VCCircle

Not sure if this will happen so soon. Because we have been hearing this for long. The government is apparently thinking of allowing foreign law firms in India in phases, says a report in The Economic Times. In the first phase, they will be allowed to advise clients on laws in countries other than India. So Indian companies can hire services of foreign law firms in the case of a cross border M&A, international fund raising or any such things where they need to know about the legal issues in a foreign country. I thought this was already happening albeit discreetly. Probably, it will get legal sanctity now.
In the next phase, overseas law firms will be allowed to form partnerships with Indian firms (this has also been happening, for instance, there are some Indian firms with referral partnerships with overseas law firms). Foreigners, however, will not be allowed to appear before courts.
After these two phase, the government will look at allowing full market access for overseas law firms to practise Indian law. The law ministry also plans to set up a regulator to monitor foreign firms. The matter may now get closed faster. The law ministry has apparently received recommendations from all the leading law firms. They will now consult the commerce ministry which is the authority on allowing market access in services. Minister Kamal Nath is personally in favour of opening up the sector. Only if Bar Council allowed him now.