India has the second largest number of lawyers after only the US. There has been mounting pressure on the Indian government from other governments, particularly of the UK, for opening up professional services in India, including legal services.
Illustration: Jayachandran / Mint
Legal services in India have experienced a steady and continuous growth in the past decades as a consequence of the growth in international trade and the emergence of new fields of practice, particularly in the area of business law. Issues such as corporate restructuring, privatization, cross-border mergers and acquisitions, intellectual property rights, new financial instruments and competition law are generating an increasing demand for more sophisticated legal services, which are now readily available here. It is absurd to suggest that our legal profession does not have the expertise or experience to handle complex international transactions. Indian law firms have the requisite skill and technology to deal with high-profile work of any nature.
The legal profession in India is seeing a paradigm shift in its focus, style and orientation. This can be attributed to factors ranging from the changing face of legal education to new opportunities for lawyers and emerging law firms, and to technology and globalization. Law as a profession is no longer synonymous only with litigation. Specialization is the new mantra, and firms and lawyers are seen aligning themselves to specialized practice groups.
This is essentially a demand from law firms in the UK as they are witnessing negative growth
Indian lawyers have played a crucial role in helping formulate policy to enhance foreign investment and to create a favourable environment for foreign investors. Despite limiting circumstances, law firms, particularly over the last few years, have shown youthful dynamism by reinventing themselves to provide cutting-edge legal advice. Leading firms in different jurisdictions have worked with Indian lawyers/law firms, with several cross-country transactions in the fields of international commercial and financial law to their credit.
India did not undertake any commitment in legal services during the Uruguay Round of negotiations. It has neither offered any commitments in its initial offer, nor in its revised offer submitted at the WTO in the ongoing services negotiations under GATS. International law firms are not allowed to establish offices in India. Indian advocates are not permitted to enter into profit-sharing arrangements with persons other than Indian advocates. Foreign law firms are also prohibited from giving any legal advice that could constitute practise of Indian law. Despite this, they have set up surrogate practice and are working in the guise of liaison offices.