India Business Law Journal assesses the state of the Indian legal market and discovers that recruitment challenges, rising costs, a move towards specialization and the perceived threats and opportunities posed by foreign firms are the issues of the day
An Indian lawyer once remarked: “Anyone without an Indian strategy right now is looking like a fool.” Such a statement couldn’t ring more true than it does today. Domestic law firms are inundated with work despite the market slump in the West, and Indian corporates are more bullish than ever before about investing in assets overseas. “It’s a very rosy picture so far as the development of the legal market is concerned,” says Lalit Bhasin, president of the Society of Indian Law Firms.
The haphazard change in regulations continues to keep Indian lawyers on their toes, curbing innovation to some extent, but demanding it in other cases to structure sophisticated deals constrained by time. As Gautam Bhat of Thakker & Thakker says jokingly, “There’s such a lack of clarity, even with the regulations … we should outsource law-making to the UK!”
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