Impact on International Trade – Part 1/2
These aspects influence not only individual transactions, but they also have implications as to entire legal systems. When considering how international law supports cross-border transactions and trade activities on a global scale, the mechanism is two-fold. Public international law lays down the foundational legal principles that shape the execution of these activities. Alongside this, private law is concerned with the resolution of conflict between traders and investors in different jurisdictions per their commercial arrangements.
Legal practitioners providing services with the explicit support of an established legal network, borrowing from its benefits are better equipped to lead harmonization efforts in between public and private international law considerations in the context of trade and commerce. There is value that may be derived from the collective in these networks when advocating for more systemic change within the prevailing statutory nexus that they and their clients operate in. This implies a larger volume of quality work for networked law firms as well as improved representation of lawyers in international law-making bodies. The latter is particularly relevant given that both individual firms and their associated networks have a keen understanding of ground realities and the nuances that shape cross-border transactions. This would not be otherwise achievable in isolated practice within their respective jurisdictions.
We understand that legal networks enable law firms to acquire jurisdictional or practice-specific knowledge. While this is commonly understood to mean that such acquisition takes place through familiarity with practices of networked law firms in different jurisdictions, there are broader strokes that may provide strategic advantage. Asian and South American jurisdictions are known to be experiencing significant economic growth in recent years, hence aiding the establishment of more substantial legal practices in these regions. An excellent example of the same is Singapore in the consideration of banking and insolvency practices being of irrefutable repute, outside of the well-known capacity of American and European nations in the same fields.
At WLN, we help facilitate cross-border business between member firms through our frequent, high-quality networking events and easy referral scheme. Want to find out more? Contact Hannah at moc.lagelkciwraw@reganam.
For further information, please contact:
Gautam Khurana, Managing Partner
India Law Offices, New Delhi
e: moc.seciffowalaidni@anaruhk.g
t: +91 11 24622216
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