What is going to change in the profession of lawyers?
Till now the Bar Council was opposed to any proposal for entry of foreign lawyers in the country. In 2018, the apex court had also accepted his point that foreign lawyers cannot be allowed to practice in India under the existing law. However, now with the new decision, entry of foreign lawyers will lead to more professional attitude in the field. Large market will be available for them even in a limited range as a large number of foreign companies are working in the country and many more are going to invest further.
Know the terms now
1. Foreign lawyers and law firms will be able to practice only in non-litigation cases.
2. Three broad areas have been opened up which are foreign law, arbitration matters and international legal issues.
3. Foreign lawyers or firms will not be able to practice in the country without registration with the BCI.
4. The registration fee for a foreign lawyer is $25,000 while for a law firm it is $50,000.
5. The registration will be valid for 5 years only.
6. The foreign lawyer or law firm has to apply for renewal in Form-B within 6 months from date.
7. Foreign lawyers will be allowed to practice on matters relating to joint ventures, mergers and acquisitions, matters relating to intellectual property, drafting of contracts, etc.
8. Foreign lawyers or foreign law firms can open their law office in India.
9. Can also partner with one or more foreign lawyers or foreign law firms registered in India.
It is understood from this decision that more people will come in the profession of lawyers. Concerns about FDI in the country will be removed, India will become the center of international commercial arbitration.