International Trade in Services.pdf - DSpace at Khazar University

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68 International Trade in Services services in overseas locations as clients expand abroad. Indeed, for many transactions, international rules and regulations have become the core of the legal corpus, requiring legal expertise that goes well beyond the scope of domestic law. In this context, more open markets and greater international integration in legal services can bring new expertise and best practice knowledge to a country and help professional bodies and educational institutions adjust to the new challenges and opportunities that they and their clients face in global markets. Opening the market for legal services can also help overcome the resistance of vested interests to changes involving new practices. Interest groups in some countries may have pushed their governments to impose regulations on the legal profession that are more restrictive than necessary to meet the legitimate objectives of quality assurance and user protection.The outcome has often been a shortage of quality services and the concentration of the profession’s output in the hands of a few. This regulatory environment may therefore generate economic rents for vested interests, while not necessarily contributing to the common good. In this context, trade can help introduce greater competition, induce domestic service providers to adopt new work methods and practices, and raise the efficiency of the provision of legal services. The employment impact of easing restrictions on market access and national treatment depends on the importance of two factors. Serving multinational firms requires a different skill set than providing services to domestic clients. Given the scarcity of sufficiently qualified staff for international legal work in host countries, newly implanted multinational firms will rely on their legal advisers at headquarters, and the result will be limited job and knowledge spillover to the host country. Alternatively, economic integration offers opportunities for domestic law firms to expand their practice areas and client base. For example, firms in developing and developed countries might engage in cooperative arrangements to handle host country, home country, third-country, and international law in parallel. Ultimately, developing-country law firms might be able to go beyond serving domestically implanted multinational firms and move into the export of legal services within the region and beyond, thereby creating high value added jobs. In what follows, we synthesize background information on the legal profession and discuss policy initiatives that decision makers interested in developing the legal profession can undertake so as to improve regulatory conditions domestically and promote potential export markets. The next section provides an overview of the legal profession and illustrates the extent and benefits of the trade in legal services. Thereafter, we discuss initiatives to pursue a policy dialogue at the national and regional levels designed to identify trade-related issues and constraints and potential policy initiatives to build professional value and improve market access abroad. Finally, a concluding section contains a list of questions that stakeholders should bear in mind as they advance reforms.
Legal Services: Does More Trade Rhyme with Better Justice 69 What Is the Current Situation and What Are the Prospects for Trade in Legal Services A viable legal sector is of significant economic and social importance. Access to high-quality legal services enhances the predictability of the business environment, facilitates engagement in contracts, and mitigates investment risk. Firms throughout the economy use legal services to assess commercial interests, activities, and investments. Hence, a robust and disciplined legal service profession facilitates commerce, trade, and investment by lowering the costs of commercial transactions. In 2006, the legal service sector employed an estimated 2.3 million professionals and generated worldwide revenue of about US$434 billion. These turnover figures exceeded the revenues generated by the textile industry, for example. The legal profession is an increasingly globalized industry that has been experiencing robust growth (box 3.1). It has become, to some extent, based on international trade and investment flows. The world’s largest law firm, Baker & McKenzie, employs 3,900 lawyers in 38 countries. Such large-scale firms are the exception, though, and the market Box 3.1: Some Key Facts about Legal Services Revenue • The global revenue of the profession was estimated at US$434 billion in 2006 and, at an average 6.7 percent annual increase thereafter, should reach US$600 billion by 2011. • The top 10 firms in terms of earnings generated US$16 billion in gross revenues in 2007, a rise of 13 percent over the year. Employment • The number of legal professionals worldwide was estimated at 2.3 million in 2006, an increase of 3 percent over the year. • The top 10 firms employ more than 23,000 lawyers; the top 100 firms employ about 100,000 lawyers. Corporate headquarters • Among the top 100 firms, 69 are U.S. firms; 17 are British; 6 are Australian; 4 are Canadian; 2 are Spanish; 1 is Dutch; and 1 is French. Foreign presence • The top 10 firms all have offices in more than 10 countries. The average top 10 firm has offices in 21 countries, and 52 percent of its lawyers are employed outside the home country. The average top 100 firm has offices in 7 countries, and 17 percent of its lawyers are employed outside the home country. • Of the top 100 firms, 21 have offices in more than 10 countries. Sources: Lloyd (2008), Datamonitor (2007).
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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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7 Exporting Information Technology
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Exporting Information Technology Se
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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 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 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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