The Significance of Globalization and Cross-Border Mergers and Acquisitions on the Indian Corporate Legal Profession
Description
The phenomenon of globalization post-1991 gave rise to constant interaction between international law firms and international clientele, there has been a movement of knowledge, systems, and practice to Indian law firms such that they are able to undertake a larger role in cross-border transactions, notably, Mergers and Acquisitions (M&A). This involves the merger of two-companies across borders, or the acquisition by one of the businesses or the control of another. Though a substantial part of the flow of the capital, goods and services in the twentieth century was from the developed world into emerging markets, the contrary vogue has lately become quite leading as well. This owing to a fact that law firms in the participating jurisdictions are called upon perpetually to advise. Hence, the impact of globalization on the legal profession has been an interesting subject matter of academic study. This research article with reference to India in the backdrop of cross-border M&A, which is the most typical transaction that utterly exemplifies the various facets of globalization. Although the cross-border market for M&A is relatively nascent in India, there is a paucity of widespread availability of these skills and the required sophistication, which bring about the consequential pressure on big lawyers within the Indian corporate legal profession.