Foreign lawyers, along with foreign chartered accountants and company secretaries, will be able to work in India once the Limited Liability Partnership Bill, which is pending before the government, becomes law.
Despite opposition at home, the government seems determined to open the legal services sector to foreign players and is reportedly brainstorming the matter with the local legal community.
Bringing in foreign players could save the government substantial amounts shelled by it as fees to foreign law firms, in cases such as the Enron debacle, which cost the exchequer around Rs 100 crore.
The Competition Commission of India will be entrusted with the responsibility of ensuring fair competition between domestic and foreign firms. The Law Ministry headed by H.R. Bharadwaj has been quick to clarify that foreign lawyers will not be granted permission to practice law in the country.
