Indian Law Firms to Scale Dramatically

The Indian Parliament witnessed two crucial pieces of legislation being introduced over the last couple of weeks.

The Limited Liability Partnership (LLP) Bill 2008(click here to access) and the Companies Bill 2008(click here to access) allow the creation of limited liability partnerships while at the same time removing some of the previously imposed archaic restrictions on the number of partners allowed and the capability of taking on outside finance. The new operating structures will enable law firms to scale up their operations dramatically.

I have blogged many times about the necessity of the Indian legal profession having a level playing field before there is any relaxation of the restrictions imposed by the Advocates Act, prohibiting foreign law firms from setting up shop in India. Perhaps this new legislation is just that, a leveler for the Indian legal system sweetening the Bar Council and the Society of Indian Law Firms, prior to the inevitable entry of the UK’s magic circle, and the AmLaw top 10.