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I am sure that these rules must have been framed with the blessing of all the lala's.
If Indian lawyers were advising Indian clients on foreign laws, then such an anomaly will get corrected as diligent Indian clients would now prefer foreign lawyers for advising on foreign laws.
Muddai lakh bura chahe to kya hota hai, wahi hota hai jo manzoorey khuda hota hai...
"I’m 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: 🤡 🤡 🤡 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/
Otherwise, any of the conditions (hurdles) to entry in the rules can be potentially made insurmountable in practice. No doubt they will be studying the rules very... very... closely. The rest of us lawyers would do well study the rules too.
The game is still afoot, whether we like it or not.
"Whilst the devil will lie in the detail, I think this is a progressive development. India’s legal market is ready for change and will grow. I welcome the opening up."
Pallavi:
"We welcome the move. We are studying the BCI Rules."
Any a chance of a collaboration? Linklaters, Cyril Shroff & Associates? Baker McKenzie Shroff?
https://www.barandbench.com/news/how-indian-law-firms-are-reacting-to-the-opening-up-of-the-indian-legal-market