Dear Sir,
In my view, the Bar Council of India has rightly taken a firm stand in opposing the entry of foreign law firms into India.
The Bar Association of India has also supported this position.
The Indian economy is quickly integrating with the global economy. Foreign companies are investing in India and Indian companies are acquiring foreign companies on a regular basis. Tata Steel’s acquisition of Corus is a prominent example of this.
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Indian law firms must therefore build their capacities to serve international clients in areas such as international trade law, corporate restructuring and real estate law, the key practice areas that are in demand by today’s international clients.
In doing so, they will not only be able to advise foreign companies, but also support the growing number of Indian corporations that are acquiring assets overseas.
If foreign firms are allowed to enter India, a majority of the top law students from different universities across India – including those from the most prestigious national law schools – will be recruited by these foreign firms.
Indian firms will therefore have less chance of hiring the best brains in the profession, which they will need if they are to successfully compete in a crowded market, serve their domestic and international clients well and give foreign law firms a run for their money.
Vikrant Pachnanda
Perot Systems
New Delhi
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