Saturday, November 22, 2008

A Discussion on www.toostep.com - Foreign Law Firms May Enter India

foreign law firms may enter india

By : Saurabh Agarwal, Corporate Lawyer




A Discussion on www.toostep.com click to go there

The pressure from overseas to open up the legal service sector to foreign law firms has mounted recently. Much debate and speculation now surrounds the subject with the law ministry being tentatively inclined to favour the liberalisation of the legal service sector.

However, the majority of Indian law firms are strongly opposed to the proposal to open up the area. There are also issues of national interest that must be considered before proceeding to liberalise the sector.

The proposal to open up the legal service sector is premature. The extensive debate and consultation that should have preceded such a move has yet to take place. An expert body needs to examine it. This is a matter that will affect not just the legal profession but also the nation at large.

I too agree with that, foreign firms are quite skeptical about practising law in Indian firms and it defenitelly has direct influence over Indian civillian. No doubt it will provide Indian firms with various trade and economic benefits like:

· Hire services of foreign law firms in the case of a cross border M&A

· International fund raising

· Legal issues in foreign contries

· Partnerships of Indian and foreign firms

Apart from all thse benefits, there is a lot of unceratinity involved and to overcome those unceratinities, Government has taken various initiatives and regulations for foreign companies, who will be practising law in Indian firms, like the foreigneres will not be allowed to appear in the courts. The law ministry also plans to set up a regulator to monitor foreign firms.

But do you think that this is intelligent enough? The law ministry’s proposal in its current form cannot be accepted. Moreover, there are issues of process and national interest to be taken into consideration, the fact that a flourishing Indian legal profession is crucial to the economic, social and political well-being of the country and it should not be forgotten.

Comments (3)

varsha mishra, technical Manager, rfrac

commented on : 2008-Oct-03 05:07 PM

gud sharing

Jaygopal Raghavan, Head/VP/GM-Client Servicing, Percept Holdings

commented on : 2008-Jul-23 08:15 AM

good article but you forget the basic point that our indian legal system itself is in shambles. Corruption runs rife in the system. Even judges are not above it. Laws are outdated. We still use over 400 laws that were created by the british which dont have a relevance or usage in todays world. I feel, first the entire legal system has to be cleaned, cases have to be cleared and only then can we have foreign participation and if even then we have them, they should be limited to equity participation and lending of their knowledge especially in research of cases but certainly should not be allowed to argue in courts unless they pass through our LLB or some such exams. In the US anyone from outside who wants to practice law has to pass their law exams and serve as apprentice for a period of time before they are given the licence.

Yogesh Naik, Lawyer/Attorney, Law Chambers, Karwar

commented on : 2008-Nov-22 04:36 AM

Even the New Laws that we have are failing us, the best example is the Negotiable Instruments Act.

And the Lack of direct Control of the Judiciary over the Police is another hindrance in Criminal Cases. The Accused are often hand in glove with the police and are rarely brought to the Book. The Judiciary needs its own Executive machinery like the police force to implement its Orders.

Even the Judges are lagging behind in terms of knowledge and even precedents, they need proper training and regular appraisal. If these things are done, then there will be speedy justice in the true sense.



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