B S Jain & Co
Advocates and Associates

ECONOMIC SLOWDOWN AND THE LEGAL COMMUNITY-A PERSPECTIVE.

The economic slowdown may sound intimidating to the man in the share market or the businessman looking for more zeroes to his income. But look- here the old saying is coming true. You can not exploit more than the capacity of the common people. Prices may rise to the sky but if there are no takers there is no price. It is the victory of the common man. It seems like the banks and the realtors will learn their lessons in India hard way. If growth means taking things out of the reach of the common man then who is going to sustain the upswing.

Being a lawyer I ask the question- what can the legal system contribute towards the improvement of the situation. An efficient and effective legal system is actually the base on which any model of economic development rests. So there we are. The challenge before the legal brains in India is to work towards attaining it.

However the change in the economic mood of the world has suddenly made the legal community jittery about the future of the legal profession. The closing down of the businesses have resulted in more people looking for jobs then ever. At the present juncture the legal community in India has to deal with many developments.

One-the entry of the foreign law firms in India.

Two-the impact on the economy on the legal jobs in the companies and the LPOs.

And thirdly the large number of law graduates churning out of the law schools. And above all the legal system has a long way to go to establish credibility, efficacy, accuracy and speed in delivery. The lawyers have much more to do than simply survive. This year is going to be crucial for all the areas of economy including the service sector. However we should realise that although other sectors have come upto the international standards, the legal system only boasts of the acts that were enacted in antiquity. The clarity of law is certainly missing. The jurists have to raise the bar on the scale and provide the requiste legal structure for enduring a stronger social and economic structure and institutions. One thing is worth mentioning here. I travelled to some middle eastern country sometime back where they offered me excllent housing and ecomomic opportunities. I was informed that very big people from India and the film world have also invested there. When I asked about the legal system, then the person was silent and told me that the word and whim of the Shaikh and his fmaily was the law. And you can imagine every thing else as a consequence of this rule. I simply took the flight back with a clear mind of never visiting the place again. What else is lawlessness? I am proud of the fact India has a Constitution and the rule of law. And beyond that it is the duty of its jurists and lawyers to carry the torch ahead. Let us formulate our goals for the new year in this light and also thank those personages who have made their contributions to the legal system and forgive those who have not been evolved enough to appreciate the need of the hour. At the same time we should not forget those who never had any faith in the rule of law and used law as a tool for personal ends. I am sure the lawyers and jurists of the present day would take the responsibility of educating such people.

This is equally true for other sectors of the economy also.

Have a great year ahead.



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