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Potential For Growth in India’s Legal Sector
Foreign Law Firms: Bar Council of India is of the view that opening up a law practice in India to foreign lawyers in the field of practice of foreign law; diverse international legal issues in non-litigious matters and international arbitration cases would go a long way in helping the legal profession/domain grow in India to the benefit of lawyers in India too. It ensures that an opportunity for creating development and growth for the legal profession and in the legal sphere in India is not lost.
India a part of the WTO and the GATS is obligated under the agreement to open their goods and service under the banner of liberalization, which also includes the Indian Legal sector. Lately, the SILF and BCI have been in the flavor of legal liberalization, after some resistance at first. This is will be done in stages that facilitate the Indian lawyer and Foreign Law Firms to keep up.
BCI believes opening up the legal sector will address FDI inflows and make India a hub of international arbitration and point out that several countries allow the same opening based on reciprocity.
Rules For Foreign Law Firms
Registration with BCI is mandatory for foreign lawyers and Foreign Law firms to practice, without registration and without following the guidelines they will not be entertained. The registration will be valid for 5 years and can be renewed 6 months before the expiry. Registration can be denied by BCI based on the principle of reciprocity.
They can work on mergers and Acquisitions, Joint Ventures, Intellectual Property, and drafting of contracts. Foreign Law Firms and Foreign Lawyers can partner with each other if required. They can open an office in India. Rules say nothing about between collaboration Indian and foreign lawyers and firms.
Restrictions For Foreign Law Firms
Foreign Lawyers can practice in India in ‘Non-Litigious’ matters only, Legal services that do not involve the commencement or conduct of proceedings in any court or tribunal. To safeguard and protect the interests of domestic lawyers, foreign lawyers can advise only on issues relating to International Law and not on Indian Law. They are not allowed to appear in courts and tribunals. Work relating to the conveyancing of property and title investigation is also not allowed.
Impact On Domestic and International Legal Sectors
This historic move is welcomed by most, calling it progressive, and believe it will spur healthy competition provide exposure to global practices and help in modernizing the sector and it will bring forth the advantage of new technology in the legal services sector.
The Indian legal sector is estimated at more than $2 Billion and is expected to jump more. It opens the doors for dual-qualified Indian lawyers who are based abroad, this will enable them to come back to India and practice law under this new regime.
Pratibha Jha, Head of Strategy & Group Counsel, Everstone agrees on opening up foreign Law firms in India will be a great step, it will enable lawyers to work in the same jurisdiction, same time zone, and execute deals better.
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