Just like claims that India’s legal market is about to liberalise, predictions that Allen & Overy’s (A&O’s) corporate practice was about to take its place among Europe’s M&A elite have been one of commercial law’s most reliable false dawns.

But perhaps it is time to prepare to practise in Mumbai, because it has been a good year – some are even whispering about a breakthrough year – for A&O’s M&A team.