India's decision to allow foreign law firms to establish offices in the country is set to shake up its legal services industry, with local firms fretting star performers could soon be poached and predicting that fees will shoot higher to retain them.
"Pricing for legal services will go up very significantly," said Cyril Shroff, founder of Cyril Amarchand, one of India's biggest law firms, noting that local firms will in general need deeper pockets to go up against their foreign rivals.
The move, while long-sought by overseas law firms, appears to have been somewhat unexpected in its timing. Lalit Bhasin, who heads the Society of Indian Law Firms, said there were concerns that a foreign law firm might de facto operate as a full-service firm by hiring local law firms to advise on areas concerning Indian law.
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