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.

In November Amarchand Mangaldas’ Bangalore office bagged a role in four out of six initial public offerings (IPOs), and together with one instruction from Delhi has extended its lead in the top spot of the IPO league tables over Khaitan & Co, Luthra & Luthra and AZB & Partners.