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For anything to really change, there has to be consensus that there is a real potential in the Indian legal talent among leading law firms.
What could change:
1. More opportunities for corporate lawyers in all their respective domains.
2. More opportunities = more intake of law graduates.
3. I speculate that the income increase would only be offered by a few select foreign firms that are willing to pay the big bucks to attract the cream of the crop of law graduates, Indian law firms might follow suit depending on the availability of the desired law graduates.
"Time has come to take a call on the issue. Bar Council of India is of the view that opening up of law practice in India to foreign lawyers in the field of practice of foreign law; diverse international legal issues in nonlitigious matters and in international arbitration cases would go a long way in helping legal profession/domain grow in India to the benefit of lawyers in India too."
At least the corporate sector gets profitable with this . Also The article quoted “
- They shall be allowed to practice on transactional work/corporate work such as joint ventures, mergers and acquisitions, intellectual property matters, drafting of contracts and other related matters on reciprocal basis.”
[TOI: https://timesofindia.indiatimes.com/india/bar-council-allows-foreign-lawyers-law-firms-to-practice-in-india/articleshow/98654185.cms ]
[Notification: https://www.documentcloud.org/documents/23707847-bar-council-of-india-allows-entry-of-foreign-law-firms ]
"Provided that an Advocate enrolled with any State Bar Council in India and is a partner or Associate in any Foreign Law Firm registered in India under these rules and regulations, can take up only the non-litigious matters and can advise on issues relating to countries other than the Indian Laws only. Such Lawyer shall have no advantage / right of his being an Advocate enrolled in India."
What US/UK law firm will open office in India and engage you to advise on US/UK law?
No one's coming.
A. Operate how Big4 do in India. Have several Indian incorporated LLP/entities with Indian only (or dual qualified) partners. Have these entities pay for brand licenses fees, fractional office space rent, and shared services. Hence you have a fully Indian law firm entity which is an Affiliate of say A&O India. What will stop A&O branded Gokulchand Manikanthan LLP from advising on Indian law?
B. Be cheeky and don't call retainers as 'Associate / Partner'. Call or something else or structure it differently.
First, we need a treaty with the countries that would allow Indian lawyers to practice in their country in the same manner.
Second, any foreign law firm would need to invest a large amount in an Indian office. Indian clients are usually not the best paymasters. For large Indian transactions, you do see foreign lawyers. But they are perfectly capable of working on the matters remotely.
Thirdly, Indian lawyers who work for foreign firms can take up only the non-litigious matters and can advise on issues relating to countries other than the Indian Laws only. Such Lawyer shall have no advantage / right of his being an Advocate enrolled in India. So unless an Indian lawyer has the relevant foreign qualification and advises on foreign law, he can't effectively work at a foreign firm.
1. They may end up opening offices here (of the size of what CAM has in Singapore or Khaitan in the US) but cannot expect any significant hiring from the indian grad pool. Their offices would at best be satellite offices for soliciting business or providing secretarial support in case of arbitrations (if happening in India) or for government registrations/approvals etc.
2. Even if they open offices here what would be the point of hiring Indian grads if they are practicing foreign law anyways? Similar issue as limited vacation schemes/training contracts for Indian grads sans the visa sponsorship problem.
All in all, the widespread excitement about lala firms going down or working conditions improving significantly is unfounded.