How has the economic crisis affected the practice of corporate law and the business of law firms?
The economic meltdown has affected law firms… There is a significantly lower deal volume now. Most corporate lawyers rely on volumes of deals and the combination of all these factors means that there is much less activity going on than there used to be. That is a big impact on our business and that of any of the major Indian law firms as well. These are just inevitable consequences of the slowdown in activity that has impacted the real world. Legal view: Jonathan Brayne, a partner at Allen and Overy and chairman of its India practice.Are clients asking top law firms to reduce fees? We’re always competitive but in today’s markets, with most clients cutting their budget, we are making sure they get value. Part of it is to help them by providing cost-effective solutions like offering online legal services. For instance, there are some areas of legal advice that banks and companies have to ask for routinely. Different parts of the banks at different locations are asking the same question
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