Cultural understanding

Dear Madam,

This is with reference to the article on the top foreign law firms (Leading from the front) that was published in India Business Law Journal’s June 2009 edition. The article appears to aptly capture the sentiments of Indian law firms in the current market scenario… and is surely a very interesting read.

There is no doubt that due to the global economic slowdown several countries, including India, which were active and significant participants in the global markets, have witnessed a slowdown in their domestic markets. Practice groups engaged in the banking and capital markets space, M&A space, private equity investments etc. have paid a major price in such tough times.

Having said that, recession does not seem to have deterred certain sectors in India such as infrastructure, power, PPP projects and carbon trading, which continue to permeate into the domestic Indian market. Infiltration of this nature has been observed by foreign corporates wishing to take this opportunity for growth during such difficult times, leading to active foreign participation in these particular sectors, thereby encouraging foreign firms to engage Indian law firms for their local know-how and expertise. This has resulted in a symbiotic exchange between foreign and Indian law firms.