Following the recent UK-India Economic and Financial Dialogue in London, Mr Jaitley and UK Chancellor of the Exchequer George Osborne have confirmed that India will take steps to liberalise its national legal market. The decision comes after the Bar Association of India retracted its opposition to market liberalisation late last year, removing a long-standing barrier to any such accord between India and the global legal community. The roadmap for liberalisation will sit within a memorandum of understanding currently being drafted by the Law Society of England and Wales, Bar Council of England and Wales, and the Bar Council of India. Though the terms are not yet known, Mr Jaitley has indicated that the country will likely only open its doors for firms to practice 'non-Indian law'.

Two-way exchange

Liberalisation of India's legal market will aim to help attract foreign investment to Indian business, facilitate the sharing of expertise between Indian and British firms, and clear the road for partnerships and tie-ups. Britain's Minister for Justice, Shailesh Vara, praised Mr Jaitley for his commitment to opening India's legal market, and offered the services of his department to help the Indian government move forward with the reforms. 'The UK's experience of an open legal services sector has been a hugely positive one, giving business the access it needs to international legal advice and helping make London the global hub it has become,' Mr Vara commented. Sources: Law Society Gazette; Bar & Bench