IFLR 1000
The Guide to the World's Leading Financial Law Firms

"Desai & Diwanji's lawyers are simply the best. Their quality is undeniable. I would even say they're on par if not better than the top largest firms in the country," says a banking client. The firm climbs up the rankings this year on the back of widespread acclaim from peers and clients. A client says: "They offer tremendous value for money. I would say top of the pops for banking work."

Some notable transactions for the firm this year includes representing Union Bank of India in the Re20.5 billion ($462 million) financing of the oil seeds facilities of Amrut Oil; advising Deutsche Bank in the structured financing of Re4 billion provided to Yamaha Corporation; and acting for Punjab National Bank in the Re18.5 billion structured financing of the export trade and facility expansion requirements of Orbit Exports.

Clients appreciate the firm for its attentiveness and flexibility: "The lawyers there listen to you, and try to understand your issues. They're not rigid - one has to also look at the practical side of everything, and they do that. Fundamentally, this starts with the organisation. They have a good office and good infrastructure."

Desai & Diwanji scales the rankings this year aided by unanimous praise from peers and clients. A peer notes: "One cannot consider corporate law without thinking of the firm. The lawyers there combine quality with a steady quantity of work." The firm has particular strength in private equity, with a client noting: "We've been working with them for almost 6-7 years now and are extremely comfortable with the partners. We know we have good advice from them. India's a complex place in terms of regulatory environment and we don't break any rules, so we get a conservative firm and rely on their advice."

Some of the work from the firm in the past year includes advising KKR in its acquisition of the Capsugel business of Pfizer, representing Blackstone Capital in its acquisition of a shareholding stake in Monnet Power and acting for Sanofi Pasteur in the acquisition of Shantha Laboratories.

Key partner Apurva Diwanji is lauded for his ability by a client: "The lead partner Apurva was very solid. He was extremely knowledgeable. We rely on him for any kind of advice. I think he shows his expertise across the board. We talk to him before doing any kind of structuring or legal."

One longstanding client says: "We have used other law firms in the past, but in the last five years, 99% of our work has been done by the firm. We're very comfortable with them and honestly there's no reason to switch. The people there rate very highly on ethics and that's a crucial criterion for us."