International Trade in Services.pdf - DSpace at Khazar University

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84 International Trade in Services Table 3.5. Frequently Encountered Restrictions on Legal Practice by Foreigners (continued) Type of measure Generic examples of restrictions Case example of Tunisia Fee setting Other restrictions • Minimum and maximum fees for all or some groups and activities in the profession • Restrictions on the use of firm’s international names • Restrictions on repatriation of benefits (exchange and capital control) • Double taxation Fee setting for some activities, for example, notaries None Source: Author compilation. Note: The table is not exhaustive. It gives an idea of the potential regulatory obstacles to trade. The table also does not address the adequacy of domestic regulations. Some are fully justified to ensure the quality of the service, and some might be more restrictive than necessary to achieve this end. The review can help determine the usefulness and impact of the regulatory framework and identify the following: • the objectives of specific rules • when the rule was enacted • when the rule was last invoked • when the rule was last reviewed • if the rule is consistent with current government policy • if the objectives of the rules are being achieved If the review suggests that some regulations should be reviewed, two characteristics of legal services make it likely that a liberalization and market opening will be smoother than is the case in many other sectors (Geloso Grosso 2004). First, most trade in legal services occurs among firms and not between firms and consumers; thus, there are few specific risks of adverse impacts on consumers. Second, the impact of the liberalization of domestic service suppliers is also likely to be less pronounced because they retain a competitive advantage in the practice of domestic law. The character of legal services continues to evolve, and, even in sophisticated economies, policy makers regularly have to review, adapt, and improve rules. For example, in the United Kingdom, the 2007 Legal Services Act introduced major regulatory changes that are intended to bring greater competition and oversight into the practice of law. Notably, it is enabling multidisciplinary practices, allowing foreign investors to hold equity positions in partnerships, creating an external
Legal Services: Does More Trade Rhyme with Better Justice 85 independent regulatory body with nonlawyer representation, and establishing an office for consumer complaints and review (Peel 2007). Similarly, in 2005, Japan undertook reforms of its legal service market to increase productivity in the economy. It lifted a number of restrictions to enhance the functioning of the legal system, increase the availability of legal services, and improve the handling of business matters. The business community acted as a catalyst for this change, arguing that enhanced cooperation between Japanese and foreign lawyers would provide better legal services (Goodwin 2005). In particular, business representatives urged the government to lift market-access restrictions, raise standards of due diligence for commercial transactions, increase confidence in commercial contracts to attract investment, and increase the availability of cross-jurisdictional advice. As a result of the reforms, foreign firms can establish joint offices with Japanese attorneys to offer legal services. Foreign firms can also employ Japanese lawyers and offer a broader range of expertise. Japanese practitioners have therefore gained greater exposure to new business and new practice areas. Enhancing the Skill Base to Strengthen Domestic Law Firms Labor costs represent as much as 75 percent of the expenditures of law firms, reflecting a concentration of value in the expertise of professional staff (table 3.6). Hence, recruiting, nurturing, and retaining highly qualified staff are key to the competitiveness of law firms. At the same time, lawyers in firms have to be mindful of their service delivery costs because clients are becoming more and more sophisticated in comparing and evaluating the cost-effectiveness of the legal services they receive (box 3.7). Table 3.6. Typical Cost Structure of a Law Firm Labor and benefits Technology Other services Overhead 70% to 75% 25% to 30% Partners Associates Financial, operating, and information officers Support staff Computer infrastructure Phone, fax, personal digital assistants Copiers, printers, scanners Communications Utilities IT support Business and financial services Office space Travel Marketing and client entertainment Cost of capital Source: Cotterman (2003). Note: IT information technology.
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Public Disclosure Authorized Public
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International Trade in Services New
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CONTENTS About the Editors and Cont
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Contents vii Boxes 2.1 Extent of Te
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Contents ix 1.4 Worker Remittances
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Contents xi 6.6 A Checklist of Ques
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xiv About the Editors and Contribut
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xvi Foreword Beyond describing the
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xviii Acknowledgments Finally, this
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1 Assessing the Potential of Servic
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Assessing the Potential of Services
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2 Increasing Labor Mobility: Option
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Increasing Labor Mobility 31 unders
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Figure 6.6. Number of Days Required
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7 Exporting Information Technology
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Exporting Information Technology Se
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Table 7.1. Major Exporters and Impo
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Brunei Darussalam 48.2 2.9 2,954 66
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Honduras 6.0 — 4,081 10.1 3.3 —
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Norway 85.0 30.6 31,726 82.0 78.0 5
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Uganda 3.6 — 306 5.1 — 170.0 41
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8 Accounting Services: Ensuring Goo
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Accounting Services 265 exceeding 5
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Accounting Services 267 Links to la
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Accounting Services 269 The account
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Accounting Services 271 Box 8.3: Ex
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Accounting Services 273 service mar
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Accounting Services 275 Table 8.5.
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Accounting Services 277 Box 8.6: Re
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Accounting Services 279 Box 8.7: An
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Accounting Services 281 Table 8.6.
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Accounting Services 283 Restriction
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Accounting Services 285 Commercial
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Accounting Services 287 Colleges of
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Accounting Services 289 Administrat
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Accounting Services 291 IESBA (Inte
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350 Index Association of Certified
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352 Index Convention on Combating B
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354 Index Former Yugoslav Republic
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356 Index International Public Sect
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358 Index migrants. See labor mobil
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360 Index public-private partnershi
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362 Index Thailand construction ser
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ECO-AUDIT Environmental Benefits St
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