The 2023 Scorecard And 2024's Forecast: Lawyers' Take
The Indian economy hit a homerun in 2023, clocking in a US$3.73 trillion GDP and leaving the global average in the dust! But with eyes on a US$5 trillion economy by 2027, it's time to pop the hood and see what's making this engine rev. Inflation, unemployment, investments, different sectors' performances, and especially sustainability (as Observer Research Foundation tells us) are all key metrics to watch. Keeping a critical eye on the road ahead, BW Legal World gathered insights from legal professionals on December 30, 2023 to learn how they scored the performance of the legal sector and what’s to come in 2024. A diverse panel of four legal luminaries convened to assess the year's triumphs and tribulations, offering insights into both the boom and the bust.
Key Highlights:
Economic Boom: Sudhir Mishra, Managing Partner, Trust Legal Advocates & Consultants, painted a picture of a thriving legal sector fueled by M&As, IPOs, and ESG integration. He believes we're on the cusp of a golden age for Indian law firms. India is aggressively positioning itself as a global arbitration hub, with judgments getting in sync with international arbitration trends, and infrastructure rapidly improving.
He further shed light on the India-UK trade negotiations — a potential game-changer in terms of deeper collaborations, joint ventures, knowledge sharing, and even direct presence of global firms in India.
Virtual Hearings: Neeha Nagpal, Founder, NM Law Chambers emphasised the importance of 2023 as a year of "stability post-pandemic." After years of virtual hearings and disruptions, returning to physical courtrooms offered renewed opportunities for collaboration, discussion, and understanding the judge's perspective. The post-pandemic economic boom led to a significant increase in commercial disputes, tender-related matters, and insolvency cases. While virtual hearings allowed for increased case attendance across jurisdictions, they also brought new level of accountability for lawyers as clients were also tuned into matter hearings. Neeha anticipates 2024 to be even more dynamic, particularly in white-collar crime and insolvency due to the implementation of the new criminal code and framework development around personal insolvency provisions.
Backlog Blues: Manish Lamba, General Counsel, DLF Cyber City Developers Ltd. wholeheartedly lauded the efforts of various sectors of the country who have been part of India Inc’s progress. However, he also raised concerns about the alarming rise in court backlog with hard-hitting statistics. He pointed out that the case disposal rate is not keeping pace with the influx of matters each year, leading to ever-growing pendency. Commercial courts in Delhi also showcase this stagnation, with case numbers increasing instead of decreasing calling for effective legal reforms and modernization to keep pace with the nation's growth.
The panelist also highlighted a notable 2023 Supreme Court decision, Yashpal Jain vs Sushila Devi, underscoring its significance in addressing the pervasive issue of judicial delays in India.
The judgment pointed out specific reasons for delays in civil trials, such as:
Additionally, the judgment criticized the courts' over-tolerant nature in granting adjournments, which often halts the judicial process. This tolerance, it was argued, leads to ridicule of the system, not just by litigants but also by the general public, instilling a fear of delays that might occur during dispute resolution. It was also pointed out that the maximum pendency is caused at the stage of hearing and evidence.
An excerpt from the judgment reads:
"In the hallowed halls of justice, where the rights and liberties of every citizen are protected, we find ourselves at a critical juncture. Our Judiciary, the cornerstone of our democratic system, stands as the beacon of hope for those who seek remedy. Yet, it is a solemn truth that we must confront with unwavering resolve—the spectre of delay and pendency has cast a long shadow upon the very dispensation of justice. In this sacred realm, where the scales of justice are meant to balance with precision, the backlog of cases and the interminable delays have reached a disconcerting crescendo. The relentless march of time, while it may heal wounds for some, it deepens the chasm of despair for litigants who await the enforcement of their rights. Hence, It is here, in the chambers of jurisprudence, that we must heed the clarion call of reform with unwavering urgency."
Technological and Talent Boom: Arvind Nayar, Senior Advocate, highlighted the positive impact of technology. He lauded e-courts, virtual hearings, and the accessibility they bring to justice. He also commended the rising professionalism and talent of young lawyers, witnessing "exceptional quality" in junior associates' courtroom performances.
In a nutshell, while economic prosperity fueled legal activity, the system itself wrestled with internal challenges. As we step into 2024, the question remains: can the legal system embrace the dynamism of the economy? The panel's diverse perspectives offer no easy answers, but they underscore the need for introspection, innovation, and a commitment to justice for all.
Panel Discussion Link: https://www.youtube.com/watch?v=vtGR8uTJaGs
