In the last financial year, India's leading law firms have been engaged in advising on approximately 3,050 deals worth nearly $130 billion, according to data from Bloomberg compiled by ETIG. This surge in deal activity reflects the growing sophistication of the legal advisory market in India, generating around ₹3,000 crore (roughly $318 million) in fees for the industry. Lawyers express optimism for the current fiscal year, although they caution that risks such as inflation driven by geopolitical tensions, currency depreciation, and foreign investor outflows could impact future momentum. Shishir Vayttaden, a partner at Khaitan & Co, noted that while there is a more selective approach to capital allocation, offensive capital is still being deployed in high-conviction sectors. Significant transactions included Mitsubishi UFJ Financial Group's $4.4 billion acquisition of a 20% stake in Shriram Finance and Emirates NBD's $3 billion investment in RBL Bank. As the complexity of deals increases, there is a growing demand for sector-focused, multidisciplinary expertise, with Indian companies leveraging mergers and acquisitions to enhance their capabilities in technology and consolidate in capital-intensive sectors.