New Delhi, March 16.
The Bar Council of India’s decision, to allow foreign lawyers and firms to register themselves in India and pick up non-litigious work, will change the legal landscape completely and enhance the efficiency of the justice-delivery system, lawyers said.
“Entry of foreign law firms will change the landscape for law firms in India. This would overall support in a big way the ambition of India to be more visible and valuable in a global context, especially on international trade and commerce.
This will be a game changer for mid-size firms and will also help law firms in India to achieve more efficiency in talent management, IA, technology, domain knowledge in a global context, and management,” Rajesh Narain Gupta, Managing Partner of SNG & Partners, said.
“Opening up a law practice in India to foreign lawyers will create opportunities for tie-ups and partnerships. It is likely to pave the way for potential consolidation, especially for firms dealing in the cross-border M&A practice in particular.
A lot of Indian firms with sound functional fundamentals in the PE (private equity)/VC (Venture Capital) space per se (not based on flip structure transactions which are gradually seeing the reverse trend) are as it is creating a mark in the market.
Also, the dollar billing element is something that makes Indian founders very sensitive and conscious from a price point perspective.
Over a point of time, this would create a potential exit and even alignment structures for niche firms but to see an actual impact, this will have to be played through…,” Vinayak Burman, Founder & Managing Partner, Vertices Partners, said.
Kundan Shahi, CEO at LegalPay, dubbed it a great move.
“Such rules will allow foreign lawyers/firms to advice clients on international legal issues and practice in areas such as transactions, Joint Ventures, Mergers & Acquisitions, Intellectual Property, contract drafting and all non- contentious matters.
“India is a great market for legal practice and such move will go a long way in helping the legal profession to grow in India. This will also help in increasing opportunities for Indian lawyers, and enabling them to understand, learn and collaborate with the best of talent across the globe.
“This will also boost trade and commerce from India with the help of cross border transactions and globalisation of legal and arbitration practice in India.”
The Bar Council of India, which has been opposing such entry for years, changed its stance recently, and gave a nod to opening up the sector in a reciprocal, controlled and regulated manner.
The Bar Council of India Rules for Registration and Regulation of Foreign Lawyers and Foreign Law Firms in India, 2022, were notified on March 10, 2023.
Foreign lawyers and law firms can register themselves with the BCI for a price – US dollar 25000 and 50000 respectively. They can do all legal work short of appearing in courts, tribunals, statutory or regulatory authorities.
Foreign lawyers can do all law, including international commercial arbitration, except Indian law and can open up offices in India. They will, however, not be involved in any work involving conveyancing of property, title investigation or any such similar work.
Such individuals and firms should be eligible to practice back home for registering themselves here. Registered foreign lawyers and law firms will be subject to disciplinary proceedings back home but their registration can be cancelled by the BCI at any-time.
The registration will be for five years and will have to renewed 5 months before it lapses.
