Global law firm Baker & McKenzie keen to open India office
Global law firm Baker & McKenzie has said it is eager to open an office in India once the rules permit it to do so.
The firm has been associated with the country for about 50 years and has been advising Indian companies on their global operations and investments.
"We advise a great deal of Indian corporates interested in doing business abroad but right now we can not open an office in India because of regulatory hurdles," Baker & McKenzie Global chairman Eduardo Leite told agencies.
The present regulatory provisions do not allow a foreign law firm to open office or practice law in India.
"If it were legally possible we will surely open an office and we would have been here right from the first day as India is a very important market for both our clients from India who do business outside and for our clients that bring investments to India," Leite said.
"For the last 50 years, we have a relationship with India. We would like to continue this relationship but we are also very respectful of the laws and regulations of the country," he said.
Without divulging any names, Leite said that majority of the top corporates in India are their clients. The firm mainly advises on cross-border M&A, private equity, project development and financing, and other general corporate work.
On whether they would prefer a partnership while opening an office once the rules are relaxed, Leite said, "We would reach an association with a local firm."
As foreign law firms can not practice in India, they generally operate their 'India group' from other destinations such as Hong Kong, Singapore, London and New York among others.
Baker & McKenzie - Asia Pacific Regional Council chairman Jeremy D Pitts said though there is a provision in the advocacy act which says that if an Indian lawyer is allowed to practice in a foreign country, then a lawyer from that country can practice in India.
But the Bar Council had so far maintained that they are not satisfied with the reciprocity in any country, whether it is legal reciprocity or economic reciprocity, Pitts said.
Baker & McKenzie has as many as 70 offices in over 40 countries including both emerging and developed markets. Among the BRIC -- Brazil, Russia, India and China it has presence in all the countries except India.
According to Acritas, an independent research firm, Baker & McKenzie serves more than half the world's largest public companies, based on the Forbes Global 2000, including nearly all of the 100 largest and more than 75 per cent of the top 500.
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