BCI missteps on new rules for opening the market to foreign lawyers

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BCI missteps on new rules for opening the market to foreign lawyers - Business Standard

Quick Summary:

In adopting the new rules, the BCI sought to restrict further the “fly-in, fly-out” exception to the registration requirements by needlessly adopting new, onerous rules with which – again – US law firms are unable to comply in many instances.

In the late hours of May 13, the BCI issued new rules creating a framework by which foreign law firms can open offices in India.

If US lawyers cannot meet clients in person to advise on matters of US law, then an Indian corporate is not going to undertake an IPO on a US exchange; it will not undertake a financing with a major New York financial institution governed by New York law; and it will not enter into commercial arrangements with US-based companies under the relevant US state law.