The need for legal services in India is increasing rapidly, as many of the foreign and multinational companies are venturing investments in the Indian market, also many Indian companies are looking forward to cross-border transactions with the foreign companies. With this, the Indian Future of Law market has seen rapid growth over the past years. This has mostly been because of the expansion of the market and globalization and an increase of trade in goods and services between India and other countries.
Future of Law today has become both, a profession and a business, and with the opening of a greater market, it is becoming adapt to changes and new services. Technology is the biggest player and other few factors are challenging the lawyers today. Even then, quick innovating nature, creation of new patterns of service, and adoption of new tools of management remain to be the positive takeaways from the changing scenario.
Globalization has played a major role in the developmental graphs of the Indian economy. With many foreign companies tying up with Indian companies, and vice versa has given easy access to the domestic economies. The implication of this in the legal market has been both qualitative and quantitative. The greatest impact of this is seen in the corporate legal arena. Thus, globalization has increased the demand for internal and external legal services.
Although the biggest challenge before the Indian law market remains its loss of business to foreign law firms which are based in Singapore, Dubai, Hong Kong, etc. With the Indian law market not welcoming the concept of liberalization, and whether or not it takes place, there still lie many challenges for the law practice in India. If there happens to be a delay or decline in the liberalization, the Indian law market might face challenges in competing with the Future of Law practices at an international level. This loss of law practice in India can be easily kept in India by simply allowing foreign law practitioners to practice foreign law in India.