New kids on the block

Dear Madam,

I was interested to read the analysis of India’s legal market that was published in your July/August issue. I am the India partner at Edge International, a 25-year-old management consulting firm that provides strategic advice to law firms worldwide. As such I have noticed a great deal of change in the Indian legal market over recent years.

The corporate legal market has so far been quite openly dominated by age old, family-run, family-controlled firms. They have been around forever, from grandfather to father to son, doing all the best deals in the country. But this is fast witnessing a change and a new trend is ready to fill the space. The market seems to be bustling with younger, fresher firms which have made “we-are-a-professional-firm” their trump card.

Not so long ago foreign firms or companies wanting to transact with the Indian corporate legal system didn’t have much choice other than to go for the family-run firms. And quite frankly, it was never seen or felt as a hindrance or a drawback by foreign law firms. Rather it was a few of these forward looking and visionary family-run firms which introduced new systems, raised the bar of the legal profession, globalized their practice by introducing international standards and techniques and cut across the rest to emerge as strong brands.