Rupa Lakha & Neeva Desai spotlight growing opportunities in the liberalised Indian legal market
- News about the liberalisation of the Indian legal market has swept the Indian and English legal press.
- It is widely acknowledged that this is a first stepping stone, and several questions remain unanswered.
- Beyond the uncertainties, there lies significant potential and mutual opportunity for both Indian and foreign law firms.
India’s steady economic growth in recent years has led to a rise in both incoming foreign investment as well as the export of Indian companies’ operations abroad. In the commercial context, there has been a concerted effort to attract foreign direct investment, and in the private client context, there is an ever-rising demand for high-quality legal services by a growing middle class.
Unsurprisingly, India is also one of the largest legal service sectors in the world, with more than 1.4 million registered lawyers across the country. The legal services market is valued above £1.028bn. In this context, the Bar Council of India’s
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