NEW DELHI, Aug. 13, 2016 /CNW/ - United States' Ambassador to India, His Excellency Ambassador Richard R. Verma called upon India to contemplate ways to liberalise its legal services sector and said, "I really believe that for India to fulfill its global economic potential, it should participate in the gradual globalisation of the legal profession. Permitting foreign law firm to work in India does not mean taking away the market share but it is about providing best legal advice to the clients."
He was speaking at a public event on "Opening of India's Legal Services Sector" hosted by O.P. Jindal Global University and Indiana University Maurer School of Law's Center on the Global Legal Profession.
"If there are multi-jurisdictional practices it is a win for everyone. I do believe that liberalisation of legal sector will be mutually beneficial to India and the US," noted the ambassador.
Earlier this year, the Bar Council of India (BCI) proposed draft rules on allowing foreign lawyers and foreign law firms to establish a formal presence within India after registering with the BCI and paying registration fees between $25,000 for individual lawyers and $50,000 for law firms.
Joint Secretary for the Ministry of Commerce & Industry, Mr. Sudhanshu Pandey, stressed on the importance to providing foreign and domestic law firms a level playing field.
He said, "While it's important to liberalise legal services, it is also crucial to bring in the right kind of governance structure that has predictability, and can be fair to every stakeholder."
Professor (Dr.) C Raj Kumar, Founding Vice Chancellor, O. P. Jindal Global University said, "Regulatory barriers have often been perceived as a hindrance for the growth of the sector. With the talks of liberalization measures have to be taken to ensure a level playing field between Indian law firms and foreign firms. JGU has always tried to create meaningful platforms to discuss subject matters of interest to the legal sector, and will continue to do so in future."
Professor Jayanth K Krishnan, Professor of Law and Charles L. Whistler Faculty Fellow, Director, Center on the Global Legal Profession, Indiana University Maurer School of Law, lauded the organizers initiative to bring in top-notch legal experts under one umbrella.
He called for legal professionals and stakeholders to engage in a serious discussion to address the key challenges coming in with liberalisation and globalisation.
SOURCE O.P. Jindal Global University
For further information: Kakul Rizvi, Additional Director, O.P. Jindal Global University, [email protected], +91-8396907273