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Indian govt says ‘yes’ to foreign law firms

An Indian partner's view We have consistently taken a view that foreign lawyers should be allowed to open office in India. We believe that, keeping in mind the stiff opposition from lawyers and law firms in India, it would be better if the government opened up the sector in stages. For the present moment the Indian government should adopt what has been done by other countries - that is as a start to allow foreign firm to practice foreign law. Over a period they will mix with Indian lawyers and then the government can relax the market further to allow them to practice corporate law. Many of the major Indian firms oppose entry of foreign firms. We, however, support the entry and this was also voiced by some medium and small firms. The law ministry recently in an affidavit before the supreme court stated categorically that foreign firms should be allowed to practice foreign law. It is very common that whenever a country opens its door that the major firms always oppose the action and thereafter they prosper too. India is no difference and therefore it is natural for some firms to oppose. Even when the insurance sector was opened in India there was stiff opposition from the Indian insurance companies. However despite of such strong opposition the sector was opened and now everyone is flourishing.

28-Sep-2007

3:07 pm