Companies in various industries are facing a more dynamic environment, aiming to grow their businesses by leveraging technology while also relying on the essential support of legal services for bureaucratic matters.
The lawyer has been working as a consultant on expansion projects for numerous businesses, as the need for this type of service is growing.
One day, a client in Brazil informs the law firm that they are considering relocating their call center to Indonesia. The firm may need to handle tasks such as setting up a branch office, familiarizing themselves with local labor laws, and facilitating the transition to a new facility.
The lawyer and his team can fulfill these demands by researching Indonesian laws. The following day, a different client contacts them about their expansion to the United States this year.
Are you prepared for the increasing demands that will arise faster than you expect at your law firm?
Discover additional information in the article!
Lawyers can assist clients in navigating the process of going global.
Business globalization is not a new concept, but the pace and extent of your customers’ global growth may catch you off guard due to the rapid advancement of digital transformation.
The situation is favorable due to the progress in technology and the signing of significant trade agreements in 2018, such as the European Union-Japan Economic Partnership Agreement and the African Continental Free Trade Agreement.
Other nations like Sweden and Australia have gained recognition for their advantageous trade deals and minimal import barriers, alongside longstanding markets like Canada, the European Union, and China.
For companies that offer services instead of products, the trend is similarly robust. Global information globalization has surged by over 250% since 2001, as per the DHL Global Connectedness Index 2018 data.
The explosion is caused by the widespread use of the internet, which in turn leads to new business opportunities and increased complexity, allowing for the potential of new revenue sources, customers, and skills.
Is the law firm ready to handle the international business of its partners?
Can the lawyer provide guidance on handling the legal matters involved in doing business in China, Hong Kong, Malaysia, Thailand, and Vietnam for a customer with experience and resources in the economic sector?
Domain intricacy and legal obstacles
Global trade is the way forward despite challenges such as Brexit, the General Data Protection Regulation (GDPR), and trade wars.
Regulations for global business are expected to become more numerous, extensive, and intricate. Clients rely on lawyers to be well-equipped to help them navigate challenges related to international expansion and legal matters.
Successful businesses with global offices may mistakenly believe they are fully prepared for such transformations. However, engaging in international operations does not address all the difficulties associated with growing globalization.
To grow their businesses, companies must depend on adequate legal assistance. In the face of numerous obstacles, it is crucial for them to invest in a legal service that offers high-quality content and useful tools for legal professionals.
The company ensures it has the necessary resources to help customers grow their business in a foreign country where they lack expertise or resources.
A reliable legal management software is a beneficial tool that assists lawyers in efficiently addressing significant legal issues, thereby enhancing the global operations of partner firms.
Preparing for customers’ worldwide growth.
As economic barriers diminish and international trade grows, global law firms have a unique edge as trusted advisors for clients expanding internationally.
Make sure you have the appropriate technology and resources in place to enable the law firm to effectively meet customer demands and needs as a proactive business partner lawyer.
It is unrealistic to require a law firm to be experts in local laws for every country a client may be interested in. However, by being proactive and investing in the necessary tools, the lawyer can distinguish themselves and stay ahead in the competitive market.