The UK Lawyer magazine / website has reported that … The Indian Limited Liability Partnership (LLP) Act 2008 was passed by Indian Parliament at the end of 2008
This is what they have to say in their report
Indian and UK lawyers have cautiously welcomed the first legislative step towards liberalisation of the Indian legal profession.
The Limited Liability Partnership (LLP) Act 2008 was passed by Indian Parliament at the end of 2008. While the Bar Council of India would need input on the specifics of law firm LLPs, the framework is now in place for the partnership structure to become a reality.
Clifford Chance’s India head, Chris Wyman (pictured), said: "I think it’s a very important and useful step in the process because the Indian government has seen for some time that providing LLPs is one of the building blocks to allowing foreign lawyers to practice in India."
The Law Society’s head of international Alison Hook said the passing of the act has given the society confidence that the issue of liberalisation is moving ahead.
She added: "We know that the Ministry of Justice indicated its intention that it will use the LLP Act to move forward on the issue of the entry of foreign lawyers."
Read the full story here
http://www.thelawyer.com/cgi-bin/item.cgi?id=136195&d=415&h=417&f=416
But like us commentators seem wary of anything actually happening in the near future although the legislatio has been passed.
The Lawyer reports Som Mandal, managing partner of Indian firm FoxMandal Little, saying that he did not expect significant legislative changes to happen this year. "Unless law firms push the BCI [Bar Council of India] to take it forward, it won’t happen," he predicted.
While in their own editorial on the issue The Lawyer writes:
Behind the scenes, however, many seasoned India watchers are more sceptical, fearing that the kingmakers who have hitherto held back liberalisation of the Indian legal market will make sure that feet are dragged on progressing the LLP to law firms too.
So.. the usual 1 step forward .. and then ensure you take two steps back…..
