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Wall St Journal Reports On Foreign Firms Practicing In India |
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Written by Sean Hocking
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Nothing we haven't read before... but interesting to see that the WSJ has eventually picked up on the story...
They write:
Given that India is the most populous democracy in the world, and the second most populous country in the world, we imagine there’s some nice change to be made in legal fees for lawyers willing to make the trip — not to mention a tasty plate of chicken tikka masala. Unfortunately, though, for the world’s mega-firms, the Indian Advocates Act of 1961 prevents foreign firms from doing business in the country. Here’s a story, entitled “Legally Barred,” from The Economist.
It begins: “If you want to find the legal chiefs of big defence companies such as Boeing or BAE Systems, a good place to start looking is the foyer of the Taj Mahal Hotel in Delhi [pictured]. The in-house legal bosses are in town to appoint law firms to support their push into the Indian market, as the government updates its military equipment. They have to go in person, rather than sending their usual lawyers. . . .”
So these GC’s can’t even send their outside counsel over to negotiate their deals? It seems not. According to the piece, the wall went up in the 1990s when Ashurst, a British firm, along with White & Case and Chadbourne, opened offices in India.
Full Story |
