Frustration is understandable considering current levels of Indian M&A activity, India's attraction is clear. Restrictions within the market aren't confined to the magic circle. Bar Council of India prevents domestic firms from advertising and limits them to 20 partners.

Countdown to deregulation

Entry will be granted, estimates suggest 3 more years. Justice Minister, Bridget Prentice warns India, make the move sooner not later, "Most people in India who are interested in this recognise that it's a matter of when not if. We would say, 'You can do this in three to five years. Don't go down the Japanese route of taking 20 years'."

Managing Partner of Clifford Chance, David Childs is confident, his new Mumbai based business support centre will employ 10% of global support staff - 300 people - by April 09. Looking to increase Asia billing he says, "In four years time, Asia will certainly become very important to us, particularly India - and there is no doubt we will be in India."

Legal-loopholes

Larger firms have found a legal-loophole through client referral arrangements - Allen & Overy with TriLegal Partners, Jones Day with P&A Law, and Linklaters with Talwar Thakore & Associates - more are planned.

Specialist Indian teams - the Clifford Chance and Baker & McKenzie teams number 180+ - fly in to represent firms from hotel rooms and business centres, deals are being done. Alison Hook, Head of International Development at Law Society of England & Wales estimates £35 million worth of international legal work in India since 2004.

External pressure mounts

Law Society represents the powerful firms; unsurprisingly they encourage India to open its door. Hook warns if they delay India will be bypassed for Singapore or Dubai, from where India would be serviced remotely.

Lobbying has begun, July saw Law Society host a lunch and conference - jointly sponsored by Indian firm Singhania & Co - to honour Indian Law Minister Shri H.R. Bhardwaj, who stressed the closeness of Indian and British legal communities.

Inward trade missions invite top-50 Indian firms to take part in 'match-making' events. 15-20 Indian firms visited London, Cambridge, Birmingham and Leeds this month, to network with likeminded British firms.

Case closed

While courting is underway, smaller Indian firms feel rejected and object to international competition, arguing new entrants will damage the industry. The British Indian Lawyers Association takes issue with the fact Indian lawyers will not be able to practice in the UK.

Ultimately Indian big business will have its way, they want international expertise. Pressure increases and the end game becomes clear, referral arrangements will become mergers and existing specialist teams will parachute in to head up new India operations.