3 Reasons For Uncertain future of Corporate Secretarial Firms

For the last few years, the future of Company Secretary Firms is under a big threat. There are different words that are usually followed on this occasion, some of which are for the clause to keep the company secretary in Delhi in the legal firms, whereas the others are against such. You must be wondering about the accurate reason that is responsible for the same. In this article, we will be disclosing the different reasons that are usually used for legal secretarial practice and the reasons used against the company secretary services in India. Other than that, we will be also disclosing the different proceedings that are made on this occasion to support the legal firms as well as to the top company secretary firms in India.

Reasons why company secretary are becoming obsolete

There are different reasons that the law firms in India are showing while they want to state they won’t need a company secretary. Here is a bulletin about the same –

        Rigidity -There are different facts that are to be taken into consideration here, and the most important among all is the inconsistency of the legal secretarial practice while the modern legal procedures are considered. The legal scenario of the nation, according to most of the law firms of the state has changed a lot, but the experts have to state that the corporate the secretarial practice has remained where it was. According to some of the firms, the professionals attached to company law and secretarial practice are not even eager to change their proceedings, although they have been offered to do so.

        Finding Alternative - For the reason that company secretarial practice is lagging behind, most of the law firms are seeming to avoid them and they are instead of finding cheaper and yet knowledgeable young students of management for the same.  According to the law firms in India, the managerial students are having the knowledge, which is almost equivalent and in some cases better than that of the secretariat. If that is not even the case, then also, according to the firms, the students there are eager to learn and are flexible enough to change with the situation. Leaving all the things, the law firms have to say that excessive management colleges in the nation have made qualified managers available at a cheaper rate and they are efficient with the legal works too. This is making them a better choice at times over the professionals of legal secretarial practice.

        Size of the firm - While the bigger firms of law are hiring the secretarial for their procedures though they are not pleased with the performance of the professionals, the smaller firms are simply avoiding them, for the excessive cost and extremely low performance of the top company secretary firms in India.

Resolution Of the Scenario

It is not that no effort has been made to resolve the issues. However, success in all cases has not remained fruitful. The entire result that came out of the different proceedings can be enlisted into three outputs –

    Retooling and Reviving – Some of the law firms, especially those which are big enough in size, came to a resolution to retool the legal secretarial practice and by this procedure, they are trying to reestablish the glory of the secretaries. The number of such firms is quite low, but the steps they have been taking in the last few years have been appreciated by many. They are simply reconstructing the entire service that has been provided by the secretarial firms and by doing this, they are trying to reshape the figured out role of the top company secretary firms in India. This particular step has been regarded to be a saviour for the professionals. However, because of a lack of knowledge about the current scenario, most of the professionals are still showing their rigid and orthodox stand, which is again creating disturbances in the procedure.

        Firm Hiring – This has remained the practice of the law firms of Delhi in the last two years, where they are hiring the professionals from the company secretary firms. By doing this, many of the secretarial professionals have found better support in their career. This practice is commonly visible in the law firms that are mid-sized in Delhi and also in the surrounding areas. By doing this, the firms save both of their sides – they are hiring the secretarial and saving their stream and at the same time, they won’t have to pay high to the professionals as they are streamed by the secretarial firms.

    Ignoring – This is the last thing that has been visible in the case of small law firms. They decided not to go for paying high to the professionals who are not updated. Resizing the professionals are proving costly, which they are not ready to bear and on the other hand, they have to say that they are getting the alternative choice and that is a better choice for them as well. According to them, if resizing becomes essential, then why to go for the costly choice?

Considering all the things, a conclusion can be drawn that the top company secretary firms in India are really struggling for their survival. Standing at this condition if the professionals won’t realize their responsibility and react in a likewise manner, then all the efforts that are made from both the sides will go in vain. Hence, it’s really high time for all the professionals to update and resize themselves to prove them to be fit for service.

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