International Trade in Services.pdf - DSpace at Khazar University

88 International Trade in Services
Table 3.7. Law Firm Investments to Create Intangible Assets
Intangible assets
Brand
Professional expertise
Management acumen
Technology deployment
Global network
Investment
Firms focus on professional expertise and every aspect of
service delivery
Rigorous recruitment, continuing education, exposure to
new practice areas
Recruitment of suitable financial, operating, and information
officers
Acquisition of technology infrastructure and services
Relationship building
Sources: Collins (2006), Pinnington and Bilinsky (2003).
Designing a Proactive Trade Agenda
to Improve Foreign Market Access
Arguably, imports of legal services are as important as exports from a development
perspective. In a situation of skill shortages, imports can facilitate the
access of local consumers to high-quality, affordable services, increase knowledge
transfer, and enhance the security and predictability of transactions for prospective
foreign investors and traders. Moreover, imports and strategic partnerships
with foreign law firms are often a necessary step to reaching a critical size for
export.
Once this critical mass has been achieved, policy makers have an active role to
play in advancing the agenda for exports of legal services. They can contribute by
identifying the strengths and weaknesses of domestic service providers, designing
a comprehensive sector strategy, and helping law firms improve access to clients
abroad.
A service trade dialogue with stakeholders can create a snapshot of the domestic
market and identify specific export interests. Government representatives,
domestic law firms, legal clients, and academic analysts can, together, identify
constraints in the domestic market, pinpoint institutional weaknesses, and collect
information on barriers in export markets of interest. Stakeholders can then
initiate changes that seem desirable in the domestic market and engage in bilateral,
regional, or multilateral trade negotiations to lift restrictions that hinder
domestic law firms from expanding abroad. These restrictions can take a number
of different forms. They pertain to the following:
• recognition of foreign credentials
• licensure of nationals or residents
• practice of host country, home country, third-country, or international law