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Entry of foreign law firms will help businesses and law professionals

The Indian legal industry is in a state similar to the Indian manufacturing industry prior to 1991. The BCI has now started the process of liberalisation

TNC Rajagopalan
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The decision of the Bar Council of India (BCI) to allow foreign lawyers and legal firms to practise in India, in a limited way, has far-reaching consequences for all the entities engaged in cross border trade and investments, and also firms and individuals engaged in legal practice.
For now, foreign lawyers and legal firms will be allowed to get registered with the BCI and then practice on transactional work such as joint ventures, mergers and acquisitions, intellectual property matters, drafting contracts etc. In fact, there is paucity of enough talent and experience in these areas and so, the inflow of know-how from well-established foreign firms that have been handling such issues for a number of clients in a number of countries since decades will only help local entities access such storehouses of knowledge. So, the restriction that the foreign entities will not be allowed to practice on Indian laws or appear in courts or tribunals will not really matter much
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First Published: Mar 19 2023 | 10:46 PM IST

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