Govt begins paving way for foreign law firms
At stake is a booming sector that is very tightly controlled by Indian firms and lawyers that operates under significant government regulations
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The Indian lawyers who seem to be opposing this can be classified within two groups: (i) litigating advocates, who are ill informed and somehow believe (or made to believe) that the foreign lawyers are interested in their territory; and (ii) a small group of Indian corporate law firm owners who are raking in the moolah and fear that their monopoly (and huge take homes) would be severly impacted. some of these have enough political clout to ensure that if the market opens, it would be on their terms. Not many realise that once the Indian market opens to foreign legal expertise, this would usher in a revolution similar to the IT revolution ushered in a couple of years back.
Its time that monopolistic Indian corporate lawyers let go of their greed and let the reforms happen. Why are they scared?
Indian