Indian legal system is one of the oldest in the history of mankind. Institutions of law like courts, judges and lawyers have been functioning in tandem for the judicial machinery since centuries now. They have formulated a set of stringent and restrictive regulatory framework in a dynamic manner to suit the changing societal behavior. Over the years, the consumers’ interests have reigned and called the shots in the market; calling for a change in the redressal system as well. The current legal system has imbibed the trend and has accepted "legal services" as a "service" to the consumers to sort out their domestic and commercial litigation issues. Legal services are now increasingly becoming the norm when it comes to trade related laws giving space to consumerism and market.
No profession is left untouched by the wave of globalization, not even the "monotonous" legal system. The increased participation of international and national parties in trade and economy has quantitatively and qualitatively influenced legal services in India. A revolution in the industry be it the corporate arena or finance and investments, has brought about a need of professional services in the legal services sector. Law firms and individual lawyers are now increasingly engaged in drafting of contracts, project finance, execution of contracts, finalizing investments, guiding joint ventures and transfer contracts.
More transactions means more chances of defaulting and erring (inadvertently or knowingly) and in turn, increase in the demand for disposition of disputes. Thus legal services is an inevitable fact in today’s scenario and in the times to come.
Legal Services in India
Legal services sector is a completely new concept in India and is fairly distinct from any other professional services sector. Though the legal services sector caters to a modern society with varying demands, its base is very conventional. The foundation of legal services is derived from the statutes supported by the existent statutory bodies and a conventional and traditional mindset. It can not unbind itself from the shackles of constitutional constraints and rightly so. This is much required to maintain an order in the society and safeguard common interests of the population. But at the same time it has to match steps with the global demands and trends. Thus maintaining a balance between both "need" and "abilities" is the key to watch out for.
India is crowded with legal services providers in all trade sectors but there is still much scope of growth and development; especially in the real estate sector.
Real estate and legal services
Real estate scene in India is undoubtedly on the surge. Increased activities in all three segments of real estate sector: retail, residential and commercial, are an indicator of how heated up the realty market is. High returns on lucrative investments options are inviting builders and developers from across the world even while there is a scrabble between investors within the country. As is the universal rule, wherever there is increased activity, there is bound to be an increase in risk factors as well.
Real estate transactions require extensive transactional documentation, verification and authentication. One has to deal with dissimilar and complex legalities of getting permissions and permits from a number of concerned departments. A transaction involves a transfer of ownership and reclassification of property from one category to another. These time draining and laborious exercises inevitably need professional legal assistance. Erring on one account can give rise to litigation issues.
In India, the legal services scene is getting hotter by the day and in the next couple of years, it should be able to meet the huge demand that Indian trade offers, especially real estate.