In the past few years, India has witnessed a boom in corporate culture and started making a shift from a traditional family-run business to corporate structures. However, India’s corporate law firm sector is still in its nascent stage and includes a mix of sole proprietorships and firms of several hundred lawyers and dozens of partners. Even though young, this sector has seen tremendous growth. Corporate Law firms in India now have started using Artificial Intelligence enabled legal software to provide timely and effective services to the clients.
Mostly, law firms aim to empower business by providing solutions as reliable advisors through responsiveness, excellence, innovation, and collaboration. The firms that practice in mergers & acquisitions, private equity, competition law, insolvency & bankruptcy, debt recovery, dispute resolution, capital markets, and projects & infrastructure, with the highly skilled IBC lawyers and DRT lawyers, covers a complete range of scenarios involving Insolvency & Bankruptcy and legal recovery respectively. They also provide complete solutions in terms of debt recovery, financial restructuring, insolvency, corporate reorganization and restructuring, creditors’ rights, and contingent preparedness against any peripheral litigation.
There are firms whose practice includes banking & finance, capital markets, litigation & dispute resolution, projects, competition law, employment, financial services regulatory, debt recovery, investment funds, intellectual property, private clients, real estate, tax, investigations, and TMT (Technology, Media, and Telecommunications) have a vast client base comprising of domestic and foreign commercial enterprises, technology companies, financial institutions, private equity funds, venture capital funds, start-ups, and government and regulatory bodies. Generally, such firms have also adopted Artificial Intelligence by signing agreements with foreign-based machine learning software provider. This legal software uses artificial intelligence to identify, analyze, and extract clauses and other information from contracts and other types of legal documents. This legal software can also be used as a loan recovery software/collection software as it can effectively extract information from loan agreements for debt recovery.
The aim of any firm is to provide reliable, practical, and full-service advice to clients ranging from all sectors and to deliver creative and goal-oriented solutions to the problem and providing their timely execution. The areas involving corporate, aviation, dispute resolution, private equity, antitrust, capital markets, banking and finance, funds, real estate, insurance, intellectual property, restructuring and insolvency, employment, tax, Information Technology, e-commerce, alternative investment funds, ethics, and compliance have a specialized team of IBC lawyers, NCLT lawyers, and DRT lawyers. These firms also have the expertise to advise borrowers and lenders in matters of loan recovery in diverse loan transactions.
Many firms rise up with the aim to provide efficient and courteous service, to act with fairness, integrity, and diligence, to be socially responsible, and to enjoy life. More than 100 years of practice in Indian law has lent the firms’ rich experience to offer end-to-end legal solutions, in diverse practice areas, for clients across the globe. The common practice areas involve Banking and finance, Capital markets, Competition/antitrust, Corporate/commercial and M&A, Dispute resolution, Energy, infrastructure and resources, Environment, Intellectual property, Labor and employment, Private equity, Real estate, Taxation, Technology, media and telecom, White-collar crime, etc. Some firms use Uberall legal software for increasing productivity and legal practice management. They offer highly skilled NCLT lawyers having expertise in the prevalent area of insolvency, who especially advise lenders on their strategy following the moratorium imposed by the NCLT.
The firms known for seamlessly executing high-value complex transactions and for providing its client top-notch legal solutions provide a recovery lawyers team that counsels financial creditors on securing their debts under the IBC procedure in the NCLT. They have aided numerous multinational corporations to set up their presence in India and helped them understand the complex legal system of the country.
The firms that offer full range legal services across a broad spectrum of practise areas that include Corporate, Mergers and Acquisitions, Financial Services, TMT, Energy and Infrastructure, Disputes, Competition, Capital Markets, Employment, Real Estate, and Tax have specifically Banking and Finance team as a market leader in terms of the experience of the lawyers and the range of our practice. They have specialized teams of IBC lawyers, Recovery Lawyers, etc. On matters pertaining to the legal recovery of debts under various loan facility agreements, the firms have best lawyers that provide legal solutions aiming at the success of their clients in terms of finance as well as they aim to provide the best advice regarding any extra court remedies.
The recent development in the corporate firm sector is a debt recovery agency/firm. In earlier times when the technology market was an untapped sector, a debt recovery agency/firm had only one purpose to recover the money from the respective borrowers through telephonic conversation or through personal meetings. In addition, only a few recovery agencies or firms have had a legal team. But post the phase of digitalization, the debt recovery agencies/ firms have been evolved into a law-tech collection firm, whereby such firms use artificial intelligence in the form of loan recovery software / collection software for debt recovery from the respective borrowers and same goes hand in hand with the legal part of such firm as well. These law-tech collection firms have their own in house legal team, technical team, and collection team. The resultant effect of this alliance of the above sectors is remarkable in terms of work efficiency, goal management, structured monetary benefits, better future planning, cost management, and overall development of these law-tech collection firms.
Conclusion
Corporate law firms in India are touching new highs with every passing day. This top-notch law firms have a vast client base ranging from sole proprietors to Multi-National Companies. They are having enough human resources to handle complex transactions and with the help of legal software, they ensure timely solutions to the client’s problem.
Article By-
Garvish Jain
