Foreign Law Firms v/s India Law Firms
In recent years, Indian law firms have undergone a momentous change, rising as highly viable and prepared to move along with the ongoing wave of globalization. The interest of foreign law firms to open shop in Indian market therefore is barely amazing, since India offers a wide range of expert legal services, of comparable excellence, at literally a fraction of cost that would otherwise have to be paid. The rather traditional and if anyone use the word, "protectionist " stand of the Bar Council of India on the subject has, however, proscribed overseas law firms from working in India.
Lots of established ones, perhaps unable to oppose the vast potential of the Indian legal bazaar, and in expectation of the "globalization of legal services" under the protection of the WTO, are little by little starting their existence in India, this in a significant number of cases taking the form of their penetrating into associations with Indian law offices, and in the process, exactly operating in India indirectly, in spite of the ban against the same. A concern that has therefore ongoing to draw the awareness of not simply Indian lawyers, but also law school students, is the likely consequences of the opening of foreign firms in India. Shall this facilitate an already mounting Indian legal market, or shall it only indicate a job loss for Indian lawyers?
The reality remains that India is in the progression of globalizing its financial system. In the course, the legal market opening up to competition from the global legal market is rather predictable. Instead of deliberating about the pros and cons of the legal bazaar being opened up to foreign lawyers, it is possibly more sensible to understand that the entry of foreign firms in India is only a matter of Indian globalization. However, this should not mean that their practices should not be synchronized, since otherwise they may just push out the Indian law firms. For law school students, their existence in India could well explain into an escalating range of employment opportunities, apart from their presence in India considerably influencing the way in which the Indian legal marketplace evolves in today's global arena.
Lots of established ones, perhaps unable to oppose the vast potential of the Indian legal bazaar, and in expectation of the "globalization of legal services" under the protection of the WTO, are little by little starting their existence in India, this in a significant number of cases taking the form of their penetrating into associations with Indian law offices, and in the process, exactly operating in India indirectly, in spite of the ban against the same. A concern that has therefore ongoing to draw the awareness of not simply Indian lawyers, but also law school students, is the likely consequences of the opening of foreign firms in India. Shall this facilitate an already mounting Indian legal market, or shall it only indicate a job loss for Indian lawyers?
The reality remains that India is in the progression of globalizing its financial system. In the course, the legal market opening up to competition from the global legal market is rather predictable. Instead of deliberating about the pros and cons of the legal bazaar being opened up to foreign lawyers, it is possibly more sensible to understand that the entry of foreign firms in India is only a matter of Indian globalization. However, this should not mean that their practices should not be synchronized, since otherwise they may just push out the Indian law firms. For law school students, their existence in India could well explain into an escalating range of employment opportunities, apart from their presence in India considerably influencing the way in which the Indian legal marketplace evolves in today's global arena.