New Delhi, May 23 -- Foreign law firms are unlikely to rush in to set up desks in India just yet afterthe regulatoropened the legal profession to overseas players, but with strict caveats.

The Bar Council of India (BCI) last week allowed foreign firms and lawyers to practice non-litigious foreign law, international law, and participate in international arbitration, provided reciprocity is guaranteed. The catch: they still can't appear before Indian courts, draft pleadings, or engage in property conveyancing. While overseas firms can apply to open offices, they must register with the BCI.

As a result, global law firms say they are open to mergers and acquisitions and see the latest move as apossible way ofattracting talent in India. The ...