Dear Sir,
I read with keen interest the article in your February issue on India “opening” its legal market (Open sesame, IBLJ volume I issue 7).
The fact that clients are willing to pay higher fees to use international law firms suggests that these firms offer a certain value proposition in some practice areas that Indian law firms are yet to replicate.
Expertise required for large and multi-jurisdictional business acquisitions, public-private partnerships, complex financial transactions, infrastructure projects extending over several years, etc, require several people with knowledge of the industry and applicable laws and regulations working together in teams to bring to the table the benefits of their varied experience and expertise.
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It is possible that a mixed approach would be best suited to India.
Guidelines should be established to stipulate which activities should be reserved exclusively for India-qualified lawyers with certificates of practice (and partnerships between India-qualified lawyers). This should be sufficient to protect Indian advocates from foreign competition. A separate set of guidelines should govern the activities of “legal advisers” (including experts qualified in law in different jurisdictions), and determine the responsibility levels and liability thresholds they are subjected to.
In this scenario, legal advisers will continue to use the services of Indian advocates for their clients for all work they are prohibited from undertaking themselves.
Clients will continue to have a choice between Indian advocates and legal advisers.
At the same time, Indian law firms must be given a level playing field. Market forces, rather than restrictive regulations, should govern matters such as law firm advertising, the limit of 20 partners in a partnership, and limited liability partnerships.
Just as other industries in India have grown, I hope to see the day when Indian law firms grow, and are at par with their international counterparts.
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