahim additionally advised the Ministry of Economy on drafting of the Carbon Capture, Utilisation and Storage Act establishing Malaysia’s first comprehensive legal framework for regulating related infrastructure and operations, a key pillar of the nation’s energy transition. The bill came into force in October 2025.

Zul Rafique & Partners has expanded to more than 100 lawyers in the past year while enhancing market engagement with the launch of The Brief podcast sharing legal insights and industry trends.

Notably, the labour & employment practice successfully defended Petronas in a fixed-term contract case clarifying that non-renewal of such contracts does not constitute dismissal – and employers retain discretion when operational needs no longer justify a role.

Tenaga Nasional was also successfully defended in a workplace violence case, affirming zero-tolerance to workplace safety threats and upholding dismissal of a senior human resources executive in a drug-related misconduct case, confirming that employers need not await final criminal outcomes before taking disciplinary action.

The firm is additionally active in Islamic finance, advising ALSREIT Capital on establishing a MYR3 billion sukuk wakalah programme, providing a flexible and sustainable funding platform to support investment and refinancing.

Zul Rafique also advised CIMB Investment Bank and Maybank Investment Bank on PNB Merdeka Ventures’ MYR6 billion Merdeka sukuk wakalah programme.

In response to Japanese corporations “pouring capital” into Malaysia’s semiconductor and data centre sectors, Rosli Dahlan Saravana Partnership (RDS Partnership) established a dedicated Japan desk in 2025, in collaboration with leading Japanese firm Anderson Mori & Tomotsune.

With 28 partners and 67 lawyers, the firm handles some of Malaysia’s most notable litigation cases, including representing leading palm oil producer SD Gutherie in a compulsory acquisition of 76.5 hectares of Carey Island by Tenaga Nasional, the region’s largest publicly listed power company. RDS secured additional compensation of MYR20.4 million representing 20% above the original award.

RDS also currently represents Menara KL and Hydroshoppe in a dispute over a 30-year concession agreement valued at MYR1 billion for the management of the KL Tower.

Menara Kuala Lumpur CEO Nazli Saad, who is currently being advised by RDS on operation and managing contracts, says: “The work quality is superb, and Menara Kuala Lumpur is contiguously notified on the development on a regular basis. The explanation was straightforward and easy to understand for those of us with a non-legal background.”

Cheang & Ariff is recognised for its expertise in IP litigation, securing mandates from several leading global corporations including Japanese petrol dispense pump manufacturer Tatsuno in a trademark infringement and passing-off dispute against a Malaysian distributor.

Tatsuno proved its products had acquired goodwill and reputation, while the local distributor used signs that were identical or similar, misleading the public to believe their pumps were Tatsuno’s. The case is currently at the assessment of damages stage.

Cheang & Ariff is also acting for global logistics automation company Swisslog in a potential copyright infringement case involving its proprietary robotics and software technologies. This dispute underscores the increasing importance of IP protection in the high-tech sector, particularly in the automation and warehousing industry.

The firm advises domestic clients as well. In representation of Southern Cable, a leading cable and wire manufacturer, the firm is handling a trademark infringement and passing-off dispute against several local manufacturers. The trial concluded in January 2026, with a decision anticipated within the year.

WM Leong & Co secured this year’s Japan practice award through their strategic alliance with leading Japanese law firm Nishimura & Asahi, and navigating last year’s strategic entry into Malaysia by consumer credit services provider JACCS, a member of Japan’s Mitsubishi UFJ Financial Group.

JACCS made its debut acquiring a 49% joint venture stake in CARSOME Capital, the financing arm of Malaysian online used car trading platform CARSOME Group. WM Leong assisted on all stages of the complex transaction from structuring and due diligence to negotiations as well as drafting the definitive agreements.

Another important mandate was Toyota Industries’ acquisition of an additional 23% of UMW Toyota Material Handling, the industrial equipment arm of conglomerate UMW Holdings.

As well as the initial acquisition in 2023, WM Leong had played a key role in this latest transaction, performing comprehensive due diligence on target companies, drafting and negotiating transaction documents, as well as advising on relevant Malaysian law matters.

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