Dear Sir,
The quality of legal services is bound to improve with the entry of foreign law firms into the Indian market.
This statement is naturally dependent on an important caveat: Foreign-qualified lawyers must not be allowed to plead before Indian courts.
They may, however, work on commercial transactions involving corporate advisory work.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”3″ ihc_mb_template=”2″ ]
Multinational corporations expect their advisers to follow them across various countries and the uniformity in systems and processes helps facilitate trade and commerce. Let us take a parallel scenario from the accounting profession in India. The “big four” accounting firms operate in India.
Their “one firm” approach helps clients work with ease and confidence across locations. If having global accounting firms has helped both clients and the accounting profession in India, it is natural to presume that international law firms would do the same.
Indian lawyers, especially corporate lawyers, will be able to adopt the best practices of international law firms.
Transnational commercial transactions require that Indian lawyers develop increasing familiarity with complex commercial agreements, which involve parties in various jurisdictions.
Such expertise experience can be best developed by working with international law firms.
No special measures for the protection of Indian law firms are necessary. Law firms are, after all, essentially groups of lawyers who work together.
Foreign firms will inevitably hire competent India-qualified lawyers. If an Indian firm or lawyer is good, their clients will stay with them. If not, the clients will have more choice.
Indian and foreign law firms will inevitably compete on an even footing. Clients will pay more for more and less for less. Indian law firms have to decide if they can offer more. Those who offer less will get less. That is the nature of competition.
Vinod Mabhobani
Vice President – Legal
Yum! Restaurants
[/ihc-hide-content]
