Cyril Shroff has given a detailed interview to Financial Express. Excerpts and my comments below:
"Iām sure the BCI will have regulatory mechanisms. Singapore has over 150 foreign law firms and a very vigilant regulator that watches like a hawk. They examine time sheets, do surprise visits to the office."
Comments: Hmm...is he suggesting that the BCI makes surprise visits and examine time sheets? Why would he say this? Do surprise visits really happen in Singapore?
"Some smaller Indian law firms will see this as an opportunity to create exclusive alliances with foreign firms in India. "
Comments: So won't that threaten CAM?
"Whilst there will be some talent movements, these will eventually flow both ways. There is almost always a honeymoon period after which the migrant talent largely lands back to their original place. ... Also, history has shown that whenever markets open up to foreign competition the national champion in any sector lands up doing even better than before."
Comments: š¤” š¤” š¤” Birla Motors and the Ambassador car, Videocon and BPL TV sets anyone?
"Iām sure the BCI will have regulatory mechanisms. Singapore has over 150 foreign law firms and a very vigilant regulator that watches like a hawk. They examine time sheets, do surprise visits to the office."
Comments: Hmm...is he suggesting that the BCI makes surprise visits and examine time sheets? Why would he say this? Do surprise visits really happen in Singapore?
"Some smaller Indian law firms will see this as an opportunity to create exclusive alliances with foreign firms in India. "
Comments: So won't that threaten CAM?
"Whilst there will be some talent movements, these will eventually flow both ways. There is almost always a honeymoon period after which the migrant talent largely lands back to their original place. ... Also, history has shown that whenever markets open up to foreign competition the national champion in any sector lands up doing even better than before."
Comments: š¤” š¤” š¤” Birla Motors and the Ambassador car, Videocon and BPL TV sets anyone?
https://www.financialexpress.com/india-news/cyril-shroff-on-foreign-law-firms-entry-in-india-says-will-boost-competition-increase-fees/3011754/