LI-Mint exclusive: Law firms saw a slump in earnings from their capital markets business in the year that ended March. Many that had invested heavily in the practice during the boom years adopted various strategies to cope with the decline.

Exclusive: Amarchand Mangaldas, AZB with international firms Jones Day and Penningtons advised Bharti Airtel on its $165m purchase of Qualcomm 4G spectrum licences in India, according to several sources close to the deal.

S&R Associates has promoted Bhakta Patnaik in Mumbai and Venkatesh Vijayaraghavan in Delhi to increase its all-equity partnership to seven partners.

AZB & Partners and international law firm Shearman & Sterling advised a Canadian financial holdings company’s investment subsidiary Fairbridge Capital in its purchase of 76.81 per cent equity for Rs 817 crore ($150m) in British holiday maker Thomas Cook Group’s (TCG) Indian subsidiary Thomas Cook India (TCIL). TCG was advised by Trilegal with international best friend law firm Allen & Overy.

J Sagar Associates (JSA) and international law firm DLA Piper advised Dutch pension services provider APG Strategic Real Estate pool Netherlands in its Rs 650 crore ($123m) investment in leading Indian hotel chain Lemon Tree Hotels and its subsidiary Fleur Hotels which were advised by AZB & Partners.

Mergers and joint ventures lead last month’s largest deals, while private equity, capital markets, litigation and competition policy also nestle in.

Former Amarchand Mangaldas Delhi Associate and NLSIU Bangalore 2001 graduate Pranav Sharma will return to head the Delhi finance and insolvency practice of the firm this August, after six years at Linklaters London.

Former Baker & McKenzie Singapore senior associate Siddharth Wahi joined J Sagar Associates (JSA) Gurgaon as an of counsel to advise on energy and infrastructure projects.

Exclusive: Arindam Pal, who had left PXV Law Partners late last year with co-founding partner Rohit Das but ended up starting Augustus Law Chambers in Kolkata independently, is planning to aggressively expand the six-lawyer firm to other cities.

Economic Laws Practice (ELP) Mumbai has absorbed the year-old capital markets and securities boutique Prism Partners & Advocates, founded by PR Ramesh and Yogesh Chande, in its capital markets practice last month, ending the start-ups’ short-lived referral relationship with Naik Naik & Co amicably.

Fox Mandal Bangalore instructed by US law firm Wilson Sonsini Goodrich and Rosati (WSGR) advised business and professional networking website LinkedIn on its Rs 632 crore ($118m) acquisition of presentation sharing service Slideshare which was advised by US law firm Fenwick & West LLP.

Exclusive: AZB & Partners Mumbai equity partner Yogesh Bhattarai has internally announced that he would leave the firm to go on a one-year sabbatical.

Azmul Haque has made the leap to Singaporean firm Shook Lin & Bok as partner and India co-head from Berwin Leighton Paisner (BLP), where he was a senior associate.

Amarchand Mangaldas has internally promoted 13 lawyers to partnership today, with an even split between the Mumbai and Delhi offices.

Khaitan & Co advised public sector undertaking Nuclear Power Corporation of India (NPCIL) in its external commercial borrowing (ECB) of Rs 1,343 crore ($250m) from State Bank of India, Singapore which was advised by Baker & McKenzie Wong & Leow and Dua Associates.

Exclusive: Amarchand Mangaldas Delhi partner and head of tax Aseem Chawla has resigned, as the firm aims to refill the gap in its ranks.

Last month’s largest deals and the legal advisers that guided and benefited from them.

Norton Rose disputes of counsel Sherina Petit has been promoted to partnership at Norton Rose’s London office.

Bharucha & Partners advised Axis Bank that sold 25 per cent of its shares in Axis Asset Management to Amarchand Mangaldas-advised Schroders.

J Sagar Associates advised TVS Logistics Services, opposite AZB & Partners’ Mumbai and Delhi offices that respectively advised Kohlberg Kravis Roberts (KKR) on its first round of funding and Goldman Sachs on its second investment into the Indian logistics company that has plans to aggressively expand abroad.