Dear Madam,
I refer to your recently published report on the Indian legal market, which was accompanied by a useful directory of Indian law firms (IBLJ, July/August 2009). Your report is a well-written and exhaustive one (though not exhausting!) and covers the entire gamut of the Indian business, financial and commercial scenario, as viewed from a lawyer’s standpoint.
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I believe that lawyers will continue to get sufficient business since companies will need advice on issues arising out of the downturn: right-sizing, down-sizing, consolidation, lay-offs, etc. Of course, law firms may be slightly affected by reduced fees and/or delayed payments.
However, with most sectors now searching for fortune at the bottom of the pyramid, I feel that there is plenty of scope for the growth of the legal profession.
From a client’s perspective, I am in favour of more firms being established, and on the splitting of large firms. This will increase competition and help clients to negotiate good rates while having a wider choice of firms.
Padmakar M Rao
Vice President & Company Secretary
Times of India Group
Mumbai
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