An unnamed “government official” told the Hindu Businessline that the commerce ministry was putting “finishing touches” to a proposal to liberalise transactional legal services and international arbitration.
“The idea was discussed in detail at the 12 November National Services Conclave,” said the official, with the Hindu Businessline reporting that the commerce ministry would discuss the plans with the law ministry, hold inter ministerial discussions and then begin work on a cabinet note.
The proposal, which the official said would be supported by finance minister Arun Jaitley, could lead to the phased entry of foreign law firms into India if implemented, though traditionally some members of bar councils and bar associations, as well as the law firm lobby group Society of Indian Law Firms (SILF), have opposed any reform.
Legally India had reported in October that BJP spokesperson Meenakshi Lekhi had said that she wanted to extend the protections for domestic lawyers, while national party spokesperson Nalin Kohli said that the issue had not yet come up for discussion in the new government.
The liberalisation debate in India has been raging for years and includes a writ petition against foreign law firms that is currently in service limbo in the Supreme Court.
Comments
1. The biggest opponents of liberalisation (X Parivar) are imploding, and one of the members of the Parivar might do a volte-face and support liberalisation to compete with his rival
2. A senior Congress minister, the hatchet man of the X Parivar, is a non-entity.
3. The CPIM (which was also tapped by the X Parivar) is on the verge of extinction.
4. GDP is slowing, Modi has not enacted enough reforms and attracted FDI, and is feeling the heat.
5. India is becoming an international outcaste on the issue. India wants to be in G20 and behave like a modern country, but has a jugadu, North-Korea style policy on legal services
6. Too many NLUs, too few jobs for the young law graduates
1. The biggest opponents of liberalisation (X Parivar) are imploding, and one of the members of the Parivar might do a volte-face and support liberalisation to compete with his rival
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2. A senior Congress minister, the hatchet man of the X Parivar, is a non-entity.
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Names please!
[b]MY BACKGROUND:[/b] I AM AN UNEMPLOYABLE LAWYER FROM A TIER 1 LAW SCHOOL LIVING ON PITY-CRUMBS (ASSIGNMENTS WHICH HARDLY PAY AND SOMETIMES NEVER PAY) THAT DO NOT COME BY OFTEN ENOUGH. I GOT SACKED BY A TIER 1 LAW FIRM. WHILE I KEEP GETTING SHORTLISTED IN EVERY JOB-INTERVIEW, WHICH (STRANGELY) ALWAYS ENDS ON A PROMISING NOTE, I NEVER END UP GETTING HIRED! I AM BEGINNING TO DOUBT THAT PROMISE MY FORMER EMPLOYER GAVE TO ME OF A GOOD-RECOMMENDATION. MIND YOU: I WASN'T SACKED FOR INEPTITUE, I WAS SHOWN THE DOOR FOR SPEAKING OUT OF PLACE IN AN OFFICE THAT MISLEADS ITS PEOPLE ABOUT IT NOT BEING LIKE THE REST, THE KIND THAT ENCOURAGES FRANK COMMUNICATION.
[b]MY QUESTION: [/b]IF THE FOREGN LAW FIRMS ARRIVE AND MY FORMER COLLEAGUES AND THEIR BOSSES (SUPPOSEDLY) GET DISPLACED BY FOREIGN LAWYERS, ONLY TO MOVE ON TO THIS LOUSY SPACE THAT I AM IN LIFE (LIVING ON PITY ASSIGNMENTS), WHERE WILL I GO? WHAT SHOULD I DO?
THE THOUGHT OF QUITTING LAW IS SCARY. I HAVE INVESTED OVER 10 YEARS IN THE STUDY AND PRACTICE OF THE LAW! I HAVE BEEN JOBLESS FOR WELL OVER A YEAR. NO TIER ONE FOREIGN LAW FIRM WOULD PROBABLY HIRE ME. MY CREDENTIALS SEEM IMPRESSIVE TO MANY (READ PROSPECTIVE EMPLOYERS WHO DITCHED). PLEASE HELP. IS THERE ANY WAY I CAN CATCH MY EX-BOSS IN THE ACT? I AM 99.99% SURE THAT MY EX-BOSS IS THE ROOT CAUSE FOR MY PRESENT MESS.
I AM HOWEVER DOING MY BIT. THIS TIME OUT HAS GIVEN ME TIME TO INTROSPECT, READ AND TALK TO PEOPLE. UNDERSTAND MY ISSUSES AS A PERSON. I STAY UPTO DATE ON ALL RELEVANT LEGAL-DEVELOPMENTS. I CANNOT AFFORD AN LL.M. DOING EVERY THING ELSE I CAN DO AND CAN AFFORD.
[quote name="Señor Pepe"]Name the firm and shame the ex-boss?[/quote]
the course is expensive yes, but totally funded by State bank via edu loan without collateral.
min qualification graduation + about 7 years work ex. + really, really good gmat (mostly 10th level maths + english)
job prospects ? : yes. will it be a tier 1 law firm ? probably not.(dont think law firms hire from IIMs) but your future team would definitely be one of two things
1. people management : at least a team of 30 or more.
2. team work : where you would be a part of small team where everyone else is either an IIT or an IIM.
My source: know a guy, who has done this.
what about law ? : the work that you would get would be a combination of law + management.
Let me know señor.
GMAT is also an option like CAT.
GMAT guys must have work ex + insanely high GMAT.
He is very funny.
You say that the “foreign law firms will give high salaries to youngsters and spoil them.”
So where is the problem? We should believe in “Grow and let others grow”. I think if foreign law firms offer higher packages to fresh law graduates, this will force the Indian law firms to offer the same package, hence ensuring level playing field. How does more money spoil people? Even poor people commit crimes to earn money. What do you have to say about that? The top tier firms in India are offering close to Rs 14 lacs per annum to freshers. They have been selected because of their hard work and determination. Do you think the large chunk of money will spoil them? And they have hardly got time to get spoiled. They are already working for 13-14 hours each day.
You say: “They are not happy even with a salary of Rs 8,000 to 10,000 per month, which is adequate for a fresh graduate.”
People are coming from different parts of India to practice law and earn reasonable good amount to satisfy their basic economical needs. Rs 8000 to Rs 10,000 package will lead them no where. Check out the rates of PG’s in Delhi. It’s Rs 10,000 per month for a decent room. At the end of the day, we work to earn and SAVE for our future.
You say: “However, we will support it if there is a law saying that foreign law firms cannot pay more than Rs 15,000 per month. Also, any graduate who joins a foreign law firm will have to refund fee for law school, as it is heavily subsidised.”
I mean seriously. You really want a law on foreign law firms not paying more than Rs 15,000 per month. What about the big companies offering Rs 1 crore package to recent IIT graduates? Check out Oracle’s and Facebook’s package to recent engineering graduates. What kind of refund fee are you talking about? If tomorrow I go (and I wish) to Harvard or Oxford for LLM, whom should I refund my college fees to? You, may be!
Haramzaada kahin ka!
Also, please remember that although the starting salary might be Rs 10,000, it can become as much as Rs 3 lakhs a month after 20 years.
We will oppose foreign law firms tooth and nail.
This is an awful idea at the moment.
Perhaps pressure is coming because nominee US ambassador is an NRI government lawyer associated with the US-India Business Coucil and Steptoe Jihsnon from DC. So the ministry wants the throw the diaspora a bone (a samosa) after they filled Madison Aquare Garden for the big guy b
How does this impact me ?
Though some exceptions are there but exceptions cant be example!!