Are Indian law firms warming to the idea of paying for professional indemnity insurance? Rebecca Abraham reports
The writing on the wall is clear and there appears to be little doubt that international law firms may soon be allowed to do more than fly in and fly out of India. This is expected to trigger a great deal of change, not least in the way law firms market themselves.
One area where change is already happening is with regards to Indian law firms covering themselves against the possibility of being sued. While India’s larger law firms, including (the former) Amarchand Mangaldas, AZB & Partners, Khaitan & Co, Luthra & Luthra, Trilegal, and Anand and Anand, have had professional indemnity (PI) insurance for several years, the mid-size and smaller firms are increasingly seeing value in it, even if they are yet to obtain cover.
“Professional indemnity insurance is important … [it] adds value and credibility to a firm,” says Vikrant Rana, a partner at SS Rana & Co, a New Delhi-based intellectual property firm. Rana says that the firm is in talks with an insurance provider and expects to have cover in place soon.