The Legal Import
WHAT ARE THE OPPORTUNITIES FOR THOSE STUDYING LAW IN THE CHANGING MARKET DYNAMICS
It is believed that a degree in law is for those who do not get bogged down by courtroom battles and incessant debates in black robes. But that’s not the reality. The spectrum of law extends beyond crime and punishment and touches upon every aspect of life.
A SAFE BET FOR FUTURE LAWYERS
India’s legal profession is the world’s second largest with more than six lakh lawyers in over 500 legal practices. India and other Asian countries have become attractive destinations for North American and European law firms and are emerging as important investment opportunities for global law firms and traditionally-run firms. The Indian legal industry is on the brink of change as clear distinction is emerging between the firm’s management and ownership. Firms of the future are expected to be process-driven and professionally managed with active participation from non-lawyers and their focus now will be on achieving real strategic growth as opposed to only maintenance of clients. Also, large and mid-sized law firms may ‘percolate’ to smaller centres to cater to the demands of litigants. The ‘first-generation lawyers’ are also on the rise, thereby ending the tradition of law as a family-run profession. And expertise is flourishing in practical areas such as arbitration and alternative dispute resolution (ADR), competition law and environmental law to name a few. Law firms are also investing in technology to strengthen their knowledge management processes.
DEMAND IN ENERGY, MEDIA SECTORS
In the energy sector, it is essential to have legal experts who could lay frameworks and guidelines to ensure smooth generation and supply. With technology providing the impetus for growth and development, the media and entertainment industry have emerged as a lucrative industry for foreign players and investment giants. As a result, the sector involves the formation of new alliances, signing of pacts to ensure reservation of rights to intellectual property, creating a demand for services of legal experts.
NEW SPECIALISATIONS
Digitisation has exposed the IT sector to fraudulent activities such as hacking, denial of service attacks and other kinds of cyber crimes. There is need for qualified legal experts such as cyber lawyers, cyber consultants and cyber advisors to tackle litigation and challenges arising in the IT profession. Additionally, deals, transactions, and mergers and acquisitions (M&As) in the corporate sector follow a legitimate framework. Corporate lawyers and legal advisors are needed to deal with issues such as taxation, patents, white collar crimes, global economics, securities, accounting, and business contracts.
LEGAL MEETS HEALTHCARE
The healthcare sector also has its own demand for skilled legal experts to deal with the challenging world of mergers and acquisitions. Experts who are specialised in taking responsibilities pertaining to assessing risk, shaping policy, leading government relations and other initiatives are always in high demand. Lawyers who understand the complexities of medical and healthcare sector are therefore needed to handle issues related to compliance, product liability, professional negligence and bioethics.