The entry of foreign law firms into India may be a reality very soon. Prime Minister of India Narendra Modi has instructed the Law Ministry and Commerce Ministry to allow the liberalisation of the legal market, and to submit a draft notification in four weeks, reported ET Now.
Recently, the Law Ministry and the Commerce Secretary had met with the Bar Council of India Chairman, SILF President and other stakeholders to discuss this issue. All concerned have been asked to submit their proposals on the entry of foreign law firms.
According to ET, the entry may be in a phased manner, by which foreign lawyers would be allowed to do arbitration and advise on foreign law. In the first phase, foreign law firms would also be allowed to set up shop in SEZs.
The BCI will also amend its draft rules to provide a level playing field between Indian and foreign law firms. To achieve this, Indian law firms may be allowed to advertise and market their services.
Law Minister Ravi Shankar Prasad had also met the Managing Partners of top law firms including AZB & Partners, Luthra & Luthra, J. Sagar Associates, Cyril Amarchand Mangaldas, Shardul Amarchand Mangaldas and Bhasin & Co.
Senior Advocate Harish Salve bats for the entry of foreign law firms in his interview to ET Now. Click here to see the interview.