I consider passing of new Limited Liability Partnership (LLP) Bill in the parliament will be a revolutionary change, which will give a new direction to Indian legal profession in the near future. Indian commercial lawyers have been looking for this change long back to handle cross border transactional work and to compete with the international market. I believe that this change would strengthen the confidence of foreign companies and foreign lawyers in Indian market.
The passing of LLP Bill in the Parliament is a first step towards making Indian legal profession ready to compete with foreign lawyers and law firms. It would enable Indian law firms to practice as body corporate and form an LLP with no limit on partners; furthermore, it would also increase partnerships between Foreign and Indian law firms, which could operate as LLP with the requirement of only one partner to be a resident in India. I feel that after introducing LLP every body will feel positive to have liberalisation shortly.
I agree with you partially about liberalisation now as the Indian Lawyers not fully aware of the changes and its effects. The pros and cons in the implementation of this law to be informed to Indian Lawyers through this blog.
Of course, it is welcome step on the part of our legislature to have come up with an idea of LLP. This will certainly help our Law Firms in India to extrapolate their activities across the globe
Yes, it is welcome step and now foreign law firms can enter the Indian Market with an LLP. But need to think about the Small time law Firms which usually supports these foreign law firms during major transactions and deals.
Indeed, the making of LLP Act is a beautiful step in order to strengthen the Indian Legal Community so as to compete the foreign counterparts but the most precious thing is evertheless, awaited as to allow the LLP between CS's,CA's and Lawyers-this step if done soon will certainly change the legal outlook of the Legal Community in India and against the world.Advocate & CS Yash Gupta (Chandigarh)09988103811
This will be milestone in the Indian Legal system. This will give boost to the Indian legal profesionalism and will increase the horizon of work. The Indian lawyers should accept this change because of leberalisation. - Milind Mahajan - +919850091964 advmilindmahajan@rediffmail.com
I consider passing of new Limited Liability Partnership (LLP) Bill in the parliament will be a revolutionary change, which will give a new direction to Indian legal profession in the near future. Indian commercial lawyers have been looking for this change long back to handle cross border transactional work and to compete with the international market. I believe that this change would strengthen the confidence of foreign companies and foreign lawyers in Indian market.
ReplyDeleteThe passing of LLP Bill in the Parliament is a first step towards making Indian legal profession ready to compete with foreign lawyers and law firms. It would enable Indian law firms to practice as body corporate and form an LLP with no limit on partners; furthermore, it would also increase partnerships between Foreign and Indian law firms, which could operate as LLP with the requirement of only one partner to be a resident in India. I feel that after introducing LLP every body will feel positive to have liberalisation shortly.
I agree with you partially about liberalisation now as the Indian Lawyers not fully aware of the changes and its effects. The pros and cons in the implementation of this law to be informed to Indian Lawyers through this blog.
ReplyDeleteR.Guna Shekaran
indolegal@yahoo.com
Of course, it is welcome step on the part of our legislature to have come up with an idea of LLP. This will certainly help our Law Firms in India to extrapolate their activities across the globe
ReplyDeleteYes, it is welcome step and now foreign law firms can enter the Indian Market with an LLP. But need to think about the Small time law Firms which usually supports these foreign law firms during major transactions and deals.
ReplyDeleteIndeed, the making of LLP Act is a beautiful step in order to strengthen the Indian Legal Community so as to compete the foreign counterparts but the most precious thing is evertheless, awaited as to allow the LLP between CS's,CA's and Lawyers-this step if done soon will certainly change the legal outlook of the Legal Community in India and against the world.Advocate & CS Yash Gupta (Chandigarh)09988103811
ReplyDeleteThis will be milestone in the Indian Legal system. This will give boost to the Indian legal profesionalism and will increase the horizon of work. The Indian lawyers should accept this change because of leberalisation.
ReplyDelete- Milind Mahajan - +919850091964
advmilindmahajan@rediffmail.com