Society of Indian Law Firms (SILF) Today (June 28) responded strongly to BCI’s claims about monopolies by big law firms. SILF says Indian firms earned their place and foreign entry must be gradual and regulated.
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NEW DELHI: The Society of Indian Law Firms (SILF) gave a strong reply Today (June 28) to the Bar Council of India (BCI), rejecting the claims made against them over opposing the way foreign law firms are being allowed into India.
SILF President Lalit Bhasin wrote to BCI Chairman Manan Kumar Mishra, calling BCI’s accusation unfair and wrong. The BCI had said that corporate, arbitration, and transactional legal work in India is dominated by only a few big Indian law firms.
SILF said this is not true and not based on facts.
“Does BCI want to bring in foreign interests to demolish Indian entities?”
SILF asked why the BCI thinks that foreign law firms entering India will help small firms by breaking the control of big ones. SILF clearly said that the idea of monopoly does not exist. Many young law firms are already handling big legal projects and are doing very well. They are modern, use technology, and have good legal knowledge.
“Firstly, there are no monopolies. Even young and emerging law firms are engaged in big corporate and transactional legal work. These young firms are technology-driven and very competent and knowledgeable. Further, thanks to the policies and initiatives of the government under the leadership of Prime Minister Modi, there has been, due to India’s position as one of the top four economies in the world, a significant surge in legal work resulting in more and more emerging law firms getting a big pie of the legal work. Indian law firms are more cost-effective, a consideration which is vital for foreign clients,”
-SILF said.
SILF also said they are not against foreign law firms, but the way the rules are being changed is not right. They want these changes to happen slowly, in a well-planned way.
This fight between SILF and BCI has been going on since the new rules were announced to allow foreign law firms to start practice in India.
On June 18, BCI had replied to SILF’s objections and accused it of only protecting the interests of big law firms. BCI also said they would create a register of all Indian law firms and lawyers and form a democratic body at the national level.
SILF replied that blaming big law firms is wrong because these firms have grown due to their skills, dedication, and legal knowledge. These firms helped bring modern ways into Indian legal practice.
SILF compared the legal profession to the accounting field. It said no strong Indian accounting firm exists today, and that space is now taken by the big four foreign firms. SILF warned this should not happen in the legal sector.
They also talked about the revenue of international law firms like Kirkland & Ellis. SILF pointed out that the total money made by all corporate law firms in India is much smaller than what just one of these big foreign firms earns.
“If BCI envisions a place under the sun for the Indian profession, then BCI should recognise the role of India’s law firms, whether big or small, and BCI should create conditions in which Indian law firms can dream “big” of becoming global law firms. Do not dismantle our law firms on the alleged ground of being “big” or “monopolies”. “Big” is a relative term.”
SILF also reminded everyone that it is the only organization of its kind for Indian law firms. The government, judiciary, and even the BCI have accepted its status. Elections for SILF are conducted properly, and its rules support small and new law firms too.
SILF repeated that they are open to foreign law firms coming to India, but only if it is done in a regulated, step-by-step way.
“I would like to reiterate that over the last 10 years, SILF has maintained a consistent stand and expressed consistent concerns, as outlined in our meetings with IMG and BCI, and documented in our representations to BCI since 2015.”
Finally, SILF said that this letter is just their reply to the BCI’s comments. They will soon send a detailed response pointing out the problems in the new rules as well.
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