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Working within a fragile business climate
Globalisation affects us all and, as a direct result of the current global business climate, there has perhaps never been a greater demand on the legal profession to broaden its knowledge. In essence, a broad knowledge base provides flexibility, and flexibility has become the key to a successful practice.
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The global business climate is in poor health. Beginning in September 2001 with the terrorist attacks in New York and Washington DC, investor confidence has been waning. The major corporate scandals of 2002, such as the bankruptcy of Enron and the collapse of WorldCom, added salt to the wound. The US Securities and Exchange Commission's decision at the beginning of this year to open 63 investigations into financial reporting irregularities has left investor confidence at a low level. And there is no sign of any certainty returning, particularly while the military conflict with Iraq continues.
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The main consequence for lawyers around the world is that some once-lucrative areas of practice have all but dried up - mergers and acquisitions, and project and asset finance for example. For the foreseeable future, commercial lawyers will do well to become flexible by broadening their knowledge of other practice areas that are experiencing a surge as a result of the current global condition, and keeping a watchful eye on developing regulations worldwide. For instance, besides an increase in the number of insolvencies in the wake of the events of 11 September, there has been heightened awareness of the insidious threat that is posed by money laundering and financial crime. In a bid to choke off the funds of the terror networks, the US government has pushed through emergency anti-money laundering legislation, and other administrations around the world have quickly followed suit.
The US accounting scandals have also increased the awareness of the need for true and fair corporate governance, as well as the rapidly developing, broader topic of corporate social responsibility . This will have a knock-on effect for lawyers in private practice as in-house counsel often require the advice of specialists on matters such as human rights, labour and environmental obligations.
In order to understand the full implications of these and other recent legislation reforms, particularly with regard to legislation that purports to be extra-territorial, lawyers worldwide must consult and learn from one another, for without that knowledge it will become increasingly difficult to practise in today's legal environment. As the world's largest gathering of commercial lawyers, the International Bar Association's (IBA) Conference in San Francisco is tailor-made for these purposes.
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Whether or not you are a member of the IBA, this year's Conference is also the ideal forum for influencing the development of international law reform. Its international membership - comprising over 16,000 lawyers from 183 countries - places the IBA in a special position to work towards streamlining commercial laws across the globe, with the aim of reducing transaction costs for international clients and improving public policy.
The Conference will bring together all the IBA's resources in a week-long intensive programme which will be attended by more than 3,000 of the world's commercial lawyers. Through the IBA's Sections, Committees, regional and special interest groups, those attending will have the opportunity to discuss subjects and projects of direct relevance to their own practice, learn from over 800 expert speakers, and take part in valuable networking activities.
The IBA occupies a unique role as a global meeting point for lawyers of all descriptions and specialities. I have had the pleasure of attending recent IBA Annual Conferences in Durban (2002), Amsterdam (2001) and Barcelona (2000). Participating in these events has given me the opportunity to gain knowledge in new important practice areas, to keep up to date with new regulation and case law in areas I am unfamiliar with, and to develop excellent contacts and lasting relations with lawyers from all over the world.
There is something here for every lawyer who has dealings with the law in a jurisdiction other than his or her own. In addition to the subjects I have mentioned above, sessions will examine cutting-edge legal issues like the ongoing debate about multidisciplinary partnerships and the place of lawyers within them, the challenges posed by the continuing progress of technology, and improving the understanding of conflict of laws and cooperation across national boundaries.
In today's fragile business climate, lawyers need to consult more frequently with lawyers in other practice areas and from other countries. Developing the flexibility to move into areas where business is being done is essential. This may be the most valuable time you spend away from the office this year.
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Written by Shane Sorenson, a US lawyer and the Managing Editor of UK-based international law specialists, Globe Business Publishing
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