Law has the unpredictable significance of a living life form. It is what binds the people in a legal obligation towards each other. Law and the legal profession have always catered to the needs of common people. Consequently, evolution in law becomes the sine qua non to accommodate socio-political, technical, and economic changes. Likewise, laws in India cover a broad spectrum of fields that administer our day to day lives. The changing trends like technological advancement, increasing online transactions, startups, entrepreneurship, intellectual property protection, and government reforms call for the need for specific laws to provide a more nuanced outlook.
Having a progressive growth in technology, India should have advanced cyber-law policy. New-age security mechanisms would safeguard the rights of the people in cyberspace. The Information Technology Act, 2000, was the first law against cybercrime (Cyber law) in India. It also covered the contractual transactions or crimes taking place over the internet. These advancements show that the legal profession remains enterprising and contemporary.
Not only this, but the dispute resolution procedure has also seen diversification. Now clients prefer various alternative dispute redressal methods. These include negotiation, settlement, and arbitration over litigation. An exploration of such emerging options is much advisable for a budding law student. Expertise in these upcoming options can ensure a successful career in the field of law.
Following are some of the recently emerging fields of law in India:
Foreign Direct Investment and International Business Law
Globalization has made international contracts and foreign-domestic ventures a reality. FDI has spurred the inter-state relations by creating direct links between economies. These links are stable and persistent. International laws and treaties govern International commercial ties. Legal experts and advisers in FDI are expected to come up with a specific plan of action to crack an optimal deal. For a better insight into how international laws function, there are numerous courses available online. These include certificate courses in International Trade, International Mediation, International Commercial Arbitration, International Business Law, Foreign Direct Investment, etc.
Competition law and Business Laws
One thing that will never go out of business is 'business.' The business sector in India is one of the highest contributors to the national economy. In a democratic country like India, where politics and economics often coincide, almost all government policies affect business activities. Hence, understanding of the legal implications of business becomes essential. Rolling out of GST ( goods and services tax) in 2017, created a national furor. Just another taxation law brought the entire country to its knees. Hence, upcoming legal experts must excel in this category of law. This will lead to the opening up of better business prospects for those in the industry.
Cyber Law and Technology laws
Digitization is here to stay as everything has entered the virtual domain. In light of the "Big Data", securing personal information becomes a primary concern. The Cambridge Analytical controversy has left the entire world in astonishment and woe. Internet, as an open-ended platform, jeopardizes the confidential information of the users. Additionally, hackers might spam your mail or manipulate your data to leak essential details. Recent developments in the area include the Personal Data Protection Bill, 2019. All this makes cyberspace prone to crimes and frauds. Legal measures become necessary. Technological up-gradation has paved its way into the legal sector in recent times. With AI (Artificial Intelligence) coming into the scene, people's lives become simpler. It has also engaged the minds of legal practitioners. Hence, 'Information Security' and 'Data Protection' is another emerging specialization in law.
Intellectual Property Rights and Entertainment Law
In a world where all sorts of entertainment have been brought to our electronic devices, whether it is music, movies, or books, we need to stream in! Almost all the eminent news publications and channels have an online presence through social media and respective websites. In this age of instant information and access, everything is available online, whether it is advertising, social media, or streaming services. It further necessitates understanding the need of the hour. Lawyers are needed explicitly in this niche field. The scope of their work might vary from getting an author an aid to protect the copyright in his book and the royalties thereof, to drafting celebrity agreements with giant production houses. Attaining innovation/ design patents or litigating against a representative body, all of these roles are various facets in a lawyer's life. Getting any new product/ service a trademark of its name or filing the corresponding applications for obtaining a patent for a product/ services also accounts for a legal expert's role. It encompasses all enactments guiding the behavior of all kinds of artists in the industry, alongside protecting their rights. To act upon these matters, expert lawyers in media and entertainment law are mainly required.
For all those who, before serving the nation, want to help their mother nature can appropriately enroll themselves for this line of career. Energy certainly is a resource that ostensibly is renewable, but as per its current usage and exploitation, it might get depleted in the near future. Talking about India, surprisingly, it has made quite a lot of progressions in the energy sector via an affiliation with IEA( International Energy Agency). It has recently signed a policy with IEA, embarking upon the sustainable development of energy in the country. The policy aims to secure the supply and integrate various renewable energies to transform the sector in entirety, leading to persistent growth.
Furthermore, it provides an excellent opportunity for the thought bearers and curiosity heads to explore this field of law, which yet remains new and profitable. An academician studying such a discipline might not just learn the law of the land but the international treaties binding India with the other nation-states in its obligations related to the energy supply chain.