Shardul Thacker, a partner in Mulla & Mulla & Craigie Blunt & Caroe said: ‘Gone are the days when you could bid at an hourly rate.’ Another, anonymous spokesperson for a law firm said: ‘Law firms are bidding Rs 2-3 lakh for work that until the start of this year would have fetched a fee of Rs 4-5 lakh.’ Competition is seen as having increased as more law firms have come into the market. Supply has increased more significantly than demand - although some law firms might be protected from the trend by their own expertise and reputations. Source: Economic Times
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