Joining the dots

International law firms with an eye on India find themselves at an interesting juncture a year after the Bharatiya Janata Party came to power. Business sentiment has picked up, the markets have responded positively and bureaucrats have sent out signals aimed at improving India’s image as an investment destination. Liberalization in several sectors and a push towards local manufacturing have given rise to new opportunities for Indian and international businesses along with their legal advisers.

Proposals to allow foreign law firms phased entry into India’s closed legal market could be a game changer for the profession. While any such reforms will be gradual and calibrated, the mere thought that the government and organizations such as the Society of Indian Law Firms – which vehemently opposed such entry in the past – are considering foreign firm entry is remarkable.

The government has set up a high-profile inter-ministerial group under the chairmanship of Commerce Secretary Rajeev Kher, to prepare a roadmap for reform and liberalization of the legal services sector in India.

If and when the legal market opens its doors to foreign participation, one can only picture a frenzy of activity ensuing, with international firms vying for the best local talent and domestic firms luring in foreign experts to raise their game. For now, the recently formed Shardul Amarchand Mangaldas & Co and Cyril Amarchand Mangaldas are dominating the fight for the kings and queens of India’s legal community as they calculate their moves for the future.