Only a matter of time for India legal market to open
Indian Minister of Justice, Shailesh Vara, said that the opening of the Indian legal market is only a question of time and no longer an ‘if’ debate.
Vera stressed to an audience at the Law Society filled with UK and Indian lawyers on July 2nd, that the country’s leaders are now committed to opening up the market within the next five years.
The Bar Council of India (BCI) and the Society of Indian Law Firms (SILF) have agreed with the principle to gradually open up the Indian legal sector, however they urge to make this a reciprocal process and not solely a one way street.
The debate of opening up the legal market began in the 1990s to persuade the [Indian] Government to liberalize the sector, however Vera adds that the opposition of this argument is now disappearing as younger generations are coming in and seeking to broaden the field of practice.
During his presentation to the Law Society, Vera mentioned that ‘Unlike before when there was an absolute ‘no’ [to liberalization], this time there was a sense of ‘actually this may benefit India. There were some who were against it but who said the tide was against them and [saw] the way forward was liberalization.’
He finally added by saying that ‘One of the extra things I learned in India was, when visiting universities and law schools, the new generation of Indian lawyers are internationalists in their outlook. They want international experience and to work abroad, but critically many want to work with Indian firms who have strong associations with overseas firms.’
With India evolving as a hot destination for multinationals for making investment and the increasing corporate disputes, it looks like it will become a new epicenter for foreign law firms to be able to provide their services in sectors such as international arbitration and mergers & acquisitions.
I.J.V.
Vera stressed to an audience at the Law Society filled with UK and Indian lawyers on July 2nd, that the country’s leaders are now committed to opening up the market within the next five years.
The Bar Council of India (BCI) and the Society of Indian Law Firms (SILF) have agreed with the principle to gradually open up the Indian legal sector, however they urge to make this a reciprocal process and not solely a one way street.
The debate of opening up the legal market began in the 1990s to persuade the [Indian] Government to liberalize the sector, however Vera adds that the opposition of this argument is now disappearing as younger generations are coming in and seeking to broaden the field of practice.
During his presentation to the Law Society, Vera mentioned that ‘Unlike before when there was an absolute ‘no’ [to liberalization], this time there was a sense of ‘actually this may benefit India. There were some who were against it but who said the tide was against them and [saw] the way forward was liberalization.’
He finally added by saying that ‘One of the extra things I learned in India was, when visiting universities and law schools, the new generation of Indian lawyers are internationalists in their outlook. They want international experience and to work abroad, but critically many want to work with Indian firms who have strong associations with overseas firms.’
With India evolving as a hot destination for multinationals for making investment and the increasing corporate disputes, it looks like it will become a new epicenter for foreign law firms to be able to provide their services in sectors such as international arbitration and mergers & acquisitions.
I.J.V.
