The Indian market is second only to China in its economic growth rate, and law firms are beginning to take notice. However, because foreign firms cannot practice or set up offices in India, many conduct their business from Singapore, London, or elsewhere. The booming economy is generating tons of work for U.S. firms, ranging from international public offerings to overseas acquisitions. New York firms such as Davis Polk & Wardwell; Cleary Gottlieb Steen & Hamilton; and Shearman & Sterling dominate the market in high end securities work. Wilson Sonsini Goodrich & Rosati; Fenwick & West; and Pillsbury Winthrop Shaw Pittman are particularly strong in tech work. One issue for U.S. firms is that Indian clients often try to cap costs, pushing down normal firm billing rates.
Source: www.law.com