Every international financial indicator is predicting a strong outlook for India’s economic growth. By 2030, India is expected to hit a nearly USD 10 trillion dollar GDP from USD 3 trillion and the average income of an Indian is to triple from USD 2000 to almost 6000.
This is incredible growth.
Nothing will be the same again.
Can you imagine how much more prosperous we would be if every Indian had three times more money, resources and quality of life?
This will create a huge demand for corporate lawyers as client industries will grow rapidly.
Do you remember the early 2000s, and the massive socio-economic change that happened in India? In case you need reminding, cities came up almost overnight, public infrastructure improved, and way more people began to be educated, only because our economy shifted gears and began growing at 7-8 percent on average.
This also led to a massive consumption boom as a new middle class came up, and tens of millions of families emerged from dire poverty.
Well, even bigger growth is on the cards in the next 10 years or so. Which makes this the most exciting decade for corporate lawyers, who will ride that growth.
Which are among the sectors that will witness the most rapid growth? If business projections are to be believed, they are:
1. Manufacturing
2. Digital media and e-commerce
3. Edtech, healthcare, biotech, online gaming, OTT platforms, agritech, insurance, fintech
4. Startups
There was a time when wealth was concentrated with land owners, of those who owned assets like mines, or distribution channels like retail store chains, media houses, and factories.
So lawyers who dealt with disputes involving ownership, distribution of proceeds, or governance were heavily in demand.
Now, the primary vehicle of wealth creation is a startup disrupting an industry using technology. The actors are different. Three smart engineers or MBAs can launch the next world changing software from a hostel dorm, and set up a company that will issue an IPO in 10 years and establish a global presence.
Indian startups are growing at an incredible pace. Huge PE and VC investments have been raised in 2020, 2021 and even 2022, despite a temporary decline in investments.
None of these transactions happen without law firms
Even after transactions are complete, there is work related to contracts, compliance, tax, and of course, corporate disputes.
Do you see why this will be an unprecedented decade for law firms and lawyers who work for these law firms?
You need to know that law firms grow when their client industries grow. There is an increase in deals — for investments, financing, contracts for supply of products and services, and other kinds of deals.
There is an increase in compliance work. More tax work as companies earn more. More companies for which IP needs to be protected. More licensing deals. More M&A work. More IPOs. Real estate work is growing too.
And with digitisation the new normal post-pandemic, more Indian businesses are going formal.
Who will work on all these deals? Corporate lawyers, of course.
If small and medium businesses (whose income runs into crores) are now paying taxes thanks to digitisation of transactions, they will also now want to benefit from corporate entities, formal finance from banks and NBFCs, and the certainty of business contracts.
All great news for lawyers. India’s legal landscape is on the verge of a transformation.
The market for legal services (non-litigation in particular) is about to boom big time.
There are 600,000 MSMEs registered on the GoI’s GeM portal alone. This is a small indicator of the number of SMEs in India. The total number of MSMEs is 6.3 crore, about half of them in urban areas.
Not enough Indian lawyers today have the skills needed to serve this new avalanche of clients.
How will you ensure that you don’t miss out on this wave?
Do these fast growing industries not need lawyers? Do these small and medium businesses not need lawyers? Of course they do.
There was never a better time in history to work in a law firm. And law firms are noticing the opportunity and expanding to smaller cities as well.
But are you ready for these changes in the economy? Are you going to benefit from it or only see others take advantage of this boom while you sit on the sidelines and miss out on this incredible growth opportunity?
College, university, seniors advise you based on what things used to be. Not on future changes. They will give you no advice about how to take advantage of the boom ahead!
Demand for trained corporate legal professionals is about to soar in the market. However, will you be in a position to take advantage of this growing demand?
Will you be ready to serve the needs of big companies? What about fast growing internet startups?
What kind of legal work do you think the newly formalised MSMEs require? Do you feel that this is a significant opportunity for young lawyers graduating from law school?
Will you be in a position to benefit from the boom in such markets?
That depends on how you are going to be prepared for what is coming.
And one of the easiest ways to prepare is to give us just nine hours of your time over three days by joining our FREE, online, LIVE only bootcamp on How to get a law firm job, from July 1-3, 2023, 7.00-10.00 pm IST daily.
We will show you not only how to prepare for the boom, but to keep expanding on your initial success.
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