Indian competition law regime has grown considerably ever since the Competition Act became operational in 2009. In this article, Sarang Khanna, Researcher and Analyst at iPleaders, writes about the current trends and increasing opportunities in Competition Law in India.
The Monopolies and Restrictive Trade Practices (MRTP) Act was introduced in India in 1969 to combat unfair trade practices and to promote a competitive and fair business environment in the country. It was the first competition related legislation in the country, and laid down rules and regulation and reformatory practices in the business world.
Although, due to some limitations in the legislation, the Act was replaced by a more comprehensive Competition Act of 2002. This new Act penalizes corporations for offences, keeps public interest at the forefront, and ensures that freedom and fairness of business is maintained in the Indian economy.
However, according to a report by Ernst & Young India, more than 80% of Indian enterprises are unaware of competition law and its practice in the country. Although most multinational corporations are aware and have undertaken measures to comply with the competition law infrastructure. In another analysis by Nishith Desai Associates, it was revealed by the Competition Commission’s official website, that as of 2015, there were approximately 590 cases pending with the CCI, 83% of which were cases where someone approached the CCI themselves to notify wrongdoings, while in almost 5% cases the commission took cognizance on its own.
It is clear from the above statistics, that the awareness and practice of competition laws is increasing swiftly, and that there is also a vigilantism in the community to curb all non competitive practices in the country. Of course, competition law also has extra-territorial application. The conduct of overseas players can distort the competition practices in the domestic market as well, and for this reason, in a fairly short span of time, the practice of competition law has swiftly become the most coveted practice among the various different fields of law.
The involvement of big conglomerates generates big money at stake, and also naturally generates interest from the legal field. This comparatively new area of practice has seen the mushrooming of various work around it, and it is certainly a field that every lawyer and law student wishes to explore. It takes specific practice and complete in-depth knowledge to establish a footing in this industry, and with not much literature in law colleges concerning competition law, online courses like this are known to help young lawyers and students carve a path for themselves here.
To understand more about the nature of work that the practice of competition law involves, we must first look at the firms and organizations that are mainly involved in the sector. When it comes to working in this field, one can choose from various options based on their interest and more importantly experience. The following are the options one must keep in consideration to establish a footing in this area of work.
Tier 1 Law Firms –
Mainly all top tier law firms have a dedicated competition law team that looks after important issues that are vital in the workings of any business. Extensive projects related to Mergers and Acquisitions and other crucial competition aspects for multi-billion dollar companies are all handled by one of the few Tier 1 law firms in the country. Some notable names being, of course, Cyril Amarchand Mangaldas, AZB, Trilegal and Shardul Amarchand who have established a robust competition law practice in the recent times.
These firms have highly experienced and specialized teams and hence it is understandably extremely tough for a fresher in the field to start their competition law journey with them. Relevant experience of a few years and an LLM in the field are a bare minimum to be a part of these teams. Once there, the salaries are unquestionably higher than the usual standard.
Boutique Firms and Individual Practitioners –
While the high end tasks involving M&A etc are mostly handled by the top tier firms, there are many other equally significant works that boutique firms and individual lawyers handle for their clients. This ranges from all the compliance work, to policy framing, to handling allegations related to competition breaches like abuse of dominance, cartelization, etc.
These issues involve the litigation aspect of competition law and are a great start for all lawyers looking to understand the practice and establish their own. Since India has borrowed her competition jurisprudence from various other jurisdictions like the USA, EU, etc., its practice is still new and constantly evolving.
This makes it a must for everyone to gain an insight in the litigation end of this field of law, and boutique firms can be the appropriate start for them. Freshers as well as lawyers trying to make a transition should definitely consider starting here, for a much required and clear understanding of this niche area of law.
Think Tanks and Research Institutes –
Doing some credible work behind the scenes are also some think tanks and research institutes in the country that work to make competition laws more accessible and understandable. With the growing emphasis on specialization in this field of work, they can prove to be a great start for any budding lawyer.
CUTS Institute of Regulation and Competition (CIRC) is a well known think tank that indulges in meaningful research pertaining to consumer and corporate interest both. These think tanks work at an interesting intersection of competition and IP laws which is an added advantage in understanding the working with a different perspective. Another big research institute is the Jindal Institute on IP and Competition (JIRICO) established at the OP Jindal Global University. Doing some noteworthy work in the field, they also operate on the cusp of IP and competition. Use and distribution of patents has tricky implications in competition law and JIRICO is known to do some plausible research in the same.
Think tanks have regular vacancies for people willing to indulge in research in the area, and are the perfect place for in-depth understanding. Experience in these renowned institutes is also beneficial for Post Graduation, LL.M, and better job prospects in the field. This will provide one with professional as well academic edge. Starting salaries are also commensurate with the standard.
Government Bodies –
Competition Commission of India (CCI) is the regulatory authority of competition law field in India and has regular vacancies for people with different degrees of experience. Jobs at CCI include both research related and litigation related positions and the salary and working hours are both extremely comfortable. Working here is sure to give a strong understanding of all aspects of competition laws such as antitrust, anti-competitive, etc. along with on the ground practice.
Experience at CCI is obviously one of its kind and goes a long way in establishing anyone’s career in this field. Also, after the Competition Appellate Tribunal (COMPAT) was dissolved in 2017, the appeals of all competition matter are now directed to the National Company Law Appellate Tribunal (NCLAT), which is another body that has vacancies of law graduates with diverse experiences. An opportunity to work at either of these government bodies is sure to give a good foundation to anyone’s law career in this field.
Amidst these various options to work in the competition law sector in India, there is an evident lack of good courses tailored for this field, in our country. There are no specialized LLMs for competition lawyers in India yet, and hence people have to look abroad to gain a degree. For the same reasons, online education for competition law has gained immense importance and respect, and is filling the gap in the country with respect to competition law literature.
While there are solely competition law specific LLMs in various universities aboard, one can also opt to do a specialization in trade laws or IP laws and still have a flourishing career in competition, if one so desires. We hope that the limited knowledge of competition law in the country, does not restrict you from establishing yourself in this highly coveted field of work.
All the best!
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