Now, the not-so-good news. The film becomes shrill and plodding in the last quarter. And it does not succeed in its avowed intentions of putting Shylock in perspective. The character -- played by Pacino -- does not win our sympathy. He remains a villain, and does not come through as the victim of an age full of religious bigotry.  

Length is clearly a problem with the film. To cut it down by a good 20 minutes (it is 138 minutes long) would not have posed a problem to a deft editor.

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Yet there is much to admire in the film, apart from several good performances and arresting visuals.

Director Michael Radford seeks to treat the seemingly heartless moneylender Shylock sympathetically, explaining how Jews in 16th-century Venice were consigned to the ghetto, and took up money lending as Christians would not enter the business. It was one of the few means of livelihood the community had in Italy [Images] and much of Europe.

Radford keeps much of the drama under tight control, increasing the tension gradually. Though the story offers plenty of comedy, Radford focuses on the drama.

In the early scenes, a Christian nobleman Antonio (Jeremy Irons) spits on Shylock and ridicules him. But soon, Antonio has to approach the moneylender on behalf of his young friend Bassanio (Joseph Fiennes), who will use the money to impress and woo a beautiful heiress Portia (Lynn Collins).

Shylock, who has suffered racial slurs and insults for many years, devices a specific term for repayment. If Antonio defaults, he will extract a pound of his flesh.

Antonio's ships are wrecked and he cannot repay. Shylock is also ruined, at least he thinks so. His daughter (Zuleikha Robinson) has eloped with Lorenzo (Charlie Cox), a Christian nobleman who is also a friend of Bassanio. Frustrated, humiliated and angry, Shylock hauls Antonio to court.

The court is startled when he demands the pound of flesh even after Bassanio has turned up, offering to pay Antonio's debt with interest. 

The last quarter of the film sees Portia, who turns up disguised as a man in court, arguing why Shylock cannot collect his debt.

Though Pacino is not the only one who gives a solid performance (Irons is very good, too, especially in the scenes when he gets ready to lose his flesh), his rendition of the immortal Hath not a Jew eyes?.. speech is heartfelt and soulful.

The film can be seen as a fable for our times: how the oppressed become oppressors, and how their unhappiness can increase in the process. Purists will notice several departures from Shakespeare, especially in the final scenes. How much of it you will welcome depends entirely on your own sensibilities or ignorance of the original work.