Why would the BCI want the law firms to file annual returns with them? What business does BCI have regarding law firm's accounts? What is the purpose behind this? Does BCI ask senior advocates to file their accounts with BCI?

@ 1 - you have a valid point but I feel the law firms must be regulated in some way. Moreover, unlike foreign firms Indian firms are less responsible to their clients compared to their counterpart. They also don't provide insurance cover for wrong advice which most of the foreign firms do.

hahaha.....what next????

@2 I am not against regulating the law firms. But against the proposal of filing accounts with BCI, as I fail to see what purpose it is going to achieve.
Your point on insurance cover is quite valid and I know that some big Indian firms do take insurance covers. However, it should be made mandatory for all firms.

@2 and to add to the insurance point, why should only law firms take out insurances and not practising advocates....they too give opinions (and can give wrong advice).

It has to be seen if the govt backs down when the army of pseudo-lawyers take to the streets - one activity which they are unnaturally adept at.

Not to say the senior counsel do not require any regulation. The Senior Advocate club is most hypocritical and self-serving. Its all one big racket. The fees they extort while mouthing homilies on 'noble' profession is too much.

Now retired judges turning arbitrators are new members of this discredited club - lucrative fees and obstruction of justice comes naturally to them. No wonder arbitration is a farce in India - so no succour for poor litigants.

Lastly, law firms are sorely in need of regulation. ABC & co ...Where does the "Co" part come in considering most are partnerships?

The great unholy nexus between judges, senior counsel, and law firms have to be exposed and crushed.

Anyone wanting to take on the role of super-regulator - cleanse the augean stables of filth.

@ #2: You're tailor-made to be an Indian civil servant... everything "must be regulated in some way". Go write your IAS quietly now, shoo. And no law firm "provides insurance cover", you [...]. Yes, you really are a Babu.

In my mind the most interesting bit on this will be BCI's willingness (or the lack of it) to have somebody else regulate law firms. I will be surprised if BCI permits another body to regulate this lucrative area of legal practice.

Dear BCI, please do the following and we'll be happy:

1) Allow foreign law firms
2) Allow foreign law schools
3) Focus on regulating practising court advocates who exploit juniors
4) Clamp down on corruption and punish people like RK Anand
5) Wind up like the MCI

@ Master - ya I got your point now ... and I also believe that Senior Advocates should provide insurance cover (but only to advice and not if they lose a case).

@ 7 - Indian law firms don't give insurance cover but foreign law firms do. You seem to be one of those law firm partners who doesn't mind buying high-end cars but has limited reserves in the firm's bank account and hence don't pay your associates well. You are also scared of being responsible to your client.

Good move as a first step to cleanse the legal profession. There is a need that the profession is rid off nepotism and the nexus between the firms, judges and senior lawyers are stopped. First introduce Bar Exams-not one pan India Bar Exam but Bar Exams at different levels of practice. Second regulate the law firms and by law make it mandatory to regualte the selection of partners in such law firm or atleast make provision in the employment laws so that even private concerns and firms are answerable wrt the selection procedure so that only talented people who prove their eligibility through a combination of merit, experience and performance are selected. This would help break the class formation in the legal profession and would make it even for everyone.
Legal professionals who are not necessarily practising should also be brought under the same fold as legal practitioners and their experience be equally counted and valued. Court Management should be introduced to avoid some of the Senior lawyer wasting Court time on unnecessary delivery of speeches and same for the Judges wasting the precious time in asking unnecessary questions.
It should be made mandatory for the legal professionals to update themselves on various topics of law either by way of attending lectures or taking up any course or writing articles or doing pro-bonon work and doing research.

# 10 - a law firm or lawyer cannot provide insurance cover. only an insurance company can. we obviously need to improve our legal education if people don't even know that.

@9 why do you want all foreign law firms or schools to come to india
are you ashamed of law schools/firms in india or do you doubt their capabilities?

#13 neither #9 nor I am 'ashamed' (or anything sounding so drastic in English language) of Indian law fimrs and schools nor am I proud. We are simply making a point about what is good for an Indian individual student and a lawyer and for clients, as well considering the present day situation of our legal structures.

International firms and law schools are expected to offer a better version of services being rendered by their domestic counterparts and competition will help in imporvement of overall levels of lawyering here. If you have lived abroad you will notice the acute difference in the levels of technology and innovation in the weestrern world and the levels in India.

Now please dont tell me how India is a land of ancient law code drafters like Manu, so an India in 21st century does not need foreign colonisers etc.

@ 12 - [...]? everybody knows that insurance company pays the compensation. But its the law firm which arranges by paying premium to the insurance company. Law firms have their own understanding with insurance comps... although its a rare case where a law firm have to pay for wrong advice but still most of these firms dont take the risk as the transactions are high end.

@#7 - make sense at least. you are truly the dodo found again.

@12, you really don't have a clue on what is being discussed regarding insurance.

More than the law firms senior counsel require to be regulated. With the kind of fee being charged by them and for non appearance too with no overheads.

#18 is spot on. The amount of unethical practices that goes on is shocking.

@kian: Sir you know the answer very well.and there was a very good sort of altercation between you and mr. bhasin during the conference at GNLU regarding this topic also.

But then also some sort of transparency is required for the accounting purpose. I support this cause of the B.C.I.