Indian High Court at Mumbai
There is a unique look in the Economist about India possibly opening up their legal market to international competition. While many Americans fear their jobs being outsourced, it is interesting to their fear of being replaced by large international law firms if competition is opened up.
"IF YOU want to find the legal chiefs of big defence companies such as Boeing or BAE Systems, a good place to start looking is the foyer of the Taj Mahal Hotel in Delhi. The in-house legal bosses are in town to appoint law firms to support their push into the Indian market, as the government updates its military equipment. They have to go in person, rather than sending their usual lawyers, because of the 1961 Indian Advocates Act, which prevents foreign firms from practising in the country.
Global law firms see India as one of the last untouched goldmines of the international legal scene. It has a booming economy, a strong legal system and a deep well of talented lawyers. The recent purchase of Jaguar and Land Rover, two luxury car brands, by Tata Group, a giant conglomerate, is the latest sign that Indian companies are ready to do the kind of deals that get international lawyers salivating. For the moment, however, all they can do is crane their necks to get a better look.
But that could change. On April 25th some of India's most distinguished judges were due to hear the final submissions in a High Court case that could be the first step towards opening the country to international competition. The judgment in the dispute between three international law firms and a group of prominent local lawyers will be a deciding factor in how the 47-year-old rule is interpreted."
No comments:
Post a Comment