GLOBALISATION OF LEGAL MARKETS:
Globalization, be it technological or political or economic, has brought about a revolution in
international trade with increasing participation and involvement of countries & greater access to
domestic economies. The last decade has been a mini-revolution in legal service sector with the
best legal impact on corporate legal arena. Activities in project financing, intellectual property
protection, environmental protection, competition law, corporate taxation, infrastructure contract,
corporate governance and investment law were practically obscure before the 90's. The number
of law firms capable of managing such work was also very limited. Even though globalization is
not new, but in the purview of legal services, it is now gaining momentum due to the growth of
the Internet, automation of legal processes, developments in data security and emerging
technology tools. It is clear that need of professional service has been tremendous in the legal
service sector.
In recent years the number of law firms, in-house firms and individual lawyers with expertise in
providing legal services in corporate field has increased exponentially. These are defining times
in the disposition of emerging legal sectors towards settling disputes through ADR (Alternate
Dispute Resolution). Globalization has extended the inward and outward demand for legal
services. Domestic law firms are expanding their services beyond local jurisdiction; joining
forces with foreign counterparts and forming intercontinental mergers, obliterating traditional
boundaries on the geographical scope of the practice of law. As law firms continue to expand
their presence globally, globalization will continue to reshape the landscape of the legal industry
in the coming years.
India has been putting efforts to liberalize its legal services sector, to allow foreign law firms and
lawyers, the right to operate in India. Global integration in the legal profession would help India
in increasing her share in the global services trade.
Few Indian firms have set up their branches across other jurisdictions like UK and US. Likewise,
post- liberalization, the foreign firms and lawyers will be allowed to set up their branches in India
and employ Indian lawyers or enter into partnerships with Indian firms, provide legal advice on
foreign law, etc.
The lawyers must evaluate their role within the legal profession and in the broader community at
a time of rapid social change. The object of this encounter is to promote a re-examination of
what it means to be a member of a profession and a legal practitioner in our society today. We
must examine the tension which exists between the traditional features of the practice of the law
in a learned profession, enjoying important privileges on the one hand and the dictates of
modern business practices which impose on lawyers of today obligations to address cost factors
and so called & quot; bottom line& quot; considerations on the other. An undue emphasis on economic
factors has led, in recent times, to a lessening of sensitivity to, and the importance of, the old
ethic and culture of professional service.
The courts and bodies, supervising professional conduct, also have a duty to uphold high
standards of honest, faithful, diligent, competent and dispassionate legal advice and
representation.
Written By: Ditipriya Das