Globalization And Legal Profession : A Critique
Though the traditional mindset about legal profession still predominates in many countries, International trade in services currently amounts to well over two trillion US dollars, a sixth of total world trade. The service industries also account for a significant portion of the growth of the domestic economy and of job creation. In the past decades international trade in legal services has grown as a result of the internationalization of the economy. Increasingly, lawyers are faced with transactions involving multiple jurisdictions and are required to provide services and advice in more than one jurisdiction. The demand for lawyers to be involved in foreign jurisdictions often comes from their corporate clients, who do business across borders and choose to rely on the services of professionals who are already familiar with the firm’s business and can guarantee high quality services. Some countries also favour international trade in legal services, as the establishment of foreign lawyers is seen as a catalyst for foreign investment, contributing to the security and predictability of the local business environment. The author has expressed his ideas with regard to the issue raised above in detail in the complete article.