Dear Sir,
Your article on the Indian legal market was well researched and written.
The argument of opportunities to learn and challenges to meet relating to the entry of foreign law firms in India is fast losing its sting as most of the young lawyers are well exposed both in terms of international transactions and technology at work.
As and when the market opens to foreign law firms, they would be sweetly surprised to find both competent friends and fiery opponents in India.
The mentoring of intelligence in sophistication of international transactions for over a decade has created a generation of extremely intelligent and competent young lawyers.
The process of alignments and consolidations would continue to happen for some time as the opportunities to tap are still in abundance. The continued comfort of getting a lucrative job on demand is further inspiring young, intelligent and energetic lawyers to venture and explore the emerging world of international practice through their own specialized firms.
The desire to fly was always there; now the wings have grown too. Rules of estoppel do not work on those who have the skills and courage to explore. The Indian legal market would continue to see the emergence of new firms and consolidation for some time to come.
The promotion of new economic hubs such as special economic zones and industrial zones has created a unique requirement for effective lawyers in terms of resolving the intricate web of administrative and regulatory provisions at ground level, as everything including administrative offices for these zones is centralized in one location. These have started, and will soon provide momentum for the movement of practices to these locations.
Most of these new hubs are outside the major metros. They are therefore creating new opportunities for entrepreneurial lawyers from tier two and three cities.
The propeller of India’s economic success is located in several states, covering not more than 30% of the population. A highly price sensitive market, with all sorts of infrastructural challenges, rural India is the next challenge to be tapped.
The participation by rural India in the growth story will open another very interesting chapter in India’s legal history.
The challenge to take sophisticated legal support to dusky rural India, where more than 70% of the population lives, would be an equal challenge for both lawyers and law firms.
Raj Dubey
Partner
Dubey & Partners
New Delhi
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