The technological explosion witnessed by human race during the second half of twentieth century resulted in an avalanche of social and fiscal reforms leading to globalization, privatization and opening up of world economies. Consequently, the world order is subjected to unprecedented changes. The education and practice of the law and management professions have undergone a paradigm shift since the last decade of twentieth century. The avalanche of economic reforms has set new standards and requirements in the fields of administration of law and management all over the world. The crisis of economic recession manifested at various degrees world over is having its roots in the shortcomings and failures of the bureaucracy in various countries in handling the unprecedented economic reforms and growth which in turn is due to the inadequate knowledge, preparation and planning in the legal, economic and administrative aspects of reforms. Our dream to make India a developed nation is having direct bearing on our ability to make our future generation globally competent in the fields of law and management.