The international conference on The New Business Laws of India hosted by the International Indian Bar Association (IIBA) will commence on May 9.
The two-day event is aimed at discussing the issue: Should India open its legal services sector? and the pros and cons.
Speaking ahead of the two-day conference Mr Lalit Bhasin, President, IIBA, said, Indias legal profession has a unique harmony based on a well-developed ethos, culture, tradition and a very noble heritage.
All these things are now threatened by a potential influx of foreign lawyers.
These are likely to alter the profession at its roots and create a much more commercial, even mercenary, approach to the business of law in India.
"The finer, noble values of the profession in India will undoubtedly be compromised and diluted.
Another view is that the legal profession in India needs to adapt as the liberalisation and globalisation of the Indian economy and culture has left it with no other choice but to change.
With foreign law firms expected to enter the hallowed precincts of Indian courts, the Indian legal fraternity will either sink or survive. Hence this debate. The meet will also address issues such as delay in disposal of cases in India, he added.