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

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