India is the world’s 2nd largest legal professionals market with more than 600,000 lawyers. Although, legal services sector is one of the most restricted sectors both in India as well as globally, but now initiatives are being taken to open up legal services sector in India by allowing foreign lawyers to visit India on a 'fly in and fly out' basis for rendering legal advice to their clients on foreign law. With increasing globalization and constant policy reforms in India, more and more companies are now setting up their businesses in India creating huge demand of domestic legal services.
Indian legal services market has reached US $1.3 Billion in the year 2017 and has considerable growth over the next few years, primarily on the back of growing investments and M&A in India. Indian companies spreading their footprints globally through establishing subsidiaries and association with foreign firms, opening up opportunity for Indian law firms to expand their services globally.
In the past decade, Indian law firms have snowballed in terms of revenue, size, brand and a sheer number of firms. Indian legal firms have high export potential in developed markets such as the U.S. and the U.K. as well as many developing markets like France, Singapore, etc. which are expected to emerge as significant legal markets in the years to come. India have high export potential in many African countries who have developed their laws based on Indian Statues.
References - Data and reports available in the public domain including Ministries Annual Reports and Data Statistics, IBEF Sectoral Reports, Department of Industrial Policy and Promotion (DIPP), RBI Handbook of Statistics on Indian Economy, Media & Industry Reports, Press Information Bureau (PIB), Union Budget 2018-19
Disclaimer - This information has been collected through secondary research and is available in the public domain. We are not responsible for any errors in the same.
The Indian legal market stands at $1.3 billion (Rs. 8,400 crore) as of March 2018 out of which, around $400 million is attributed to “contentious legal work,” including practices of complex litigation and arbitration.
After implementation of GST, demand for internal restructuring of taxation systems, has boosted both consulting as well as legal services in the country. A number of companies are turning to consulting industry to support the internal restructuring, including the Big Four firms of KPMG, EY, Deloitte, and PwC, and other big Indian firms.
In the previous years, there has been growing demand for Indian qualified lawyers in foreign firms especially in Singapore, Hong Kong, Dubai and Tokyo.
High Domestic and global demand
Increasing number of foreign multinational companies are entering India for business opportunities which is increasing the demand for Indian legal professionals. Many Indian companies established outside including the tie-ups with global players are also hunting for Indian lawyers with dual-qualifications – qualification to work in India and abroad. Many firms of US and UK are looking for Indian lawyers for their India practice.
Large talent pool
India’s legal profession is the world’s second-largest, with more than 600,000 lawyers in more than 500 legal practices nationwide. There are around 1200 law schools in India with around 70,000-80,000 enrolments every year.
Indian legal professionals are found expertized in domains such as arbitration, international trade law, competition law, environmental law, outbound foreign direct investment and restructuring and insolvency, Indian legal firms have performed well.
Compatibility with Global Standards
Indian legal system have high degree of compatibility with that of the U.S. and the U.K which is an advantage to Indian Legal professionals to work jointly with international legal firms.
Government of India are taking necessary steps to promote legal inclusion in the country as well as in Trade. Three empowerment initiatives are being taken by the government for improve access to legal services and decrease pendency of cases in rural areas. It includes pro-bono legal services, tele law and Nyaya Mitra. Apart from this, key policy initiatives like Start-up India, Stand-up India, Make in India, Digital India and Skill India are promoting ease of doing business and Foreign Direct Investment in India thereby increasing the demand for Indian Legal professionals.
India have high potential in legal services. Rising trade, technology and globalization has increased the demand for legal services in the country. Indian Law Firms, in-house firms and individual lawyers of India have huge expertise in providing legal services in the corporate and new emerging legal services sectors such as power contract, drafting of project finance, finalizing transnational investment, joint ventures, Legal Process Outsourcing and technology transfer contracts. Legal outsourcing, both onshore and offshore, is transforming law practice as law firms and corporate legal departments seek to minimize costs, increase flexibility and expand their in-house capabilities.
Both inward and outward foreign direct investment are encouraging the demand for Indian Legal professionals. Growing investments is expected to promote legal services in and from India in the coming years. Globalization and Technological advancements are taking Domestic law firms across borders, collaborating with foreign counsel and forming intercontinental mergers, erasing traditional boundaries on the geographic scope of law practice. Internet, automation of legal processes, developments in data security and emerging technology tools will promote the growth of legal services from India.