V Balakista Reddy, Professor of International Law at the NALSAR University of Law in Hyderabad, has said the decision to allow foreign lawyers and law firms to enter the Indian legal market would help Indian legal fratentiry.
“The Indian legal fraternity will benefit with the foreign expertise. Currently, many arbitrations pertaining to commercial disputes in India are happening abroad. The Bar Council of India’s decision will help the parties to settle the issues here itself,” he said.
He felt that global completion helps improve legal standards and quality of legal services in the country.
He, however, raises a flag. “A major challenge would be pertaining to foreign degrees and their recognition. It may lead to monopoly of a few firms and individuals in the legal profession,” he pointed out.
“There may be conflicts too with the existing laws and rules, including the Advocates Act,” he said.
He felt that it was inevitable to open up the legal profession in the gloabalised world where independent nations were more and more becoming inter-dependent nations.
“Not allowing it also leads to international consequences. The legal profession in the country has to gear up and make this challenge into an opportunity,” he said here in a statement.