Fixed fee bids submitted by law firms to win work to document clients’ non-convertible debentures (NCDs) are now only Rs 2-3 lakh per NCD, instead Rs 4-5 lakh that law firms would have charged at the beginning of this year, reported the Economic Times citing a “mid-sized law firm” promoter, as in-house departments were increasingly able to handle part of such deals in-house and competition amongst law firms increased.

Another law firm partner told the ET that it billed around Rs 3 crore on NCDs annually.