Dear Madam,
I was interested to read the analysis of India’s legal market that was published in your July/August issue. I am the India partner at Edge International, a 25-year-old management consulting firm that provides strategic advice to law firms worldwide. As such I have noticed a great deal of change in the Indian legal market over recent years.
The corporate legal market has so far been quite openly dominated by age old, family-run, family-controlled firms. They have been around forever, from grandfather to father to son, doing all the best deals in the country. But this is fast witnessing a change and a new trend is ready to fill the space. The market seems to be bustling with younger, fresher firms which have made “we-are-a-professional-firm” their trump card.
Not so long ago foreign firms or companies wanting to transact with the Indian corporate legal system didn’t have much choice other than to go for the family-run firms. And quite frankly, it was never seen or felt as a hindrance or a drawback by foreign law firms. Rather it was a few of these forward looking and visionary family-run firms which introduced new systems, raised the bar of the legal profession, globalized their practice by introducing international standards and techniques and cut across the rest to emerge as strong brands.
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However the new crop of younger, energetic and ambitious lawyers coming together and introducing a new league of law firms to the market is a welcome change. To start with they have general names not consisting of founding partners’ surnames, a move consciously aimed at keeping them distinctive from the family firms. Another difference is that the younger breed is pro-liberalization and is waiting for international law firms to enter the country.
They are liked by their international counterparts for the working ease they provide and they are already doing well for themselves, having created an important niche in the legal sector. Talent, quality, commitment and turnaround time are high. Costs are flexible. Work practices are global and standardized. And so the deals they get are great. Some have even started to make their presence felt in league tables, rankings, awards, etc.
So right now the market has a great mix of old experienced firms with strong brand value and the new, fresh-faced firms which are ready to go the extra mile.
Interesting times ahead!
Juhi Garg
India Partner
Edge International
New Delhi
Searching for fortune
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