Corporate law: Today the fast growing trade and industry is witnessing multidimensional changes in all the spheres and the law is the field which has affected each and is affected by each. The pace of the development demands certain regulations and such a need gets satisfy through the corporate laws. The corporate law redefines the legal profession and the small but a number of the advocate’s cabins in the courts have shrunken into the big corporate offices. The global development forecasts the number of threat and opportunities in the corporate laws in the time ahead. The sound corporate practice is required for the India’s 9% growth. The forthcoming time is of corporate law and the scarcity of the corporate lawyer in India will make it a booming sector. The industrial development which has changed the definition of the law is due to the emergence of the unprecedented nature of disputes that emerges between the parties which has led to the rejuvenation of the law.
Legal
Outsourcing:
It is the facilitation of foreign law firms being done by Indian
advocates. Foreign law firms have found a way by doing work in time
in a disciplined manner at a very low cost. It started of with a
very low oriented legal work in India but now the market is
increasing at a great pace.
The legal industry across the globe is gradually turning
towards outsourcing for gaining efficiencies and staying profitable
in a highly competitive marketplace. The paradigm has shifted to
foreign law firms to Indian advocates who can provide full time
legal assistance may it be patent drafting, legal transcriptions,
drafted legal research, drafting of legal documents plaints or
written statements, power of attorneys, wills, codicils,
pre litigation documents or contracts or agreements .
Arbitration law
Alternative Dispute Resolution is an attempt to devise machinery which
should be capable of providing an alternative to the conventional
methods of resolving disputes. An alternative means the privilege of
choosing one of two things or courses offered at one’s choice. It
does not mean the choice of an alternative court but something which
is an alternative to court procedures.
Arbitration can only be done between the parties :
1. Whenever it is reasonable for them to do so settle their disputes
before resorting to the courts,
2. Where it is not possible to resolve a dispute or an issue prior
to proceedings, then they should do so at as early a stage in the
proceedings as it possible.
In simple words, where there exists an appropriate alternative
dispute resolution mechanism which is capable of resolving a dispute
more economically and efficiently than courts proceedings, then the
parties should be encouraged not to commence or pursue proceedings
in courts until after they have made use of that mechanism.”
Human conflicts are inevitable. Disputes are equally inevitable. It
is difficult to imagine a human society without conflict of
interests. Disputes must be resolved at minimum possible cost both
in term of money and time, so that more time and more resources are
spared for constructive pursuits.
For resolution of disputes there is a legal system in every human
society. Every injured person is supposed to go to courts for his
redressal. All the legal systems are trying to attain the legal
ideal that wherever there is a wrong there must be a remedy so that
nobody shall have to take law into his own hands