How to emerge in better shape

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“Whatever doesn’t kill me makes me stronger.” Now is the time for that ripe old adage to prove itself

This issue of India Business Law Journal speaks powerfully to the determination, resilience, ingenuity – the sheer chutzpah – of the many robust souls in the India-focused business community who will see us through this crisis. The legal sector will emerge from the whirlpool leaner and sharper, and it will look markedly different from what we’ve become accustomed to.

International law firms are keenly observing how their Indian counterparts are faring, no doubt with half an eye on which potential partners they might court for cooperation – or more – when the market recovers. Conversely, foreign firms themselves are being tested by a harsh environment that was not anticipated when their India strategies were formulated.

Leader 0904Many invested heavily in the country, often through the establishment of large teams of India experts in New York, London, Singapore or Hong Kong. But as our Cover story reveals (Going the distance), the financial crisis is calling the viability of such strategies into question. In the face of dwindling workloads, do foreign law firms have the stamina to stay the course in India? How will they reconcile their long-term commitment to the country with the pressing need to cut costs and remove excess capacity? The answers to these questions will play a significant part in framing the architecture of India’s future legal services market.

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