Elections to push back India liberalisation
Attempts to open up the Indian legal market to foreign law firms look set for further delays as the country gears up for a general election. The fears come despite expectations that this autumn the Indian Government will pass a long-awaited bill allowing limited liability partnerships (LLPs) and lifting the country's 20-partner limit. A hearing concerning international firms' right to practise foreign law in the country is also expected to take place over the summer, months before the election is scheduled to take place next spring.
July 31, 2008 at 02:01 AM
2 minute read
Attempts to open up the Indian legal market to foreign law firms look set for further delays as the country gears up for a general election.
The fears come despite expectations that this autumn the Indian Government will pass a long-awaited bill allowing limited liability partnerships (LLPs) and lifting the country's 20-partner limit.
A hearing concerning international firms' right to practise foreign law in the country is also expected to take place over the summer, months before the election is scheduled to take place next spring.
However, despite these positive steps, partners are convinced that the elections mean at least one year's further delay before there is any real progress towards liberalisation.
Chris Wyman, head of Clifford Chance's India group, said: "Since the election will be next year, we are set to lose most of 2009. If the election does not have a clear result, the delay could be longer."
Anand Prasad, a corporate partner with Allen & Overy's Indian referral firm Trilegal, added: "It will be at least another year after the formation of the new government that liberalisation of the legal market will again be on the radar. It also depends on the composition of the next government."
The Bombay High Court hearing on foreign firm's liaison offices, involving Ashurst, White & Case and Chadbourne & Parke, will now take place in late August after being pushed back from July.
Ashurst India consultant Ian Scott, said: "The LLP bill sets up a framework, but there are important issues that must be dealt with before foreign lawyers can operate in India within that framework, including the right of foreign lawyers to practise in the country."
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