India Proposes To Open Arms to the Global Legal Profession
India is finally gearing up to permit foreign law firms to conduct business within its borders. As Edge International’s principal in India, I would be more than happy to assist firms that are interested in exploring possible future opportunities for entering into this exciting new market.
A Decade of Working for Change
The admission of non-Indian law firms to India’s legal sector finally appears to be coming about after a difficult process that took more than ten years of debate and discussion. During that time, the Government of India considered and addressed many concerns that were raised by individual lawyers in India, and by associations that act as custodians of interest to Indian lawyers – in particular the Bar Council of India (BCI), which is the apex body regulating the legal profession in India, and the Society of Indian Law Firms (SILF), which represents the top law firms in the country. Most of their concerns related to maintaining a level playing field for domestic firms, although there were also other issues that derived from the particular history and nature of India’s legal industry and of India itself.
Since the latter half of 2015, the Government of India has been pro-active in reaching out to all stakeholders, explaining its rationale for opening up the legal sector in a calibrated manner. The profession is now in advanced stages of its discussions with the Government regarding the global liberalization of legal services. The move aims to set certain regulations in place to protect some of the interests and mandates of Indian firms and regulatory agencies. In addition, to enhance the goals of a level playing field for all legal practitioners, for the first time ever, Indian law firms may be allowed to advertise on a limited basis.
It is contemplated that foreign law firms entering the Indian legal sector will be able to practice only in certain restricted fields, and within particular guidelines. They are likely to be more successful if they are familiar with the traditional structures and ways of thinking that currently exist within the Indian legal market. This is where I believe Edge International can help.
As the world economies are integrating, India is seen as the most progressive nation in Asia, with the government opening its key sectors to invite investments and know-how, while creating a new and fair level playing field for Indian companies. This is an opportune moment for firms from around the world to investigate how they may be able to contribute to this exciting and rapidly growing economy.
We Can Help
Most successful partners today are guided by a commitment to making a difference in the lives of their clients or business prospects. If you are able to convince a prospective business contact about your ability to turn their life around, there is a fair degree of chance that work will make its way towards you. This principle, however, does not diminish the fact that business development requires patience, and there will always be a gestation period before your contacts turn into work for your firm. During this gestation period, your essential virtue is ‘consistency’. One needs constantly to take the initiative to stay in touch with prospects and clients. Instead of leaving the ground when there is no response from your prospective contact, figure out ways to connect with them on non-work issues as well.
Forward-thinking partners these days create well-articulated business-development strategies whereby they keep professional relationships warm by circulating legal updates or disseminating knowledge and awareness about the latest developments in laws and court matters, etc. Some take an even more personal touch, congratulating their contacts on their personal achievements and the achievements of their organizations. You may devise your own innovative measures, such as offering to conduct a training session, hold a help-desk, or undertake similar initiatives for the team or employees of your prospect or client.
