India’s plans to list state-run Life Insurance Corp (LIC) face an unusual problem: domestic law firms are shying away from advising the government, deterred by the low fees on offer at the time of a lucrative boom in corporate stock listings. With millions of policyholders and a share of 66% of new premium collections in a crowded insurance market, LIC is a household name, managing assets of more than $450bn. The government is scrambling to list the insurance behemoth by March, in an exercise set to be India’s biggest IPO, at a probable $12bn. As many as 16 global and domestic investment banks recently bid to handle it. But top law firms that would normally be keen on such big-ticket IPOs t
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