Despite the challenging times witnessed by the legal industry since the outbreak of the pandemic, smaller law firms have punched above their weight in terms of work handled and services delivered. In its annual list, ALB is spotlighting 25 such firms which have overcome obstacles and continue to make an impact on the market. The list is in alphabetical order and some firms have been profiled
Compared to some years ago when the Indian legal market was dominated by big names, we are now seeing the emergence of cutting-edge boutique law firms that are rivalling the former expertise and client service. Leaders from three such firms speak to ALB about their firms’ strategies, the impact of the pandemic and their future plans.
In India’s 2021 budget, Finance Minister Nirmala Sitharaman proposed merging the four acts that presently govern capital markets and securities, namely the Securities and Exchange Board of India Act, 1992 (SEBI Act), the Depositories Act, 1996 (Depositories Act), Securities Contracts (Regulation) Act, 1956 (SCRA) and Government Securities Act, 2007 (Government Securities Act), to form a single securities markets code.
Law firm The Law Point recently launched a consulting arm called the Consulting Point, intending to create a space in the alternate legal services provider (ALSP) market in India. Poornima Advani, managing partner, The Law Practice, talks to ALB about the ALSP market right now, and her plans to grow the Consulting Point.
The COVID-19 pandemic has ensured that working from home is here to stay across the APAC region. However, this has also led to an increase in risk for white-collar crime, and lawyers say that companies need to be extra vigilant when it comes to compliance, and intensify their due diligence and training accordingly.
The COVID-19 pandemic has battered economies across the Asian region, and governments are currently scrambling to get back on the growth track. One way is via a substantial increase in infrastructure investment, but with the public purse stretched thin, funds are being sought from private investors as well as other governments.
With COVID-19 travel restrictions expected to hold firm for the next few months at least, lawyers are continuing to rely on remote working practices. In the field of arbitration, this adjustment has been rather smooth, as the pandemic accelerates trends already in process, but Francis Xavier SC, regional head of the dispute resolution group at Rajah & Tann and the immediate past president of the Chartered Institute of Arbitrators (CIArb), says that this also comes with risks.
Special purpose acquisition vehicles (SPACs) have been around since the 1990s, but it’s only in the past few months that they have really exploded in the public imagination. As companies with no commercial operations that are formed strictly to raise capital through an initial public offering to acquire an existing company, SPACs have helped to fuel $63 billion of IPO fundraising worldwide in January this year.
With the Panama and Paradise Papers scandals still fresh in the memory, a recently released OECD report has warned that lawyers, accountants and other professionals continue to play a “key role” in cross-border ﬁnancial crime as “professional enablers.”