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Firms use interim tactics to position for Indian liberalisation

Liberalisation will be good for India Opposition to liberalisation of the Indian legal market comes from two places: the small number of Indian firms, and the large number of one or two-man practices. The tiny firms in actuality have nothing to lose from liberalisation, as the kind of work they do is not of interest to international firms. However they have been misled about the supposed threat by the large firms, who between them have almost a monopoly on top work and are making a fortune as a result. Liberalisation would indeed be bad news for the tiny number of equity holders at those firms (most of them family members), but it would be good for other India corporate lawyers who will stand a far better chance of getting rich. More importantly, however, it will be good for Indian business, which for the first time would be presented with a range of different law firms to choose from that as a result of market dynamics, will in time push down the prices, and push up the quality. Viva the revolution!

2-Sep-2008

12:05 pm