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Legal Business and its Changing Landscape

Understanding the Indian legal system is one of the keys to building a successful business relationship with India. The Indian Constitution enshrines the rule of law as a fundamental principle of government, meaning that the courts have the power to review all administrative actions against standards of legality and that government must be conducted within a framework of rules and principles that limit discretionary powers.

However, the pandemic has impacted all aspects of business, including corporate legal departments worldwide who have been at the forefront of protecting businesses during this unprecedented time. This year's report contains key information to help corporate legal departments and law firms to support them with best-in-class business intelligence, including legal spend benchmarks, ways to optimize for the future, and innovative ways legal departments that can stay ahead of the curve.

In this new legal landscape, competitive differentiation became vital, but more difficult than before. Despite declining demand and revenue, law firms have had to continue to differentiate themselves by providing quality services.

The increase in the pool of in-house lawyers has, in part, coincided with changes in the legal marketplace, particularly in relation to who can provide legal services, how providers can be structured and who regulates them. Many of these changes result from the Legal Services Act 2007, which aim to open up the national legal market to more competition.

Today, multinational companies must address the increase in complex human rights obligations, detect human rights risks in supply chains through due diligence and take action to alleviate those risks or make public disclosures. And so, this topic is relevant to professionals tasked with incorporating sustainability and human rights considerations into their business strategy.

Such a new legal obligation could have a significant impact on the economy. It could require companies to establish and maintain processes to prevent, alleviate, and address adverse impacts on the environment and human rights, which include labour rights and working conditions.

In addition, all sectors of the economy are affected by technological progress and the legal profession is no exception. As digital transformation continues to transform the legal landscape, attorneys' relationships with technology are also changing. And so, by taking the time to proactively adapt to the changes ahead, small businesses can gain a competitive advantage in the evolving legal landscape.

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Top Law Entrance Examinations in India

There are thousands of law schools and law colleges in India. However, admission to the high-ranking colleges and universities is via legal entrance exams. Therefore, students who would like to pursue law courses at top-notch law schools should know at least the top 4 law entrance exams run by these universities.

Common Law Admission Test (CLAT)

The NLU Consortium administers the entrance exam for admission to integrated 5-year and 1-year LLM courses offered by the 22 participating NLUs. The exam is carried out nationwide. Along with the NLUs, the CLAT exam is also accepted by a number of private law schools for admission to undergraduate and graduate degree programs. The entrance exam will be held in pencil paper mode in around 80 test cities in India.

AILET

All India Law Entrance Test is among the top and best law entrance exams in India. This is a college level entrance exam administered by the National Law University of Delhi.

Individuals who pass this Top 20 Law Entrance Examination in India can gain admission to study BA LLB (Hons) five-year course. Students who are aiming for further education or a doctorate in law can also take this exam.

The exam is conducted in an online mode and the duration to answer all questions of the exam is 90 minutes. Applicants seeking this exam for undergraduate law courses must have passed more than two in any discipline.

Students who have passed their undergraduate degree in law can use this exam to apply for admission to postgraduate courses. Individuals who have a law degree can apply for a doctorate degree through this exam.

Law Admission Test (LAT)

It is conducted and accepted by the University of Allahabad, where its subjects of language comprehension, general knowledge and reasoning, mental ability and legal aptitude are covered.

The duration of this entrance exam is 2 hours. Applicants must have a degree in any subject from a recognized university.

The candidate must have achieved at least 45% of the qualification title for the general category, 42% for the OBC category and at least 40% for the SC/ST category.

A candidate appearing for the final year exam of their graduation degree are also eligible for applying for LAT. However, your suitability will only be taken into account if you provide proof of your qualifications for the course at the time of final admission.

Law School Admission Test (LSAT)

The Law School Admissions Test (LSAT) is a standardized test administered by the Law School Admissions Council (LSAC) for prospective law school candidates. It is designed to assess reading comprehension, logical and verbal reasoning skills.

The LSAT is offered 7 times a year. Schedule your LSAT test early enough so that your results are available before the deadline of your first law school application. Keep in mind that many law schools accept students on an on-going basis. So the sooner you can submit a complete application, the better.

An LSAT score is calculated solely based on the number of questions answered correctly, known as the raw score. This means that your total score is not reduced for incorrect answers and does not reflect the percentile of the test takers, unlike, for example, SAT test scores.

 In a nutshell, all those who are planning to take law entrance exams to get into the legal profession will now have a fair idea about some of the top law entrance exams that they can take.

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What is Dematerialisation?

Dematerialization is a procedure whereby physical securities such as share certificates and other documents are converted into an electronic format and held in a demat account. This will help investors simplify the process of demart trading, such as buying, selling and transferring shares of a particular company.

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Steps to convert your Physical Share Certificates into Demat Format

Brokers say a number of clients, particularly seniors, still hold their shares in physical form because their primary goal is to reap the dividends. They have no interest in trading and just want to pass the shares on to the next generation.

And so, if you still have your shares in physical form, you need to act quickly to digitize them. That's because SEBI has issued a notice prohibiting the transfer of non-dematerialized securities.

According to the regulations of the union government, an Indian citizen cannot trade in physical form. The investor must convert the physical share certificates into a dematerialized format (Demat) or into an electronic format.

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Documents Required for Opening a Demat and Trading Account

Investors are allowed to open a demat account in an electronic form to hold their respective financial securities (whether it is equity or debt). An individual can open ‘n’ number of demat accounts with different stock brokers. But before that, you need to have certain information to kick-start your demat account opening process. The very important and primary step to open a demat account is that you will require some essential documents.

Most of these documents are quite standard in its nature and therefore, the overall demat account opening process has turn into much simpler and easier these days. And in a very quick and simple way, we will tell you here what all documents are required for the same.

List of Documents Required for Demat Account Opening Process

Identity Proof – Here you can submit any one copy of your either Pan Card, Aadhar Card, Driving License, Passport, Voter ID Card, NREGA Job Card, or Any document notified by the central government.

Address Proof – Here you’ll need to submit a proof of address in India, and there can be some overlap of address proof and ID proof documents. You can submit any one copy of your either Passport, Aadhar Card, Voter ID Card, Driving License, NREGA Job Card, any Utility bill that is not over two months old of any state service provider (telephone, electricity, piped gas, post-paid mobile phone, water bill), account statement of either Post Office or Bank account savings bank, or letter issued by Foreign Embassy or Mission in India or documents issued by Government departments of foreign jurisdictions.

Bank Proof - You’ll have to show some proof of your respective bank account that you request to connect with your demat account. And so for the same, your broker demands the following from you: Bank’s IFSC Code, MICR, and your name.

Photographs - Depending on your stock-broker, you are asked for your 1-3 latest photographs.

Additional Documents for selected individual – If you are opening the demat account as an NRI or company or a Hindu Undivided Family, then some additional documents will be required to prove your eligibility and status.

Note: If your phone number is linked to your Aadhaar Card then you can open it via online, which means your demat account opening process will be completely paperless.

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Advantages and Disadvantages of Automated Trading Systems

Automated trading systems - also quite known as an algorithmic trading, mechanical trading systems, system trading, or an automated trading - enable traders and investors to programme some specific guidelines for entry and exit of their respective trade that can then be executed by a computer automatically. But there are some pros and cons related to it. Let’s check out the same.

Advantages of Automated Trading Systems

Minimising Emotions

Since all limitations are predefined, automated platforms do not permit traders to challenge or doubt the trade. Automated trading lets traders to retain their emotions in check during trading. It also makes sure that they stick to their strategies and do not shift their focus or change mind midway. And so, this method efficiently ensures that your trading goes in a smooth manner.

Backtesting

Backtesting is a process of testing new trading plans using an accurate data from the past years. And so it carefully helps investors and traders to fine-tune and analyse a trading concept. Not only this, it also calculate the expectancy of an automated trading system, which means that an average amount a trader may anticipate to gain (or loss) per unit of risk.

Maintaining Discipline

If a trader taps the risk on their judgements on emotions, then discipline is compromised. But the discipline is maintained here in an automated trading system even in the unsettled markets since rules of trading are already defined and the transaction execution is by default automated.

Disadvantages of Automated Trading Systems

Dependency on Technology

Automation is not fool-proof no matter however intelligent it is. Prediction of experts with failure of trustworthy algorithms is a certain thing to happen. And so, this can outcome in a series of failures for any financial institutions. In addition, a slow internet connection can be a disastrous for small scale trades. Trading should be done in a fast-paced environment, and therefore a steadfast technology infrastructure is important for staying ahead of the curve.

Overfitting

In machine learning, overfitting means forming a statistical model by means of having an additional data than required. Trading algorithms have the trend to be fed in company of the too much historical info, which is not essentially bad. However, overfitting can direct to inflexibility of trading plans in future and present conditions.

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Habits Every LSAT Aspirant Must Inculcate

Law is one of the most popular career options these days, with a bright future for those who willing to work hard and develop the right skill sets. However, in order to kick start a successful career in Law, one must complete their undergraduate/postgraduate degree from a reputed law school or law college. You can get admission into law schools/colleges after writing one of the recognized national-level or state-level entrance exams depending on the program you are choosing. Some of the most common law entrance exams include – CLAT, AILET, LSAT, DU LL. B, SLAT and more.

LSAT stands for Law School Admission Test and is one of the most challenging exams to crack. However, with the right amount of preparation and dedication, you can ace the exam! Here are some habits you must inculcate in order to score well in LSAT:

1. Build a Schedule: The first and foremost formula to crack any entrance exam is to follow a routine. Having a schedule will help you stay organized and know where to start. It will also help you understand how much time you will need to prepare and help you proceed in the right direction.

2. Follow your syllabus: Don’t deviate from the syllabus. Though reading articles on the internet/newspapers helps broaden your knowledge, it is important to dedicate most of your time to the syllabus. Understanding your syllabus thoroughly will help you prepare better. You will have time to strengthen your weak points and enhance your strong points.

3. Make notes: While studying, don’t just highlight pointers in your books or online. Make notes and structure them subject-wise or topic-wise, according to your preference and understanding.

4. Revise: After you are done studying the syllabus, make sure that you give yourself ample time to revise and go through the topics again.

5. Attempt mock tests: Try to attempt as many practise tests online to get an idea of the flow and time. You can search of practice test LSAT online and start solving them as soon as you’ve covered the syllabus. This will also help improve your speed and accuracy.

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How to Overcome Exam Stress During LSAT Preparation?

LSAT stands for Law School Admission Test. It is designed by the Law School Admission Council (LSAC) for candidates who are looking to obtain admission into reputed law schools/colleges. However, as LSAT exam is one of the most challenging competitive exams, one is bound to feel stressful and anxious. Here’s how you can overcome stress while preparing for LSAT and study effectively:

Set boundaries: Though it is important to prepare thoroughly for the exam, don’t let it consume you. Make a proper schedule with a designated time for studying. Ensure that you do not get distracted during that designated study time. But once the study time is over, keep your study materials aside and let yourself relax until the next designated study time.

Take care of your health: Do not go overboard with your LSAT prep and compromise on your health, as you won’t be doing yourself a favour. Make sure that you are eating on time, sleeping on time and exercising regularly. This will keep you physically and mentally healthy.

Meditate: The goal of meditation is to ensure that you remain focused and are not easily distracted. Meditation will also put your mind to rest and keep away the sense of self-doubt, panic and anxiety that keeps creeping up.

Make a study plan: The best way to ace LSAT while keeping stress and anxiety at bay is coming up with a detailed study plan. A study plan will help you stay organized and focus on your strengths and weaknesses. With the help of your study plan, you can have more time to work on sections that you are not good at, while revising the ones that you find relatively easier.

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Options vs. Futures: Key Market Differences

Futures and Options are both financial instruments used to profit on, or hedge against. The primary difference between them is that futures need the contract holder to buy the asset on a specific date in the future. As compared to options – the contract holder has the option of whether they execute the contract.

This is a crucial difference and has an impact on how the two are priced and traded, as well. 

Some more key differences between Futures and Options:

Futures:

● It is mandatory for the contract holder to take ownership of the asset.

● Price of the future purchase determined by current market price.

● Price can fall below $0.

● Less volatile price changes.

 Options:

● Price of the future purchase is specified in the contract.

● Contract holder has no obligation, to purchase an underlying asset.

● Price can never fall below $0.

Value fluctuates more widely with changes in the asset’s value, and declines over time.

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How To Make Money With Commodity Trading

A commodity can be any product, such as raw material or an agricultural product that can be sold or purchased, namely wheat, gold, or crude oil. Commodity trading is where commodities and their by-products are bought and sold

Commodities can help diversify their portfolios and go beyond traditional securities for investors. Prices of commodities tend to move in opposition to stocks, which is why some investors rely on commodities when the market is volatile.

In the past, commodity trading was limited to professional traders, and it required a significant sum of one’s time and money. In today’s time and age there are more options for participating in the commodity markets.

If your account size is small, switch to mini contracts instead of standard contracts.

As soon as the price goes in your favour, trail your stop loss to the Break-even point. This ensures downside protection, even though it does not ensure that you always make profits, as prices can easily oscillate around the entry price.

It is always better to look for profits, and wait for re-entry when you’re in a range bound market. Don’t average your winning trades at reversal points.

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Top law colleges in India based on 2022 ranking

LSAT India colleges It is a well-known fact that law as a profession is in great demand these days. The field of Law has always been held in high esteem in our country, and its popularity has only increased over the years. More and more people are look to make a career in the field, as the career is not only financially lucrative, but is also an adventurous and exciting profession with lots to learn.

However, in order to have successful career in the legal field, it is important to obtain a law degree from one of the reputed and well-established law degree colleges. There are a plethora of programs offered by several law colleges and schools across the country at different academic levels. Some of the most popular law programs at the undergraduate level include Bachelor of Law (LL. B), BA LL. B, BBA LL. B, and B.Com. LL. B. LL. B is a three – year program that is taken up by those who already have a Bachelor’s degree and are looking to supplement it with a law degree. BA LL. B, BBA LL. B and B.Com. LL. B are integrated 5 – year programs. The Master of Law (LL. M) is the most popular postgraduate program. Let us take a look at some of the top ranking law colleges in India in year 2022:

National Law School of India University, Bengaluru

National Law University, Delhi

Indian Institute of Technology, Kharagpur

NALSAR University of Law, Hyderabad

The West Bengal National University of Juridical Sciences, West Bengal

National Law University, Jaipur

Symbiosis Law School, Pune

Jamia Millia Islamia, Delhi

Gujarat National Law University, Gandhinagar

Rajiv Gandhi National University of Law, Patiala

However, in order to get admission into any law school in India, one has to take up a law college entrance exam such as CLAT, AIBE, AEILET, LSAT, or more. LSAT stands for Law School Admission Test. There are about 26 LSAT India colleges in year 2022.

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LSAT India Eligibility Criteria 2022 for 3 Year & 5 Year LLB

With legal knowledge playing an important role in almost every field, law is definitely one of the most popular professions in the country. Not only is a career in law financially profitable, it is also very exciting and offers lots to learn. For a successful career in the field of Law, it is important to pursue a law program from a reputed law school or college, as they provide you with the theoretical and practical knowledge required to work in the legal field. India is the home of several reputed law schools such as the National Law School of India University (NLSIU), National Law University, NALSAR University of Law, and more. And to obtain admission into these universities, one must take up law entrance exams.

Just like JEE, BITSAT, and NET for engineering, NATA for architecture, and CAT, MAT, and GATE for MBA, legal studies too has its own law entrance exams. Some of the most popular entrance exams for Law includes Common Law Admission Test (CLAT), All India Law Entrance Test (AILET), All India Bar Exam (AIBE) and Law School Admission Test (LSAT). LSAT has two variations – LSAT India and LSAT Global, depending on where you wish to continue your legal studies. And it is designed by the Law School Admission Council (LSAC).

Bachelor of Law (LL. B), can be pursued as a 3-year program or a 5-year program. A 3-year LL. B program consists of the core law subjects, while a 5-year LL. B program is offered along with a Bachelor’s degree in arts, commerce, or business administration.

In order to be eligible for a 3-year LL. B, students must have a Bachelor’s degree from any field with an aggregate of 45%, and must have written one of the law entrance exams. For a 5-year LL. B program, students must have completed 10 + 2/12th grade with a minimum 50% aggregate, along with the law entrance score.

If you are looking to pursue a successful career in the field of law, you can start prepping up for the law entrance exam 2022 thoroughly, to get a good score and secure admission in the top law schools in India.

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