New Delhi, May 11 (ANI/Business Wire India): The International Conference on "The New Business Laws of India" hosted by the International Indian Bar Association (IIBA) was organized in New Delhi on May 9-10.
The event was aimed at discussing one of the most pertinent issues of the legal sector: Should India open its legal services sector? and the pros and cons.
IIBA's first ever conference in India was inaugurated by Ashok Desai, Former Attorney General of India and included working sessions on Competition Law, Limited Liability Partnership and Companies Amendment Bill.
The first day of the event entailed working session on the Competition Act while on the second day the panelists discussed the Limited liability Partnership (LLP) and the Companies Amendment Bill.
The conference culminated into a Grand debate "Should India's legal services sector be opened up? Why and why not?" The event saw eminent personalities from the legal world, experts and legal mentors including lawyers from the overseas taking part in the discussion.
Shardul Shroff, Managing Partner, Amarchand and Mangaldas said: "Law is a noble profession and is governed by system of justice. The basic question remains where is the need? We need to restore the finer, noble values of the legal profession in India. There is already a great deal of mutual cooperation and understanding with our foreign counterparts which has always been mutually fulfilling."
Highlighting the reason for the keenness of foreign firms in India, Lalit Bhasin, President, IIBA said: "The negative growth in markets like UK attracts them to the potential markets in India and China. India's legal profession has a unique harmony based on a well-developed ethos, culture, tradition and a very noble heritage."
"All these things are now threatened by a potential influx of foreign lawyers. These are likely to alter the profession at its roots and create a much more commercial, even mercenary, approach to the business of law in India. The finer, noble values of the profession in India will undoubtedly be compromised and diluted," he added.
Speaking for the debate Ravi Bishnoi of Fox Manadal Little said: "The legal profession in India needs to open up as globalization of the Indian economy and culture has left it with no other choice but to change. As foreign law firms enter Indian markets the Indian lawyers would be in a better position to be at par with the international standards. This will help improve the value of the services as well as generate better pay packages for the lawyers."