The demand for legal services in India is growing rapidly. This is due to the fact that many foreign and multinational companies are investing in India. Many Indian companies are also collaborating with companies across the border. Companies are also providing Online Legal Advice. The trend is rapidly growing in our country. The expanding market of the Indian legal services is in league with other countries. This has taken place due to the increase in the level of globalization and trade among India and other countries of the world.
The business and profession of law
The practice of law is both a business and a profession today. The changes are openly adapted in legal practice. The creativity and initiative of lawyers are challenged by the advancement in the field of technology and a number of other factors. The legal profession is quickly and innovatively getting used to it. This change is generating new methods of practice. It is effectively developing detours to rigid regulations and laws therefore encouraging growth and competition. The lawyers are also finding resourceful ways so that they can handle the rising costs of practicing law. The key is adapting new tools of management to stay in the competition with firms providing professional services which is increasing rapidly.
Need of proper rules and regulations
The need of the time is effective rules and regulations for the legal service marketplace, including Online Legal Advice that can provide the contours with in which the legal sector can prosper. When a legal service marketplace is functioning well it further facilitates the correct implementation of the proper laws and regulations. This is of utmost importance to the harmonious growth of an economy. The Advocates Act, 1961 governs the profession and practice of advocates in India.
India and General Agreement on Trade in Services
India is also a member of the General Agreement on Trade in Services (or GATS). General Agreement of Tariff and Trade was in existence prior to General Agreement on Trade in Services. At the time when the World Trade Organization was formed several other agreements came into being and General Agreement on Trade in Services was amongst those.
Nature and type of legal services
Proficient Lawyers in Delhi working in the legal service marketplace have witnessed steady growth in recent times. Important legal services include legal advisory and representational services, legal documentation or drafting with respect to criminal law, pleading before the court, interviewing the witnesses, also drafting of commercial contracts.
Challenges ahead for Indian law firms
The future of many Indian law firms is not that bright and so is with the Lawyers in Delhi and other states. Growth is a day dream to many firms as there are big challenges in managing their talent, creating and implementing strategies of business, implementation of proper processes, creating business support functions. However, the top firms are always on the lookout for helping their clients in diverse cases. Depending on their needs, they can opt for the solutions.
