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 youthink 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.