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An estimated 2-minute read

BCI Reforms Announced - An SRA for INDIA and Clarifications on LLP

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By Our Correspondent
Delhi.

In an announcement that is bound to crease many frowns and make the legal community a happy lot the Bar Council of India announced a number of changes that is bound to create mayhem in the industry, albeit for good purposes, seemingly a first in its long history of moribund existence.

The Bar Council has announced its agenda to ratify law firms’ conversion into the Limited Liability Partnership format. This is a welcome relief for firms suffering from a lack of clarity and the ones which were contemplating a change back to the original partnership structure. In fact some time back, the BCI in its infinite wisdom had issued a circular show-causing law firms that had converted to the LLP format. Some brave hearts mounted a counter attack in a seemingly pincer like movement, akin to the tactics employed by the Nazis and some other firms withdrew into their lairs and went back to the partnership format since they did not want to risk the ire of the all-mighty BCI.

This move clears a lot of confusion and provides clarity to the law firms on a different business model. Also the BCI has confirmed that it has been mulling over introducing Alternative Business Structure (ABS) for law firms. This decision shall be fast tracked the way they have very quickly considered their stand on giving the Cliffords a chance in India whenever called upon to do so by a court of law deciding the issue of liberalisation.

The BCI has been considering the ABS after the UK’s SRA approved such models for law firms in their jurisdiction. BCI spokesperson has confirmed,” We are keeping up the tradition of following the British in whatever they do and shall continue to strive at such an endeavour”.

The SILF, which has no become a strong critic of its erstwhile bosom pal, the BCI, said in a press statement that they see no point in following the British lead since they fail to understand what the island Kingdom still has to offer. In a much reflective mood the SILF Head told us of the failed transport system, a flawed education system and said that all that worked in the UK was the Crown and well maybe their law. Our correspondent was left a little disconcerted by the ravings and decided to drop down to the country’s biggest law firm, Amardas Mangalchand, where we met the two brothers who ran the firm. They assured us that they shall continue to charge their clients fairly and talked of a one firm- one office culture that they were proud of. In fact we were appraised of the competitive camaraderie between their Mumbai and Delhi offices. We heard rumours that there was a long line of associates waiting to file affidavits in the Delhi courts to change their surnames to Shroff in view of the enhanced chance of openings in the partnership in the light of the LLP move.

Also the BCI dropped hints of evolving s body, akin to the SRA that would be the regulator for law firms. This is a welcome move for the legal fraternity and especially the law students are hoping for the new SRA type body to host three moots as well.

Finally the law students are weary of so many changes as they are apprehensive that new exams might be introduced.

Lex Fakes.

Faking Legal News to the Dozen.

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