During this unforeseen, unexpected and unprecedented time every day is a new day with many unexpected things happening around. Every moment demands a quick turnaround and a radically simplified solution of the issues in hands. To my mind the pressing task before a GC is the ability to understand the issue and a quick turnaround with workable, acceptable and risk-free solution. Hardest irony is that no one knows what is going to happen next and what could be the possible way of addressing it. A GC must be in a position to have full control of his senses and respond with accountability as we are passing through a huge demanding phase. It’s time for GC to be extra vigilant in all deliverables.
COVID-19 has changed the lives of everyone and so GC community is also one of them. Corporate houses are also reeling under the same state of affairs on account of the business disruption due to COVD-19. Boards expectations from the GC are varied which ranges from the quick advice on the ever-changing Govt. announcements from time to time, ensuring compliances and most importantly playing an important role as enabler in the current limited scope of resumption of the business. One of the Important expectations are to deal with the excuses in the garb of force-majeure and inability to perform the contractual obligations. A rationale approach has to be taken while dealing with such excuses be it is from the vendor sided or from the corporate side.
After having experienced the flavour of lockdown and stoppage of the wheels of economic activities the time has come to think about the bounce back. However, the bounce back will also have to embrace lot of restrictions. It is not going to be so simple and the circumstances will be volatile yet the business has to pick up for sustainability first and then the phase of viability will start. A fresh start is on the cards and we should be on our toes to really start running. Three priorities which I see at the moment are:
Aid of technology has been the strong pillar in the normal business arena and the legal sphere is also not far from it. We see a huge business surge in the digital space. In legal sphere, we are experiencing a rapid and increasing demand to be digital. Virtual courts are the example but this is not sufficient and making the whole justice dispensation system techsavvy is the biggest challenge before us. However, I still feel the aid of technology is rapidly entering into the legal field and continuous innovation and augmentation is the biggest ask in the current scenario in order to make the legal service seamless.
Multiple regulatory regimes are the biggest stumbling block in doing business. However, the legislature is aware of these bottle neck and lot of work has been done by the Govt. of India in order to help the business and attracting foreign investments in the country. Make in India, start-up support, work in the IPR area, ‘vocal for local’ and “atma nirbhar” campaign and various other liberal policies are the few examples in promoting the ease of doing business. Still corrections are required in the applicability of multiple regulations. Business can certainly flourish in a minimal and friendly regulation regime.
Things are fast changing every day in the current situation. Consumer sentiment and behaviour are also changing and so is the business models. In the past few months since the pandemic started the businesses have started thinking about the migration and expansions in the digital space as this is the most viable business model going forward. Digital surge has started assuming a most significant space amongst all the business models. India Inc. is also fast transitioning into this sphere and the volume of business is proportionately increasing in the digital space as compared to brick and mortar as far as the retail industry is concerned. The human resource also needs to be diverted towards this space as the foot falls in the brick and mortar is certainly going to be impacted significantly. Consumer sentiment is going to be the biggest driver in times to come and meeting up the consumer expectations will be the biggest challenge.
One of the important topics in the legal studies have been global-local and vice versa. With the blurring of the boundaries of the nation states and increasing international commercial trades, what is global today is local and what is local today is global. Therefore, it’s high time that we understand this with clear objectives. Historically, various trade treaties have been facilitating this but time has come when it will accelerate and we should be ready to embrace it with open arms. Therefore, I don’t see any downside in enriching the legal profession by allowing the foreign law firms in India in order to make this service at par with the global standards. I am not there to advocate this change as competent bodies will take a suitable call on this but learning should never stop and there is no limit to it. All good things can be accepted while safeguarding the interest of the home-grown legal professionals.
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