After the meeting with Law Secretary Suresh Chandra on July 5, the Society of Indian Law Firms held an “internal meeting” yesterday to discuss the BCI Draft Rules on entry of foreign firms.

The meeting, which lasted for three hours, resulted in the formation of a committee to draft SILF’s arguments for and against the entry of foreign law firms. These arguments will undoubtedly also mention the “three-phased approach” that the  organisation has been advocating in recent times.

This committee, will be chaired by V Lakshmikumaran with the convenor being Luthra & Luthra’s Mohit Saraf. The committee also includes the likes of Zia Mody, Jyoti Sagar, Nishith Desai, Cyril Shroff, Shardul Shroff, and Haigreve Khaitan.

SILF President Lalit Bhasin told Bar & Bench that,

“There is a complete unanimity that the draft rules in the present form are not acceptable. Unless the phase 1 which pertains to the internal liberalization of the legal profession is achieved, there is no question of moving ahead to the second phase of allowing entry of foreign firms. That is like a pre-condition.”

The committee will also touch upon the question as to whether the Advocates Act needs to be amended. And the final suggestions or findings will then be submitted to the government before the next meeting, which will be held sometime in August.