Where are you magic circle law firms? In light of the so called “exposure” (we have all sort of become numb to our exploitation because of the excessive supply of A0’s in this country) of the terrible work culture at a certain law firm, can some one who works in the magic circle firms shed light on whether they’re ever planning to set up shop in India i.e. Bharat.
Foreign firm are not indian firm they have some dignity and know they have global presence any toxic act would lead to disassociation of firm by clients in other countries
I'm 7 PQE at a magic circle in London and I don't think they're coming anytime soon. Despite the rules that were notified by BCI earlier this year - don't think anyone in London is jumping on the idea of setting up shop soon for a couple of reasons. The rules themselves are a convoluted mess with the foreign firm only being able to practice foreign law and no Indian law advice etc. That doesn't work in practice because we're already advising Indian clients on English/NY law today - through Singapore/HK/London offices so what's the point of investing in a Mumbai office?
Plus the billing rate differential is too wide for it to make any money for the partnership. On average London bills at £1000/hr, Singapore at £650 and you won't be able to bill more than £200 in Mumbai - dragging down PEP.
The firms will come... eventually. India is a macro story and they'd want a part of the pie - but the regs need to settle and fees need to catch up. Will be interesting to see who's the first to bite the bullet. My bet is on Links.
Plus the billing rate differential is too wide for it to make any money for the partnership. On average London bills at £1000/hr, Singapore at £650 and you won't be able to bill more than £200 in Mumbai - dragging down PEP.
The firms will come... eventually. India is a macro story and they'd want a part of the pie - but the regs need to settle and fees need to catch up. Will be interesting to see who's the first to bite the bullet. My bet is on Links.